The New York Department of Financial Services’ (NYDFS) introduction of ‘first-in-the-nation’ cybersecurity rules require banks, insurers, and other NYDFS-regulated financial services companies to adhere to stringent cybersecurity requirements. The new cyber security requirements (23 NYCRR 500) came into effect on March 1st, 2017. The new rules mandate firms to test their computer systems. Firms need to establish plans to respond to cybersecurity events. Finally, firms need to annually certify compliance with the cybersecurity requirements.
Given the current regulatory environment, many of the demands of NYDFS will have already been met. This includes the need to enforce encryption for all Nonpublic information both in transit and at rest (this must be in place by September 2018).
- Pseudonimisation of personal data.
- The importance of confidentiality (encryption) for protecting personal data.
- Integrity and availability in all data processing.
- Obligation to report a data breach to the applicable supervisory authority within 72 hours.
- Data subjects may need to be notified of any breach. This will result in severe reputational damage to the company.
- Potential fines for non-compliance are significantly higher compared to those under any previous data protection laws.
How Certes Networks Can Help
Certes Networks’ network encryption solutions are quick to deploy and easy to manage. Certes Next Gen Encryptors are multi-layer encryption devices offering Layer 2, Layer 3 and most noteworthy, Layer 4 encryption. Therefore, they can provide protection for any type of private network.
- Protect data in motion across any network without impacting overall network performance with Packet Level Encryption
- The security overall is 100% Software-Defined eliminating the need to re-architect the network or replace legacy applications.
- Operate transparently to the network infrastructure.
- Lower risk use of third-party resources, including Cloud, WAN, or MPLS.
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