PCI DSS
Global standard protecting payment card data security
23 NYCRR 500
New York regulation for financial services cybersecurity compliance
Quick Verdict
PCI DSS mandates cardholder data security for global payment processors via audits and scans, while 23 NYCRR 500 enforces comprehensive cybersecurity on NY financial entities through risk assessments, MFA, and 72-hour reporting. Organizations adopt both for contractual compliance and regulatory protection.
PCI DSS
Payment Card Industry Data Security Standard v4.0
Key Features
- 12 requirements organized into 6 control objectives
- 300+ granular controls for cardholder data protection
- Merchant/service provider levels by transaction volume
- Quarterly ASV external vulnerability scans mandatory
- Contractual enforcement with fines and processing bans
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Qualified CISO with annual board reporting and CEO dual certification
- Risk-based annual assessments integrated with enterprise risk management
- Phishing-resistant MFA for privileged, remote, and universal access
- Third-party service provider lifecycle with contractual security clauses
- 72-hour cybersecurity incident notification to NYDFS
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
PCI DSS Details
What It Is
PCI DSS (Payment Card Industry Data Security Standard) is a global contractual security framework for protecting cardholder data (CHD) and sensitive authentication data (SAD). Managed by the PCI Security Standards Council (PCI SSC) since 2006, it mandates 12 technical/operational requirements across 6 control objectives for entities storing, processing, or transmitting payment card data.
Key Components
- 12 requirements under 6 objectives: secure networks, data protection, vulnerability management, access controls, monitoring/testing, policies.
- Over 300 sub-requirements/controls; merchant levels 1-4 by transaction volume.
- Validation via SAQ (self-assessment) or ROC (QSA audit); quarterly ASV scans.
Why Organizations Use It
Reduces fraud/breaches; builds customer trust; avoids fines, processing bans, GDPR overlaps. Contractually enforced for merchants/service providers; breach costs average $37/record.
Implementation Overview
Scope CDE via data flows; gap analysis; remediate (segmentation, encryption, MFA). Applies to all card-handling entities globally; annual validation, ongoing maintenance.
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 protecting nonpublic information (NPI) and information systems. The primary scope covers financial entities licensed in New York, emphasizing governance, controls, and evidence-based compliance.
Key Components
- 14 core requirements including cybersecurity program, CISO designation, risk assessments, MFA, encryption, TPSP oversight, penetration testing, and incident response.
- Risk-based approach with annual certifications (CEO/CISO dual-signature) and five-year record retention.
- Enhanced for Class A Companies (>$20M NY revenue + >2,000 employees or >$1B global revenue) with independent audits and advanced monitoring.
- No formal certification but annual April 15 filing and DFS examinations.
Why Organizations Use It
- Mandatory for Covered Entities to avoid multimillion-dollar fines (e.g., Robinhood $30M).
- Enhances resilience against cyber threats, improves TPSP management, and builds stakeholder trust.
- Strategic benefits include lower insurance premiums and competitive edge in financial services.
Implementation Overview
- Phased roadmap: gap analysis, CISO appointment, asset inventory, MFA rollout (universal by Nov 2025), TPSP contracts.
- Applies to NY-licensed banks, insurers, etc., regardless of size/location if handling NPI.
- Focus on evidence repository for DFS enforcement; Class A requires audits.
Key Differences
| Aspect | PCI DSS | 23 NYCRR 500 |
|---|---|---|
| Scope | Payment card data protection across 12 requirements | Financial entities' info systems and NPI protection |
| Industry | Global payment card merchants and processors | NYDFS-regulated financial services entities |
| Nature | Contractual standard enforced by card brands | Mandatory state regulation with fines |
| Testing | Quarterly ASV scans, annual pentests by QSA | Annual pentests, bi-annual vulnerability assessments |
| Penalties | Fines, loss of card processing rights | Civil penalties, consent orders, license actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about PCI DSS and 23 NYCRR 500
PCI DSS FAQ
23 NYCRR 500 FAQ
You Might also be Interested in These Articles...
Top 10 SOC 2 Mistakes Startups Make (and Fixes with Automation)
Avoid top 10 SOC 2 mistakes like scope creep & evidence gaps. See fail/pass visuals, client quotes, Vanta/Drata automation fixes for bootstrapped startups. Quic
From SOC to AI-Native CDC: Redefining Triage and Response in 2026
Explore the shift from SOCs to AI-Native CDCs. Autonomous agents handle Tier 1 triage in 2026, empowering analysts for complex threats. Discover the future of c
5 Ways Modern Compliance Software Makes Evolving Regulations Your Strategic Advantage
Discover 5 ways modern compliance software turns evolving regulations into strategic advantage. Automate monitoring, cut 3x non-compliance costs, stay audit-rea
Run Maturity Assessments with GRADUM
Transform your compliance journey with our AI-powered assessment platform
Assess your organization's maturity across multiple standards and regulations including ISO 27001, DORA, NIS2, NIST, GDPR, and hundreds more. Get actionable insights and track your progress with collaborative, AI-powered evaluations.
Check out these other Gradum.io Standards Comparison Pages
ISO 9001 vs CMMI
ISO 9001 vs CMMI: Compare top quality standards. ISO 9001 delivers flexible QMS with PDCA & risk focus; CMMI builds maturity levels for dev/services excellence. Boost efficiency—discover your fit now!
ISO 45001 vs Basel III
Explore ISO 45001 vs Basel III: OH&S leadership & risk controls meet banking capital, leverage & liquidity standards. Drive compliance, resilience & performance gains. Compare now!
CCPA vs HIPAA
Discover CCPA vs HIPAA: Compare CA consumer privacy rights with federal health data rules. Unlock compliance strategies, key differences & risks for businesses. Expert guide now!