Platform Supports Insurance and Financial Institutions To Meet NY State DFS Regulations
AUSTIN, TX – February 8, 2017 – On the heels of the recent New York State Department of Financial Services cybersecurity regulation for all banks, insurance companies, and financial services institutions, Cybernance Corporation announced today that its Cybernance Platform meets all of the requirements of the new cybersecurity regulation. The new NY DFS regulation goes into effect March 1, 2017.
The Cybernance Platform is a cyber risk governance software application based upon the NIST Cybersecurity Framework (CSF) that enables institutions to assess, measure and report on their cybersecurity maturity across the entire organization. The product’s capabilities satisfy the requirements of the NY DFS regulation and are already embedded into the framework, allowing implementation to begin immediately. Once the software is installed, it can be fully operating in a matter of weeks.
“Our platform provides a roadmap for financial and insurance institutions to be fully compliant with the new DFS regulations. This is the only product on the market today that contains all of the control points for non-technical executives to know if they are compliant or not,” said Mike Shultz, CEO. “As more regulations come down, and if the financial institutions are using the Cybernance Platform, they will have the advantage to become compliant with the new regulations.”
The product which is web-based is fully released, tested and already in the market. The Cybernance Platform enables non-technical board members, executives, internal auditors, general counsel and chief risk officers to maintain insight into and exert control over their organizations’ level of protection against cybercrime. A few of the key features important to meeting the DFS regulations include Policy, Audit, Access Privileges, Risk Assessment, Training and Monitoring, Third Party Service Provider and Vendor Security, Incident Response Plan and Reporting.
“The ability for executives and directors to understand, address and make corrections to their cybersecurity issues using the Cybernance Platform will reduce their cyber risk to allow continual adherence to these new DFS regulations,” said Ben Beeson, cyber risk practice leader for Lockton.
The FDIC, OCC and FRB are proposing rule changes as well. The Cybernance Platform already has the proposed requirements embedded into the framework. Institutions using the Platform will have the advantage of meeting the new requirements very quickly and improve their cyber maturity across the enterprise.
About Cybernance Corporation
Cybernance is the leader in cyber risk governance started by industry veterans with a deep-seated knowledge of cyber security and technology solutions to mitigate enterprise risk. Founded in 2015, Cybernance is a venture-backed corporation headquartered in Austin, Texas. www.Cybernance.com