ISO 45001
International standard for occupational health and safety management systems
23 NYCRR 500
NY regulation for financial services cybersecurity compliance
Quick Verdict
ISO 45001 provides global OH&S management for all industries, enabling certification and safety improvement. 23 NYCRR 500 mandates cybersecurity for NY financial firms, enforced by fines. Companies adopt ISO for best practice; NYCRR for legal compliance.
ISO 45001
ISO 45001:2018 Occupational health and safety management systems
Key Features
- High-Level Structure enabling IMS integration with ISO 9001/14001
- Mandates top management accountability and worker participation
- Risk-based approach addressing OH&S risks and opportunities
- Hierarchy of controls prioritizing hazard elimination
- PDCA cycle for performance evaluation and continual improvement
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Annual CEO/CISO dual-signature compliance certification
- 72-hour cybersecurity incident notification to NYDFS
- Phishing-resistant MFA for privileged and remote access
- Risk-based third-party service provider oversight
- Annual penetration testing and vulnerability management
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 45001 Details
What It Is
ISO 45001:2018 is the international standard for Occupational Health and Safety Management Systems (OHSMS). It provides a framework to prevent work-related injury and ill health, proactively improving OH&S performance. Built on the High-Level Structure (Annex SL) and PDCA cycle, it emphasizes risk-based thinking across Clauses 4-10.
Key Components
- Core clauses: Context (4), Leadership (5), Planning (6), Support (7), Operation (8), Performance Evaluation (9), Improvement (10).
- Distinctive elements: Worker participation, hierarchy of controls, management of change, contractor controls.
- No fixed number of controls; scalable requirements for continual improvement via audits and reviews.
- Optional third-party certification.
Why Organizations Use It
- Reduces incidents, legal risks, and costs; enhances resilience and insurance savings.
- Builds stakeholder trust, worker morale, and market competitiveness.
- Integrates with ISO 9001/14001 for unified governance.
Implementation Overview
- Phased approach: Gap analysis, policy/objectives, operational controls, audits.
- Applicable to all sizes/sectors; 6-12 months typical.
- Involves training, documented information, internal audits; certification via accredited bodies.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) Cybersecurity Regulation. This state regulation applies to financial services entities licensed in New York, mandating minimum cybersecurity standards to protect nonpublic information (NPI) and operational integrity. It uses a risk-based approach with prescriptive requirements like MFA and certifications.
Key Components
- 14 core requirements including cybersecurity program, policy, CISO appointment, access controls, risk assessments, TPSP oversight, MFA, asset inventory, encryption, penetration testing, training, and incident response.
- Built on risk assessment foundation; annual dual-signature certification by CEO/CISO.
- Phased compliance for Class A companies with enhanced audits and controls.
Why Organizations Use It
- Mandatory for Covered Entities to avoid multimillion-dollar fines (e.g., Robinhood $30M).
- Enhances resilience, reduces incident risk, builds stakeholder trust.
- Provides competitive edge in vendor negotiations and insurance premiums.
Implementation Overview
- Phased roadmap: gap analysis, asset inventory, MFA rollout, TPSP contracts, testing.
- Applies to NY-licensed banks, insurers, etc.; global reach via NY branches.
- No external certification but annual filing and 5-year evidence retention; internal audits for Class A.
Key Differences
| Aspect | ISO 45001 | 23 NYCRR 500 |
|---|---|---|
| Scope | Occupational health & safety management | Cybersecurity for financial information systems |
| Industry | All sectors worldwide, scalable sizes | NY financial services entities only |
| Nature | Voluntary international certification standard | Mandatory NY state regulation with enforcement |
| Testing | Internal audits, management reviews annually | Annual pen testing, vulnerability scans required |
| Penalties | Loss of certification, no legal fines | Multi-million dollar fines, consent orders |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 45001 and 23 NYCRR 500
ISO 45001 FAQ
23 NYCRR 500 FAQ
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