MyID for compliance to New York State Cybersecurity Regulation for finance and banking
The New York State Department of Financial Services Cybersecurity Regulation (23 NYCRR 500) ensures banking and finance enterprises protect against cyber-attack and data breach through preventing unauthorised access to systems and data.
Compliance to the regulation involves implementing multi-factor authentication for employees and customers accessing data.
With MyID credential management system (CMS) New York State banking and finance enterprises have a 23 NYCRR 500 compliant solution that enables the most secure form of multi-factor authentication.
MyID for a 23 NYCRR 500 compliant, passwordless digital identity solution
500%
increase in data breaches for financial services companies in 2018
(Financial Times, 2019)
$12
estimated cost of a single data breach for US financial industry organisations
(IBM, Data Breach Calculator, 2019)
201
days on average required to identify a breach
(IBM, Data Breach Calculator, 2019)
MyID® credential management system (CMS) simplifies 23 NYCRR 500 compliance by providing software for banks and financial service providers that integrates within existing environments and enables digital identities to be centrally issued and lifecycle managed for banking and finance employees and customers.
Secure the flow of digital identities and make 23 NYCRR 500 compliance easy
Where data requests are deemed risky – whether through the transfer of money or access to sensitive customer data – 23 NYCRR 500 legislates that banks, financial service providers and fintech must provide a solution that enables secure access and transactions. To achieve this the digital identity of employees and customers must be secure. However, it is equally important for the employee and customer end users that enhanced security doesn’t mean a slow, frustrating user experience.
With MyID issuing and managing credentials, using proven public key infrastructure (PKI) technology, each employee or customer device is issued with their own trusted and cryptographically protected unique identity.
Through MyID software, as part of a PKI solution, system admins have a credential management system that not only drives multi-factor authentication but also provides the auditability necessary to prove each transaction is secure.
Benefits
Maximum cyber security
Operate on unique, cryptographically protected digital identities that mean you know a person is who they claim to thanks to credentialed devices and the strongest for of two-factor authentication
Simple integration
Simplify the integration of existing IT infrastructure by utilising MyID as the connector for existing infrastructure with PKI digital identity issuance and management
Easy management
Manage the lifecycle of credentials, automatically revoke them if a user leaves the organisation, or update them in advance of expiry. All credential issuance and lifecycle events are recorded within MyID allowing full visibility of who has active credentials
Proven
MyID platform has been established as the best practice credential management solution for more than 20 years and is working in many banks and financial service providers around the world to secure the transaction of billions of dollars
Futureproof
Know you have a continually evolving platform that helps deliver 23 NYCRR 500 compliance across physical identity cards, smart cards, smartphone devices, laptops and USB tokens
Cost saving
From the ease of integration across existing infrastructure and devices, to the reduction in IT resource involvement and threat of data breach, MyID reduces cost
Trusted by government and large enterprises, worldwide
Where data really matters, you will find MyID. The security, reliability and interoperability of MyID software sets it apart and is why we are proud to help many leading organisations around the world manage the secure digital identities they issue to citizens and employees.
