ISO 19600
Guidelines for compliance management systems
23 NYCRR 500
NY regulation for financial services cybersecurity.
Quick Verdict
ISO 19600 offers voluntary CMS guidelines for all organizations worldwide, while 23 NYCRR 500 mandates cybersecurity controls for NY financial entities. Companies adopt ISO 19600 for benchmarking and ISO 37301 transition; NYCRR 500 for regulatory compliance and enforcement avoidance.
ISO 19600
ISO 19600:2014 Compliance management systems — Guidelines
Key Features
- Explicit governance principles for compliance function independence
- Scalable, proportionate to organization size and complexity
- PDCA-based management system architecture
- Risk-based identification of compliance obligations
- Integration with other management systems
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- 72-hour cybersecurity incident notification to NYDFS
- Annual CISO/CEO dual-signature compliance certification
- Phishing-resistant MFA for privileged and remote access
- Comprehensive third-party service provider oversight
- Risk-based annual penetration testing and vulnerability management
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 19600 Details
What It Is
ISO 19600:2014 is an international guideline standard for compliance management systems (CMS). It provides non-mandatory guidance for establishing, implementing, evaluating, maintaining, and improving CMS. The primary purpose is to help organizations manage compliance obligations systematically using a risk-based, principles-based approach scalable to any size, structure, or complexity.
Key Components
- Core clauses follow high-level structure: context, leadership, planning, support, operation, performance evaluation, improvement.
- Emphasizes **principles of good governancedirect access, independence, resources for compliance function.
- Built on PDCA cycle; covers obligations identification, risk assessment, controls, culture.
- No fixed controls; guidance only, non-certifiable.
Why Organizations Use It
- Demonstrates commitment to ethical governance and risk management.
- Enhances defensibility in regulatory enforcement.
- Supports integration, efficiency, stakeholder trust.
- Strategic enabler for culture, operational resilience.
Implementation Overview
- Phased: context analysis, policy, risk planning, controls, monitoring.
- Applicable to all organizations, industries, geographies.
- No certification; internal benchmarking, voluntary audits.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) Cybersecurity Regulation, a mandatory 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 brokers operating in New York.
Key Components
- 14 core requirements including cybersecurity program, policy, CISO appointment, access privileges, MFA, encryption, penetration testing, and incident response.
- Risk Assessment as foundational element, updated annually or on material changes.
- 72-hour incident notification and annual CISO/CEO certification by April 15.
- Enhanced rules for Class A Companies (e.g., >$20M NY revenue, >2,000 employees).
Why Organizations Use It
- Legal compliance to avoid multimillion-dollar fines (e.g., Robinhood $30M).
- Reduces cyber risks, improves resilience, and builds stakeholder trust.
- Strategic benefits: lower insurance premiums, competitive edge in vendor selection.
Implementation Overview
- Phased approach: gap analysis, risk assessment, control deployment (MFA, asset inventory), testing.
- Applies to NY-licensed financial entities; no certification but DFS examinations and evidence retention for 5 years.
Key Differences
| Aspect | ISO 19600 | 23 NYCRR 500 |
|---|---|---|
| Scope | CMS guidelines for all organizations | Cybersecurity for NY financial entities |
| Industry | All sectors, global applicability | Financial services, New York-regulated |
| Nature | Voluntary guidelines, non-certifiable | Mandatory regulation, enforced by NYDFS |
| Testing | Risk-based audits, management reviews | Annual pen tests, vulnerability scans |
| Penalties | No legal penalties, internal benchmarking | Fines, consent orders, license actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 19600 and 23 NYCRR 500
ISO 19600 FAQ
23 NYCRR 500 FAQ
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