UpGuard makes a cyber resilience platform designed for exactly the realities that necessitate regulations like New York State Department of Financial Services 23 NYCRR 500. On one hand, businesses need to store, processes, and maintain availability for growing stores of valuable data; on the other, the very conditions for market success open them to attacks from increasingly sophisticated and motivated attackers. Balancing these requirements makes a business resilient, and UpGuard provides the visibility, analysis, and automation needed to thrive while satisfying regulations like NYCRR 500.
Recently, New York’s Department of Financial Services and Gov. Andrew Cuomo released their long-awaited proposal for cybersecurity regulations regarding banking and financial services companies. The proposal, if implemented, would be the first mandatory state-level regulations on cybersecurity and promises to deliver sweeping protections to consumers and financial institutions alike. In Gov. Cuomo’s words: "This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyberattacks to the fullest extent possible."
Cyber resilience is a fundamental change in understanding and accepting the true relationship between technology and risk. IT risk (or cyber risk, if you prefer) is actually business risk, and always has been. And the cybersecurity industry, for what it's worth, has generally avoided this concept because it goes against the narrative that their respective offerings—whether it's a firewall, IDS, monitoring tool, or otherwise—would be the one-size-fits-all silver bullet that can keep businesses safe. But reality tells a different story.