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New York Enhances Cybersecurity Regulations of Financial Services

SecureWorld News

On November 1, 2023, the New York Department of Financial Services (NYDFS) took a significant step toward strengthening cybersecurity defenses across the financial sector by finalizing amendments to Part 500 of its cybersecurity regulations.

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NYDFS Cybersecurity Regulations: A glimpse into the future

Thales Cloud Protection & Licensing

The cybersecurity regulation ( 23 NYCRR 500 ) adopted by the New York State Department of Financial Services (NYDFS) is nearly two years old. Leading up to that date, companies have had to meet several milestones including hiring a CISO, encrypting all its non-public consumer data and enabling multi-factor authentication.

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What is credential stuffing? And how to prevent it?

Security Affairs

Earmarked by the FBI as a particular threat to the financial service industry just over a year ago, the increase of internet traffic, data breaches and API usage all contribute to the perfect conditions for successful credential stuffing attacks. Here’s what you need to know about how they work, and how you can stay safe. .

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Predictions for 2023 API Security

CyberSecurity Insiders

Prediction #3: Financial services will lead other verticals in addressing API security issues. Global regulators need to develop API-specific security regulations, rather than relying on data protection regulations such as HIPAA, GDPR, PCI, and others to govern these digital connections.

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Tackling Data Sovereignty with DDR

Security Affairs

Various data sovereignty challenges arise for many businesses, such as cross-border data transfers, compliance with differing data protection laws, and protecting sensitive information from unauthorized access. Organizations adopting DDR should prioritize integrating these components within their cybersecurity infrastructure.

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The Many Challenges of a Multi-Cloud Business Environment

Thales Cloud Protection & Licensing

Cloud security tools (cloud security posture management, cloud workload protection, cloud identity and entitlement management), data loss prevention, encryption, and multi-factor authentication (MFA) are the most common technologies used for securing cloud environments. Who’s responsible for encryption and key management?

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The Biggest Blocker to Open Banking Success? Slow, Risky Data

Security Boulevard

This eventually forced the UK’s nine biggest banks to release data in a secure, standardized way, so data could be shared more easily between organizations. Traditional banks and financial services organizations collect vast amounts of data, but using that data for innovation can be challenging.

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