Services 23 NYCRR Part 500 Compliance & Certification
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23 NYCRR Part 500 Compliance & Certification

Navigate NYDFS Cybersecurity Requirements with Confidence. 23 NYCRR Part 500, issued by the New York Department of Financial Services (NYDFS), mandates robust cybersecurity programs for financial services entities to protect the safety and integrity of customer data. Complying isn't just regulatory,it demonstrates operational maturity, builds trust, and strengthens resilience. RedSecLabs helps you achieve full compliance by crafting tailored programs that align technical controls with strong governance.

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Free Security Quote

Just a few questions to scope your project. We respond the same business day.

✓ UK-based CREST member · ✓ QSA-aligned methodology · ✓ Same-day scoping response · ✓ Executive + technical reports · ✓ Retest included

What Is 23 NYCRR Part 500 and Why It Matters?

23 NYCRR 500 sets minimum cybersecurity requirements,such as appointing a CISO, conducting risk assessments, implementing access controls, logging, and incident reporting,for any organization under NYDFS regulation.

The regulation applies to banks, insurers, mortgage lenders, virtual currency businesses, and other financial services organizations operating under NY authorization. Exemptions exist for very small entities, but many obligations remain even then.

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RedSecLabs’ Compliance & Certification At a Glance

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Strategic Gap Assessment

We conduct a detailed evaluation of your existing cybersecurity framework versus NYDFS expectations. This includes reviewing existing policies and controls, highlighting deficiencies in governance, technical safeguards, and documentation, quantifying compliance maturity and prioritizing areas for improvement

Tailored Policy & Procedure Development

Based on the gap assessment, we co-create documentation aligned with NYDFS requirements, including Cybersecurity program governance, Risk assessment policies, Incident response plans, Third-party security controls, Access, encryption, and MFA procedures

Compliance Execution Support

Our specialists support you in operationalizing these policies,implementing technical controls, defining workflows, engaging leadership, and training staff to embed compliance as part of your culture.

Regulatory Readiness & Certification

While NYDFS doesn’t issue formal certifications, you must submit an annual certification of compliance by April 15. RedSecLabs supports readiness for that filing and any audit or enforcement engagement.

Business Benefits of Our NYCRR 500 Services

Governance Assurance

Aligns leadership oversight with the regulation’s expectations.

Risk-Based Security Practice

Focuses resources on high-impact areas rather than checkbox compliance.

Reduced Liability Exposure

Clear correlation between controls and documentation decreases enforcement risk.

Operational Clarity

Staff understand their roles, making compliance sustainable.

Strategic Readiness

Be audit-ready, incident-ready, and ready to pivot against evolving threats post-2023 amendments.

Who Benefits from These Services?

Financial Institutions & Insurers licensed in New York.

Fintech, Mortgage, Virtual Currency Firms under NYDFS oversight.

Small Entities needing clarity on exemptions or minimal compliance.

Larger Organizations (including Class A) facing elevated expectations like external audits, robust access controls, and advanced logging.

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Ready to Achieve NYDFS Cybersecurity Compliance?

Let RedSecLabs guide your journey,from assessment to policy, implementation, and filing. Our pragmatic, risk-focused, and expert-led service ensures you meet the demands of 23 NYCRR Part 500 without disruption.
Contact us today to schedule your NY 23 NYCRR 500 compliance consultation.

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Related Services

Meet your compliance goals with our PCI DSS Compliance & Certification and DORA Compliance & Certification.

What our Customers are Saying

We are trusted by numerous companies from different business to meet their needs

“Working as a cybersecurity consultant, RedSecLabs has improved the security posture of Bykea by formulating a Cybersecurity Framework for Developers and had worked towards incorporating DevSecOps. It had also contributed towards improving Bykea's vulnerability disclosure program (VDP) by preparing end-to-end process documents and has developed relevant policies to facilitate the organisation's security posture. Given, RedSecLabs' broad experience in a wide range of cybersecurity domains, it can be a tremendous asset to any organisation.”

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Muneeb Maayr CEO, Bykea
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“RedSecLabs was a pleasure to work with. Its knowledge of the cybersecurity space was impressive. It helped us build a specific capability we'd been looking at for a while. It was responsive to our questions and quick to turn the work around. It also took our feedback on board and made changes to the work where appropriate. We'd definitely work with RedSecLabs. ”

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Ed Hutchinson The Independent
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“The team at RedSecLabs is very communicative and responds quickly. They are highly knowledgeable in what they do and make suggestions when needed. I felt very comfortable with RedSecLabs performing the pen test in our environment and felt like we were in good hands. I would highly recommend RedSecLabs for any pen testing jobs you may have.”

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Aleks Daranutsa Nhebo
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“We are very pleased with the services provided by RedSecLabs. They were highly professional, and their work was outstanding. The team at RedSecLabs went above and beyond during the course of the project. When an unforeseen issue arose mid-project, they took the initiative and helped us repair an additional issue, unrelated to the original scope. This saved us a considerable amount of time and resources. We will continue working with RedSecLabs on future projects and look forward to a long-term partnership. ”

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Bill Fahy Atlantic Firearms
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“RedSecLabs has been instrumental in solving Work Generations Cybersecurity challenges. Their expert team provides unparalleled protection and swift responses to potential threats. Their innovative solutions and dedication to client security are truly commendable. Highly recommend RedSecLabs for high-quality cybersecurity services.”

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Shawana Iftikhar Work Generations
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You have Questions, We have Answers

A foundational cybersecurity regulation from NYDFS requiring financial services companies to implement governance, risk management, and technical controls to safeguard nonpublic data.

Any entity operating under NYDFS licensing,including banks, insurers, lenders, virtual currency firms,unless they qualify for specific exemptions.

Entities may be exempt if they meet criteria like under 10 employees, less than $5 million revenue, or under $10 million in assets,but must still file an exemption notice.

You must maintain a cybersecurity program, policies, risk reports, incident response plans, MFA enforcement, encrypted data, monitoring logs, and third-party oversight. Certain entities must submit an annual compliance certification.

NYDFS may impose civil penalties, require remediation, or escalate enforcement across governance, misleading certifications, or breach reporting failures.
Before you decide
Download a sample report →
A redacted RedSecLabs penetration test report. See the format, depth, and clarity your team will receive.
Talk to us
Book a scoping call →
A 30-minute call covers realistic effort, timeline, and a fixed-scope quote. CREST-aligned methodology, UK-based testers.
What you receive

Every engagement includes

  • ✓ Scoping call. A 30-minute call to define scope, timeline, and authorisation boundaries.
  • ✓ Test plan. Written test plan covering targets, methodology, and rules of engagement.
  • ✓ Technical report. Detailed findings with reproduction steps, evidence, and remediation guidance.
  • ✓ Executive summary. Board-ready summary with risk ratings and business impact.
  • ✓ Audit-ready evidence. Findings letter formatted for auditors, customers, and supervisory authorities.
  • ✓ Retest letter. Free retest of remediated findings within agreed window. Confirmation letter included.
  • ✓ Remediation call. A call with our lead tester to walk through findings and remediation strategy.
How we deliver

Our process, end to end

  1. 1
    Scoping call & fixed-scope quote
    A 30-minute call. We define scope, targets, timeline. You get a fixed-scope quote within one working day.
  2. 2
    Test plan & authorisation
    Written test plan covering methodology, targets, and rules of engagement.
  3. 3
    CREST-aligned execution
    Senior tester runs the engagement. Critical findings flagged immediately during testing.
  4. 4
    Technical + executive report
    Detailed technical findings with reproduction steps. Board-ready executive summary.
  5. 5
    Remediation call & retest
    Walkthrough with our lead tester. Retest of remediated findings within the agreed window.
Engagement scope

What shapes the quote

Small scope
Focused scope, smaller surface. 5-7 working days.
Medium scope
Multi-role, several integrations. 8-12 working days.
Enterprise scope
Complex environment, compliance evidence. 12-25 working days.
Fixed-scope quote within 1 working day
No surprise invoices. We commit to a number before you commit to us.
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