BY NEURABYTE
FRAMEWORKS/FINANCIAL/23 NYCRR 500
NYDFS
FINANCIAL · New York Dept. of Financial Services

23 NYCRR 500

Cybersecurity regulation for NY-licensed financial institutions.

Part 500 applies to entities licensed by NYDFS, from banks and insurers to money transmitters. The 2023 amendment added requirements phased in through November 2025: privileged access management, MFA everywhere, asset inventories, and annual certification signed by the CEO and CISO. Class A companies face additional obligations.

AT A GLANCE
ISSUERNew York Dept. of Financial Services REGIONNew York licensed entities CATEGORYFinancial CROSSWALKVersioned mapping onto the 15-control registry
EVIDENCE, NOT CERTIFICATION
01. WHO IT APPLIES TO

Is this one yours?

01NYDFS-licensed banks, insurers, and financial services companies
02Their third-party service providers, through §500.11
03Any agent operating inside a covered entity's systems
02. KEY REQUIREMENTS

The parts of 23 NYCRR 500 that touch what agents do.

§500.7 Access privileges
Access is limited to necessary functions, privileged accounts are minimized, and access is reviewed at least annually.
§500.6 Audit trail
Systems reconstruct material financial transactions and detect and respond to events, retained for five and three years respectively.
§500.12 Multi-factor authentication
MFA for all remote and privileged access.
§500.17 Certification
Annual compliance certification or acknowledgment of non-compliance.
03. HOW LORE MAPS TO IT

Enforcement controls, read against the requirement.

These controls exist because the platform needs them to run safely. The crosswalk reads their signed evidence against 23 NYCRR 500. Where there is no evidence, the report says gap.

LORE CONTROL 23 NYCRR 500 REFERENCE
Blocking authorization gate§500.7(a)
Maker–checker approval§500.7(a)(4) privileged access
Signed, hash-chained receipts§500.6(a), §500.6(b)
Context disclosure record§500.13 data minimization
Illustrative references. The shipped crosswalk carries exact clause citations, its version, and the review date.
04. OUT OF SCOPE

What Lore will not claim.

MFA, asset inventory, and the CISO role are organizational and infrastructure controls.
Certification is signed by your executives.
05. QUESTIONS
Do agents count as privileged accounts?
When they can change material records, yes. The gate treats them that way.
What retention applies?
Five years for transaction reconstruction records, three for security event logs.
Is this planned or live?
Planned, and available on request for NY-regulated customers.
← PREVIOUSFINRA 24-09 ALL FRAMEWORKS NEXT →SOX ITGC
23 NYCRR 500 · EARLY ACCESSEVIDENCE COLLECTED ONCE

Start building the record your auditor will read.

Every receipt Lore signs today is evidence for 23 NYCRR 500 tomorrow. Turn the crosswalk on when you are ready; nothing needs re-collecting.

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