NIST CSF
Voluntary framework for cybersecurity risk management
23 NYCRR 500
New York regulation for financial services cybersecurity.
Quick Verdict
NIST CSF offers voluntary, flexible risk management for all organizations, while 23 NYCRR 500 mandates prescriptive controls for NY financial firms with fines for noncompliance. Companies use CSF for best practices; NYCRR for regulatory survival.
NIST CSF
NIST Cybersecurity Framework 2.0
Key Features
- Provides common language for cybersecurity discussions
- Flexible non-prescriptive outcomes with mappings
- Six core Functions led by Govern
- Implementation Tiers for maturity progression
- Profiles enable current-target gap analysis
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Annual CISO/CEO dual-signature compliance certification
- 72-hour cybersecurity incident notification to NYDFS
- Risk-based cybersecurity program with asset inventory
- Third-party service provider security policy and oversight
- Phishing-resistant MFA for privileged and remote access
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
NIST CSF Details
What It Is
NIST Cybersecurity Framework (CSF) 2.0 is a voluntary, risk-based guideline developed by the U.S. National Institute of Standards and Technology. It provides organizations a flexible structure to manage cybersecurity risks through high-level outcomes, applicable to all sectors and sizes.
Key Components
- **Six Core FunctionsGovern, Identify, Protect, Detect, Respond, Recover (Govern new in 2.0).
- **Categories and Subcategories22 categories, 112 subcategories with informative references.
- **Implementation TiersPartial to Adaptive for maturity assessment.
- **ProfilesCurrent vs. Target for gap analysis. No formal certification; self-attestation via Profiles.
Why Organizations Use It
Elevates cybersecurity to strategic level, fosters common language, supports compliance demonstration, improves risk prioritization, enhances stakeholder communication, and aligns with enterprise risk management.
Implementation Overview
Create Profiles and Tiers, map to existing controls, conduct gap analysis, prioritize actions. Suitable for all sizes; starts with Quick Start Guides, evolves via continuous improvement.
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 effective 2017 with 2023 amendments. It establishes prescriptive, risk-based cybersecurity requirements for financial services entities to protect nonpublic information (NPI) and system integrity. The approach emphasizes governance, evidence-based controls, and rapid incident response.
Key Components
- 14 core requirements including cybersecurity program, CISO oversight, MFA, encryption, asset inventory, TPSP management, penetration testing, and 72-hour incident notification.
- Built on risk assessments using frameworks like NIST CSF; dual CISO/CEO annual certification by April 15 with 5-year record retention.
- Enhanced for Class A Companies (e.g., >$20M NY revenue, >2,000 employees) with audits and EDR.
Why Organizations Use It
- Mandatory for NY-licensed financial entities (banks, insurers, etc.); reduces enforcement risks like multimillion-dollar fines (e.g., Robinhood $30M).
- Improves resilience, vendor oversight, and trust; aligns with enterprise risk management.
Implementation Overview
- Phased roadmap: gap analysis, asset inventory, MFA rollout, TPSP contracts, testing; up to 24 months.
- Applies to NY financial services; no formal certification but NYDFS examinations and attestations required.
Key Differences
| Aspect | NIST CSF | 23 NYCRR 500 |
|---|---|---|
| Scope | Holistic cybersecurity risk management across 6 functions | Financial services cybersecurity program and NPI protection |
| Industry | All sectors, sizes, voluntary global use | NYDFS-regulated financial entities only |
| Nature | Voluntary framework, no enforcement | Mandatory regulation with fines and audits |
| Testing | Self-assessed Profiles and Tiers | Annual pen tests, vulnerability scans required |
| Penalties | None, self-attestation only | Multi-million fines, consent orders, license actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about NIST CSF and 23 NYCRR 500
NIST CSF FAQ
23 NYCRR 500 FAQ
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