ISO 14064
International standards for GHG quantification, reporting, verification
23 NYCRR 500
New York regulation for financial services cybersecurity.
Quick Verdict
ISO 14064 provides voluntary GHG accounting standards for global organizations seeking credible emissions reporting, while 23 NYCRR 500 mandates cybersecurity controls for NY financial firms to ensure resilience and rapid incident response.
ISO 14064
ISO 14064 GHG quantification, reporting, verification standards
Key Features
- Modular three-part structure for inventories, projects, verification
- Five core principles: relevance, completeness, consistency, transparency, accuracy
- Scope 1-3 emissions with equity/control boundary approaches
- Risk-based assurance and materiality assessments in Part 3
- Alignment with GHG Protocol for global interoperability
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Annual CEO/CISO dual certification with five-year retention
- 72-hour cybersecurity incident notification to NYDFS
- Phishing-resistant MFA for high-risk access by Nov 2025
- Comprehensive third-party service provider oversight policy
- Risk-based annual penetration testing and vulnerability management
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 14064 Details
What It Is
ISO 14064 is the international standard family (ISO 14064-1:2018, -2:2019, -3:2019) for greenhouse gas (GHG) quantification, reporting, and assurance. It provides a modular framework for organizations and projects, emphasizing principle-based approaches like relevance, completeness, consistency, transparency, and accuracy.
Key Components
- **Three partsPart 1 for organizational inventories (Scopes 1-3), Part 2 for project reductions/removals, Part 3 for validation/verification.
- Core principles mirror GHG Protocol.
- Boundary setting (equity/control), data quality, uncertainty management.
- Optional third-party assurance under ISO 14065.
Why Organizations Use It
Drives credible reporting for regulatory compliance (CSRD, SB-253), investor trust, carbon markets, and decarbonization. Mitigates greenwashing risks, enables benchmarking, unlocks green finance.
Implementation Overview
Phased approach: governance/gap analysis, boundary design, data systems, reporting/assurance, continuous improvement. Applies to all sizes/industries globally; verification enhances credibility but is voluntary.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) Cybersecurity Regulation, a mandatory state regulation for financial services entities. Its primary purpose is to protect nonpublic information (NPI) and ensure operational integrity through a risk-based cybersecurity program. It applies to Covered Entities like banks, insurers, and mortgage firms operating in New York.
Key Components
- 14 core requirements including cybersecurity program, CISO appointment, risk assessments, MFA, encryption, penetration testing, third-party oversight, and incident response.
- Annual CEO/CISO certification with five-year record retention.
- Built on risk-based principles aligned with NIST CSF or CRI Profile; Class A Companies face enhanced controls like independent audits.
Why Organizations Use It
- Legal compliance to avoid multimillion-dollar fines (e.g., Robinhood $30M).
- Reduces cyber incident risk, improves resilience, and builds stakeholder trust.
- Enhances vendor negotiations and cyber insurance terms.
Implementation Overview
- Phased approach: gap analysis, asset inventory, control deployment, testing.
- Targets NY financial firms; small entities have limited exemptions.
- No universal certification but DFS examinations and annual filings required. (178 words)
Key Differences
| Aspect | ISO 14064 | 23 NYCRR 500 |
|---|---|---|
| Scope | GHG emissions quantification, reporting, verification | Cybersecurity program, risk management, incident response |
| Industry | All organizations worldwide | NY financial services entities |
| Nature | Voluntary international standard family | Mandatory state regulation with enforcement |
| Testing | Third-party validation/verification (ISO 14064-3) | Annual pen testing, vulnerability assessments |
| Penalties | Loss of credibility, no legal penalties | Multi-million dollar fines, consent orders |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 14064 and 23 NYCRR 500
ISO 14064 FAQ
23 NYCRR 500 FAQ
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