Imagine your coffee machine brewing your perfect cup just as you wake up, your office lights adjusting automatically to optimize productivity, or your delivery truck predicting traffic jams and rerouting for a faster journey. This isn't science fiction; it's the power of the Internet of Things (IoT), and it's poised to explode in 2024.
To effectively manage cyber risks, businesses must adopt a proactive stance towards cybersecurity, starting with a comprehensive understanding of their cyber risk landscape. Cyber risk assessment plays a critical role in this process, enabling organizations to identify, evaluate, and prioritize potential threats and vulnerabilities. In this Q&A session, we delve into the core principles of cyber risk management and explore the available tools for assessing and mitigating these risks.
The NYDFS Cybersecurity Regulation (23 NYCRR 500) represents a comprehensive framework established by the New York Department of Financial Services (NYDFS) to impose cybersecurity standards on all covered financial entities. Introduced on February 16th, 2017, following extensive feedback from industry stakeholders and the public, these regulations encompass 23 sections delineating the obligations for developing and executing an effective cybersecurity program. Covered institutions are mandated to assess their cybersecurity risks and devise proactive strategies to mitigate them. The regulation follows a phased implementation approach, allowing organizations ample time to fortify their policies and controls.
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