What It Is

FedRAMP (Federal Risk and Authorization Management Program) is a U.S. government-wide framework standardizing security assessment, authorization, and continuous monitoring for cloud services used by federal agencies. Its primary purpose is enabling secure, efficient cloud adoption through reusable authorizations, based on a risk-based approach aligned with NIST SP 800-53 Rev 5 controls and FIPS 199 impact levels (Low, Moderate, High).

Key Components

• Baselines with ~156/323/410 controls for Low/Moderate/High impacts, plus LI-SaaS subset.
• Core artifacts: System Security Plan (SSP), Security Assessment Report (SAR), Plan of Action & Milestones (POA&M).
• Built on NIST standards; compliance via Agency or Program Authorizations.
• Emphasizes 3PAO independent assessments and OSCAL machine-readable formats.

Why Organizations Use It

Cloud service providers (CSPs) pursue FedRAMP for federal market access, as agencies must use authorized services. It reduces duplication, enhances security posture, builds trust, and differentiates competitively. Enables reuse across agencies, mitigating legal risks in procurement.

Implementation Overview

CSPs categorize systems, prepare SSPs, engage 3PAOs for assessments, remediate via POA&Ms, and maintain continuous monitoring. Targets CSPs serving U.S. federal agencies; involves high costs ($150k-$2M+), long timelines (10-19 months), and annual reassessments.

What It Is

23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) cybersecurity regulation for financial entities. It establishes minimum risk-based cybersecurity standards to protect nonpublic information (NPI) and information systems' confidentiality, integrity, and availability. The approach is hybrid: prescriptive controls with risk assessment tailoring.

Key Components

• 14 core requirements including cybersecurity program, CISO appointment, MFA, encryption, TPSP oversight, penetration testing, incident response.
• Annual CISO/CEO dual-signature certification by April 15, with 5-year record retention.
• Built on risk assessments informing all controls; Class A companies face enhanced audits.
• Compliance model emphasizes evidence-based attestation over third-party certification.

Why Organizations Use It

• Mandatory for NY-licensed financial services (banks, insurers, etc.), with multimillion-dollar enforcement penalties.
• Reduces cyber incident risk, ensures operational resilience, builds stakeholder trust.
• Strategic benefits: lowers insurance premiums, strengthens vendor negotiations, competitive edge in financial sector.

Implementation Overview

• Phased roadmap: governance setup, risk assessment, technical controls (MFA rollout), TPSP contracts, testing.
• Applies to Covered Entities in NY financial services; scalable by size/complexity.
• No formal certification; focuses on internal audits, annual filing, DFS examinations. (178 words)