New York State Cybersecurity Requirements for Financial Services Companies Compliance

Thales e-Security can help your organization comply with New York State Cybersecurity Requirements for Financial Services Companies

New York State Cybersecurity Requirements for Financial Services Companies Compliance

The New York State Cybersecurity Requirements for Financial Services Companies took effect March 1, 2017. Covered entities have 180 days to comply and “will be required to annually prepare and submit to the superintendent a Certification of Compliance with New York State Department of Financial Services Cybersecurity Regulations … commencing February 15, 2018.”1

Thales e-Security provides many of the solutions you need to comply with these requirements.

Regulation Summary

New York State’s Department of Financial Services Cybersecurity Requirements for Financial Services Companies regulation:

Is designed to promote the protection of customer information as well as the information technology systems of regulated entities. This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion. Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations. A regulated entity’s cybersecurity program must ensure the safety and soundness of the institution and protect its customers.

It is critical for all regulated institutions that have not yet done so to move swiftly and urgently to adopt a cybersecurity program and for all regulated entities to be subject to minimum standards with respect to their programs. The number of cyber events has been steadily increasing and estimates of potential risk to our financial services industry are stark. Adoption of the program outlined in these regulations is a priority for New York State.2

“Section 500.06 Audit Trail” of the official document notes:

Each covered entity shall … include audit trails designed to detect and respond to Cybersecurity Events that have a reasonable likelihood of materially harming any material part of the normal operations of the Covered Entity.

And

As part of its cybersecurity program, based on its Risk Assessment, each Covered Entity shall implement controls, including encryption, to protect Nonpublic Information held or transmitted by the Covered Entity both in transit over external networks and at rest.

Compliance Summary

Thales e-Security can help you meet the encryption requirements in New York State’s Cybersecurity Requirements for Financial Services Companies through:

  • Protected security intelligence logs that identify irregular access patterns and breaches in progress
  • Encrypting or tokenizing data at rest and in motion so that if it is stolen, it is meaningless and therefore useless to cybercriminals

In addition, Thales e-Security can help you go beyond compliance to the best practices necessary to protect your sensitive data across devices, processes, platforms and environments. These include:

  • Access controls that let only credentialed users retrieve data
  • Centrally managing and securely storing encryption keys from across your organization
  • Hardware security modules to provide a hardened, tamper-resistant environment for secure cryptographic processing, key generation and protection, encryption and more
Security Intelligence Logs

Thales e-Security lets the enterprise monitor and identify extraordinary data access. Vormetric Security Intelligence Logs are detailed management logs that specify which processes and users have accessed protected data. They specify when users and processes accessed which data, under which policies, and if access requests were allowed or denied. The management logs will even expose when a privileged user submits a command like 'switch users' in order to attempt to imitate, and potentially exploit, the credentials of another user. Sharing these logs with a security information and event management (SIEM) platform helps uncover anomalous patterns in processes and user access, which can prompt further investigation. For example, an administrator or process may suddenly access much larger volumes of data than normal, or attempt to do an unauthorized download of files. These events could point to an APT attack or malicious insider activities.

Data-Centric Protection

Thales e-Security protects the data itself through Vormetric Transparent Encryption with integrated Key Management for data at rest,Application Encryption,Tokenization with Dynamic Masking and more. These techniques make the data meaningless and worthless without the tools to decrypt it.

In addition Thales e-Security’s Datacryptor 5000 high-speed data in motion security platforms deliver high performance encryption at near zero latency. While other solutions merely encrypt data, Datacryptors provide a complete security solution that scales from simple point-to-point to many hundreds of endpoints.

Access Control

Thales e-Security’s Vormetric’s Data Security Platform provides state of the art user access control.

Separation of privileged access users and sensitive user data. With the Vormetric Data Security Platform, organizations can create a strong separation of duties between privileged administrators and data owners. Vormetric Transparent Encryption encrypts files while leaving their metadata in the clear. In this way, IT administrators—including hypervisor, cloud, storage, and server administrators—can perform their system administration tasks, without being able to gain privileged access to the sensitive data residing on the systems they manage.

Separation of administrative duties. Strong separation-of-duties policies can be enforced to ensure one administrator does not have complete control over data security activities, encryption keys, or administration. In addition, the Vormetric Data Security Manager supports two-factor authentication for administrative access.

Granular privileged access controls. Thales e-Security’s solution can enforce very granular, least-privileged-user access management policies, enabling protection of data from misuse by privileged users and APT attacks. Granular privileged-user-access management policies can be applied by user, process, file type, time of day, and other parameters. Enforcement options can control not only permission to access clear-text data, but what file-system commands are available to a user.

Unified Key Management

Integrated Key Management from Thales e-Security provides a robust, standards-based platform for managing encryption keys from disparate sources across the enterprise. It simplifies the management and administrative challenges around encryption key management to ensure that keys are secure and always provisioned to authorized encryption services.

Hardware Security Modules (HSMs)

nShield HSMs from Thales e-Security provide a hardened, tamper-resistant environment for secure cryptographic processing, key generation and protection, encryption and more. Available in three FIPS 140-2 certified form factors,nShield HSMs can be deployed in many ways. nShield Connect and Solo HSMs also provide a secure environment for running sensitive applications. The CodeSafe option lets you execute code within nShield boundaries, protecting your applications and the data

In addition nShield HSMs:

  • Generate and protect root and certificate authority (CA) keys, providing support for PKIs across a variety of use cases
  • Sign your application code so you can ensure that your software remains secure, unaltered and authentic
  • Create digital certificates for credentialing and authenticating proprietary electronic devices for IoT applications and other network deployments.

Research Reports White Papers : Vormetric Data Security Platform White Paper

As security teams struggle to contend with more frequent, costly, and sophisticated attacks, data-at-rest encryption becomes an increasingly critical safeguard. This white paper offers an overview of the different encryption approaches available today.

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Data-Sheets : Datacryptor 5000 Series Multilayer Encryption

The Datacryptor 5000 Series is a family of high-speed data in motion security platforms that deliver high performance encryption at near zero latency.

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Brochures : nShield HSM Family Brochure

The Thales nShield family of general purpose hardware security modules (HSMs) enhances the security and performance of server-based applications that handle your most sensitive data.

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1https://www.governor.ny.gov/sites/governor.ny.gov/files/atoms/files/Cybersecurity_Requirements_Financial_Services_23NYCRR500.pdf

2https://www.governor.ny.gov/sites/governor.ny.gov/files/atoms/files/Cybersecurity_Requirements_Financial_Services_23NYCRR500.pdf

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