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NYDFS 23 NYCRR 500 Compliance Software
The GRC Assessment Platform™ for NYDFS cybersecurity compliance

Isora GRC gives security teams at financial institutions one connected workspace to operationalize 23 NYCRR 500, with periodic risk assessments, vendor and system inventories, a maintained risk register with documented remediation, and the annual certification and board reporting produced from that same record, all in one place.

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Problem

23 NYCRR 500 puts a deadline on evidence

Meeting 23 NYCRR 500 is difficult when risk assessments, vendor due diligence records, and the risk register are maintained separately. NYDFS certification and examination requests arrive on a fixed schedule, and assembling five years of audit evidence afterward takes weeks.

Solution

One platform for the 23 NYCRR 500 compliance lifecycle
Isora GRC brings the workflows 23 NYCRR 500 requires into one connected workspace, with periodic risk assessments, vendor oversight, risk tracking, documented exceptions, and board reporting. Every action is recorded in an append-only audit log, so annual certification and board reporting draw from the same current record.
Assessment Management
Run periodic risk assessments that satisfy 23 NYCRR 500

Launch risk assessments targeting every department, system, and data repository that handles nonpublic information, using prebuilt questionnaires customized to the 23 NYCRR 500 control areas, covering access controls, encryption, data governance, and application security. Collect evidence inline so responses and documentation stay connected, and set recurring cycles that show the periodic evaluation NYDFS expects.

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Inventory Management
Track every third party with access to nonpublic information

Maintain a vendor inventory with linked questionnaires, assessment results, risk ratings, and contract documentation, and track which vendors access nonpublic information and when they were last assessed. When NYDFS asks for evidence of vendor due diligence, the record is already in the inventory.

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Risk Management
Turn assessment findings into tracked risks

Publish a gap to the risk register as soon as an assessment identifies it, with lineage to the 23 NYCRR 500 requirement it maps to and the system or vendor it applies to. Assign owners, set deadlines, and track progress while an append-only audit log records every action for the retention period NYDFS requires.

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Reports & Scorecards
Prepare for annual certification and board reporting from live data

Generate reports that pull from live assessment data, risk register entries, and vendor records to show assessment completion, control effectiveness, risk ratings by system, vendor oversight status, and remediation progress. Produce annual certification evidence, CISO board reports, and examination packages without weeks of manual assembly.

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See the GRC Assessment Platform in action
Isora GRC is the GRC Assessment Platform™ that gives security teams one connected workspace to run assessments, manage vendors and assets, track risks, and prove compliance.
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Frequently Asked Questions
NYDFS 23 NYCRR 500 Compliance Software FAQs
Find the answers you need here, or chat with us.
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What does 23 NYCRR 500 require from covered entities?

23 NYCRR 500 requires covered entities to maintain a comprehensive cybersecurity program that includes periodic risk assessments, a risk register, written vendor oversight policies, access controls, encryption standards, an incident response plan with 72-hour notification to NYDFS, a designated CISO who reports to the board, and five years of audit trail retention. Isora GRC provides the assessment, risk tracking, vendor management, and reporting workflows to operationalize these requirements.

How does Isora support the 72-hour incident notification requirement?

23 NYCRR 500 requires covered entities to notify NYDFS within 72 hours of determining that a cybersecurity event has a reasonable likelihood of materially harming operations. Isora supports the record-keeping side of that obligation. The append-only audit log and risk register hold the findings, remediation steps, and dates a notification filing and post-incident review draw on, while detection and incident handling stay with the tools built for them.

How does Isora handle the five-year audit trail retention requirement?

Isora’s append-only audit log records every assessment response, risk register action, vendor review, and report generation with a timestamp. Because entries are appended rather than overwritten, the history stays available for the five-year audit trail period 23 NYCRR 500 requires, without a separate archiving process.

Can Isora support CISO board reporting under 23 NYCRR 500?

Yes. 23 NYCRR 500 requires the CISO to report to the board or senior governing body on the institution’s cybersecurity program. Isora generates board-ready reports from live assessment and risk data, covering cybersecurity posture, risk ratings, vendor oversight status, and remediation progress, without the manual compilation that typically delays board reporting.

How does Isora handle vendor oversight under 23 NYCRR 500?

23 NYCRR 500 requires written third-party service provider policies based on risk assessments, including minimum cybersecurity practices and periodic reassessment. Isora maintains a centralized vendor inventory with linked questionnaires, assessment history, risk ratings, and contract documentation. Teams track vendor risk alongside internal assessments in the same workspace.

Who must comply with 23 NYCRR 500?

23 NYCRR 500 applies to covered entities under NYDFS jurisdiction, including banks, insurance companies, mortgage brokers, and other financial services companies licensed or authorized to operate in New York. Compliance is mandatory regardless of where the institution is headquartered.

How long does it take to deploy Isora for 23 NYCRR 500 compliance?

Isora deploys in weeks with no-code setup, minimal IT lift, and no outside consultants. Covered entities can run a first risk assessment without months of configuration, and a second framework such as FFIEC or NIST CSF reuses the existing inventories and risk register.

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