23 NYCRR 500
NYDFS regulation for financial cybersecurity programs
SAMA CSF
Saudi Central Bank's mandatory cybersecurity framework for financial sector.
Quick Verdict
23 NYCRR 500 mandates prescriptive cybersecurity for NY financial firms with DFS enforcement, while SAMA CSF requires maturity-based controls for Saudi banks via audits. Firms adopt them for regulatory compliance, incident resilience, and operational trust.
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Mandates dual CEO/CISO annual compliance certification
- Requires 72-hour notification of material cybersecurity incidents
- Appoints qualified CISO with direct board reporting
- Enforces phishing-resistant MFA for high-risk access
- Demands comprehensive third-party service provider oversight
SAMA CSF
SAMA Cyber Security Framework Version 1.0
Key Features
- Six-level maturity model with Level 3 minimum
- Four core domains including third-party security
- Board-level governance and CISO independence
- Detailed controls for IAM and incident management
- Alignment with NIST, ISO 27001, PCI DSS
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is a mandatory regulation from the New York Department of Financial Services (NYDFS) establishing minimum cybersecurity standards for financial services entities. Its primary purpose is protecting nonpublic information (NPI) and ensuring operational integrity through a risk-based cybersecurity program. Scope covers banks, insurers, and licensees operating in New York.
Key Components
- 14 core requirements including cybersecurity program, policy, CISO governance, MFA, encryption, access controls, asset management, third-party oversight, penetration testing, incident response.
- Annual risk assessments, 72-hour incident notifications, dual CEO/CISO certification.
- Phased compliance for Class A companies with enhanced audits and controls.
- No formal certification; compliance via annual filing and five-year record retention.
Why Organizations Use It
- Legal mandate for Covered Entities avoids multimillion-dollar fines (e.g., Robinhood $30M).
- Enhances resilience, reduces incident risk, builds stakeholder trust.
- Strategic differentiation in vendor selection and insurance premiums.
Implementation Overview
- Phased roadmap: gap analysis, asset inventory, MFA rollout, TPSP contracts, testing.
- Applies to NY-licensed financial entities; risk-proportionate for size/complexity.
- Evidence repository supports April 15 certification; NYDFS resources aid adoption.
SAMA CSF Details
What It Is
SAMA CSF (Saudi Arabian Monetary Authority Cyber Security Framework) is a mandatory regulatory framework for cybersecurity in Saudi Arabia's financial sector. Issued in 2017 (Version 1.0), it adopts a principle-based, risk-driven approach aligned with NIST, ISO 27001, PCI DSS, and Basel standards, targeting banks, insurers, financing companies, credit bureaus, and fintechs.
Key Components
- Four core domains: Leadership & Governance, Risk Management & Compliance, Operations & Technology, Third-Party Security.
- 5 pillars, 29 objectives, 114+ sub-controls.
- Six-level maturity model (Level 3 minimum: structured policies/standards/procedures monitored via KPIs).
- Self-assessments and SAMA audits; no external certification.
Why Organizations Use It
- Mandatory compliance avoids fines, license risks, reputational damage.
- Enhances resilience, incident response, third-party oversight.
- Supports Vision 2030 digital transformation; builds stakeholder trust.
- Enables multi-framework reuse (NIST/ISO).
Implementation Overview
- Phased: gap analysis, governance setup, control rollout, monitoring.
- Applies to all SAMA-regulated entities; scalable by size.
- Periodic self-assessments; SAMA reviews enforce maturity.
Key Differences
| Aspect | 23 NYCRR 500 | SAMA CSF |
|---|---|---|
| Scope | Financial cybersecurity program, MFA, testing, IR | Governance, risk mgmt, ops/tech, third-party security |
| Industry | NY financial services entities | Saudi banks, insurers, financing, credit bureaus |
| Nature | Mandatory NY state regulation, enforced by DFS | Mandatory framework, enforced by SAMA audits |
| Testing | Annual pen testing, vuln assessments, continuous monitoring | Periodic self-assessments, maturity model audits |
| Penalties | Multi-million fines, consent orders | Fines, operational restrictions, license revocation |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about 23 NYCRR 500 and SAMA CSF
23 NYCRR 500 FAQ
SAMA CSF FAQ
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