CCPA
California regulation granting residents rights over personal data
23 NYCRR 500
NY regulation for financial services cybersecurity compliance
Quick Verdict
CCPA grants California consumers privacy rights like know, delete, opt-out, while 23 NYCRR 500 mandates cybersecurity programs for NY financial entities with MFA, encryption, incident reporting. Companies adopt CCPA for CA compliance, Part 500 for regulatory licensing.
CCPA
California Consumer Privacy Act (as amended by CPRA)
Key Features
- Grants consumers rights to know, delete, opt-out of sales/sharing
- Applies to businesses with $25M revenue or 100K+ CA data subjects
- Broad PI definition includes inferences, households, device identifiers
- Mandates notices at collection and GPC opt-out honoring
- Enforces $2,500-$7,500 fines per violation by CPPA/AG
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Qualified CISO with annual board reporting
- 72-hour notification for material incidents
- Phishing-resistant MFA for privileged access
- Annual penetration testing and vulnerability scans
- Third-party service provider security policy
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
CCPA Details
What It Is
The California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act (CPRA), is a state regulation granting California residents rights over their personal information. It targets for-profit businesses meeting thresholds like $25 million annual revenue. The risk-based approach emphasizes data inventories, consumer requests, and security.
Key Components
- **Consumer rightsknow/access, delete, opt-out sales/sharing, correct, limit sensitive PI.
- **Obligationsnotices at collection, privacy policies, 45-day DSAR responses, vendor contracts.
- No formal certification; compliance via internal audits and CPPA enforcement.
Why Organizations Use It
- Mandatory for qualifying entities to avoid $2,500-$7,500 per-violation fines and breach litigation ($100-$750/consumer).
- Builds trust, improves data governance, enables market access, reduces breach risks.
Implementation Overview
Phased framework: scoping/gap analysis (0-3 months), policies/contracts (1-4 months), technical controls (2-6 months), training/operationalization, ongoing audits. Applies globally to businesses processing CA residents' data across industries.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) Cybersecurity Regulation, a state-level mandate for financial entities. It establishes minimum, risk-based cybersecurity requirements to protect nonpublic information (NPI) and information systems' confidentiality, integrity, and availability. The approach emphasizes governance, documented risk assessments, and evidence-based compliance.
Key Components
- 14 core requirements including cybersecurity program (§500.2), CISO appointment (§500.4), MFA (§500.12), encryption (§500.15), penetration testing (§500.5), and incident notification (§500.17).
- Pillars: governance, risk assessment, technical controls, TPSP oversight, testing, and 72-hour reporting.
- Built on risk-based principles; annual CEO/CISO certification with five-year record retention.
Why Organizations Use It
- Mandatory for NY-licensed financial firms (banks, insurers, etc.), avoiding multimillion-dollar fines (e.g., Robinhood $30M).
- Enhances resilience, reduces incident risk, builds stakeholder trust, and aligns with NIST CSF.
- Strategic benefits: competitive edge, lower insurance premiums, robust vendor management.
Implementation Overview
- Phased roadmap: gap analysis, asset inventory, MFA rollout, TPSP contracts, IR testing.
- Applies to Covered Entities in NY financial services; Class A (high revenue/employees) face audits/EDR.
- No third-party certification; self-attestation with DFS examinations. (178 words)
Key Differences
| Aspect | CCPA | 23 NYCRR 500 |
|---|---|---|
| Scope | Consumer privacy rights and data handling | Cybersecurity program and technical controls |
| Industry | All businesses meeting CA thresholds | NY financial services entities only |
| Nature | Mandatory privacy regulation with fines | Mandatory cybersecurity regulation enforced by NYDFS |
| Testing | No mandatory technical testing required | Annual pen testing, vulnerability assessments |
| Penalties | $2,500-$7,500 per violation, private actions | Multi-million fines, consent orders, license actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about CCPA and 23 NYCRR 500
CCPA FAQ
23 NYCRR 500 FAQ
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