Guides & Whitepapers
In-depth resources to help you understand and implement NY DFS compliance requirements.
The Complete Guide to NY DFS 23 NYCRR 500 Compliance
Everything you need to know about NY DFS cybersecurity regulations, from requirements to implementation strategies.
Limited Exemption: Are You Eligible?
A detailed breakdown of the limited exemption criteria under Section 500.19 and how to file your Notice of Exemption.
2024 Amendment Changes Explained
What changed with the November 2023 amendments and what it means for your compliance program.
Small Business Cybersecurity Roadmap
A practical guide for small financial services businesses to build a compliant cybersecurity program from scratch.
Free Compliance Tools
Interactive tools to help you assess, track, and manage your compliance program.
NY DFS Compliance Checklist
Interactive checklist covering all 23 sections of NY DFS 23 NYCRR 500. Track your compliance progress.
Start ChecklistExemption Eligibility Calculator
Answer a few questions to determine if your business qualifies for limited exemption under 500.19.
Check EligibilityCompliance Calendar
Key dates and deadlines for NY DFS compliance including certification, training, and testing requirements.
View CalendarRisk Assessment Template
Downloadable risk assessment template that meets Section 500.09 requirements.
Download TemplatePolicy & Document Templates
Download our free compliance templates to jumpstart your NY DFS program. All templates are designed to meet 23 NYCRR 500 requirements.
Pro Tip
These templates are a starting point. Customize them to reflect your organization's specific risks, systems, and processes.
Available Templates
Latest Articles
Stay informed with the latest NY DFS compliance news, tips, and best practices.
Understanding NY DFS Penetration Testing Requirements
Section 500.05 requires annual penetration testing. Learn what's required and how to prepare.
Multi-Factor Authentication: Meeting 500.12 Requirements
MFA is now required for all remote access. Here's how to implement it effectively.
Annual Compliance Certification: A Step-by-Step Guide
What you need to prepare for your annual certification filing by April 15th.
Incident Response Planning for Small Businesses
How to create an incident response plan that meets NY DFS requirements without enterprise complexity.
Third-Party Vendor Management Under NY DFS
Section 500.11 requires written policies for third-party service providers. Here's what you need.
CISO Requirements: In-House vs Virtual
Understanding the CISO requirement and whether a virtual CISO is right for your organization.
Key Compliance Dates & Deadlines
Important dates to keep on your calendar for NY DFS compliance.
Annual Certification Filing Deadline
Submit certification for prior calendar year
Cybersecurity Event Notification
Report qualifying cybersecurity events to DFS
Penetration Testing
Complete annual penetration test (full compliance entities)
Risk Assessment Update
Review and update risk assessment
Security Awareness Training
Complete training for all personnel
Policy Reviews
Update policies when material changes occur
Frequently Asked Questions
Common questions about NY DFS 23 NYCRR 500 compliance.
Who needs to comply with NY DFS 23 NYCRR 500?
All entities operating under a license, registration, or authorization under New York Banking Law, Insurance Law, or Financial Services Law. This includes banks, insurance companies, mortgage brokers, money transmitters, and other financial services companies.
What is the limited exemption and who qualifies?
The limited exemption (Section 500.19) is available to businesses with fewer than 10 employees (including independent contractors), less than $5 million in gross annual revenue from NY operations for the last 3 years, AND less than $10 million in year-end total assets. All three criteria must be met.
When is the annual certification due?
The annual certification of compliance (or acknowledgment of noncompliance) must be filed by April 15th each year, covering the prior calendar year. The filing is submitted through the DFS portal.
Do I need a CISO if I qualify for limited exemption?
No. Entities that qualify for limited exemption are exempt from the CISO requirement under Section 500.04. However, someone must still be responsible for overseeing your cybersecurity program.
How often do I need penetration testing?
Section 500.05 requires annual penetration testing from a qualified internal or external party. Limited exemption entities are exempt from this requirement, but vulnerability scanning is still recommended.
What are the penalties for non-compliance?
NY DFS can impose penalties up to $250,000 per violation or $75,000 per day for ongoing violations. Additionally, non-compliance can result in license revocation, public enforcement actions, and reputational damage.
Can I use a virtual CISO instead of hiring one?
Yes. Section 500.04 allows for a third-party CISO arrangement. The CISO can be employed by an affiliate or a third-party service provider, as long as they are qualified and have access to your board/senior management.
What training is required for employees?
Section 500.14 requires regular cybersecurity awareness training for all personnel. Training should cover risks, policies, and procedures. The frequency isn't specified, but annual training with phishing simulations is industry standard.
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