Maintain compliance using Classify360.
The New York State Department of Financial Services (NYDFS) enforces the 23 NYCRR 500, mandating that all covered financial institutions must take inventory of their security processes and implement risk mitigation plans to address any potential threats to data security.
Identify data falling under 23 NYCRR 500 and other geographically-based regulations to take appropriate compliance measures.
Classify360’s inverted index provides a rapid, thorough search of connected data sources without making copies and the associated additional risk. Chain of custody is automatically documented and maintained, clearly demonstrating files were not opened or altered by the Classify360 platform. The CDMHub ensures only data stewards with appropriate security permissions have access to data for review purposes.
Failure to comply with 23 NYCRR 500 can yield a steep, multi-million dollar penalty. Furthermore, lack of compliance can cause irreversible reputational damage.
Achieve historical compliance with untouched dark data and maintain ongoing compliance as new data is created by placing Classify360 at the top of your data workflows.
Rapidly classify any amount of data, from gigabytes to petabytes – even exabytes. As quickly as your organization produces data, Classify360 can classify and take action on it to ensure you are never outside the parameters of 23 NYCRR 500 compliance.
Authorized data stewards take informed action within Classify360’s CDMHub to migrate, archive, preserve, or delete data per 23 NYCRR 500 standards.
Who does 23 NYCRR 500 apply to?
23 NYCRR 500 applies to all New York-based organizations providing financial services, like banks and insurance firms.
Are Health Maintenance Organizations (HMOs) and continuing care communities (CCRCs) covered entities under 23 NYCRR 500?
Yes, HMOs and CCRCs are considered covered entities. These organizations have sensitive, private data that require compliance with cybersecurity protection.
Does Classify360 cover the "continuous monitoring" clause of 23 NYCRR 500?
Yes. Effective continuous moniotoring generally has the ability to continuously, on an ongoing basis, detect changes or activities within a covered entity’s IS system that may give way to cybersecurity vulnerability or malicious activity. Classify360 employs continuous processing to alert on changes to specific data sources, as determined by the user.
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