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Upcoming Cybersecurity Compliance: What You Need to Know
As 2025 approaches, the New York Department of Financial Services (NY DFS) is setting the stage for significant changes in cybersecurity compliance expectations for financial and insurance sectors, along with medical companies. With the deadline for 2024 compliance reports quickly approaching on April 15, it’s crucial for covered entities to prepare adequately to navigate the new requirements. These changes not only reflect a growing awareness of cybersecurity risks but also mandate organizations to enhance their protective measures.
April 15: Annual Compliance Submission Deadline
Starting April 15, 2025, all covered entities must submit an annual compliance notification. This can take the form of either a Certification of Material Compliance, which asserts adherence to previous regulatory requirements, or an Acknowledgement of Noncompliance, which identifies areas of non-compliance and outlines how they plan to address these gaps. It's imperative for companies to thoroughly assess their operations to ensure timely submissions.
May 1: New Security Requirements Kick In
Come May 1, 2025, the NY DFS will implement new security measures that will impact not only operational processes but also the very foundation on which data security policies are built. Organizations will be required to bolster their access privilege management systems, which means regular reviews of who has access to what data and ensuring that controls are in place for remote access protocols. These changes aim to mitigate vulnerabilities that could be exploited through unsafe user privileges.
Heightened Standards for Class A Entities
Class A entities, which are typically larger organizations, have even stricter norms to adhere to. They are expected to incorporate automated vulnerability scanning and deploy endpoint detection and response solutions. The NY DFS emphasizes the importance of remaining proactive against cyber threats that are becoming increasingly sophisticated.
Available Resources to Support Compliance
The NY DFS provides numerous resources, including video tutorials that delve into key topics such as multi-factor authentication and cybersecurity awareness training. Entities should leverage these to smooth the transition into complying with new regulations. The Cybersecurity Resource Center further outlines detailed guidance and instructions for navigating compliance effectively.
Navigating the Changing Cyber Insurance Landscape
In light of increasing cybersecurity demands, partnerships like that of the Collectors Insurance Agency (CIA) with cyber insurance provider Coalition are noteworthy. Such collaborations enable organizations to access tools that help assess and mitigate cyber risks. Equipped with Coalition Control, entities can gain insights into potential vulnerabilities and implement better strategies to secure their operations.
Conclusion: Proactive Action is Key
Cybersecurity compliance is no longer a choice but a necessity for organizations operating within New York's regulated frameworks. With impending deadlines and new security requirements on the horizon, now is the time for CEOs and compliance officers to prioritize risk management strategies. Transitioning smoothly into compliance can enhance confidence among clients and stakeholders while safeguarding against potential threats.
For more information, training sessions, and resources regarding compliance, consider attending the ACA’s Cybersecurity & Risk Forum, scheduled for March 31-April 2 in Austin, Texas. It’s an ideal opportunity for decision-makers to equip themselves with actionable strategies tailored to today’s challenging cybersecurity landscape.
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