Case Study: New York State Department of Financial Services achieves scalable oversight and cybersecurity compliance with SecurityScorecard

SecurityScorecard Helps New York State Department of Financial Services Ensure Financial Institution Cybersecurity Compliance

The New York State Department of Financial Services (NY DFS), which oversees more than 3,000 licensed financial institutions, faced a major oversight gap because a small team of examiners could only assess roughly 300 entities a year. To scale monitoring and gain better visibility into licensees’ cybersecurity posture and regulatory compliance, NY DFS adopted SecurityScorecard’s Ratings and scorecards — including the Hacker Chatter module — to continuously track security indicators and regulatory controls like MFA and incident reporting.

SecurityScorecard’s continuous monitoring, customized scoring, hacker-intelligence feeds, alerts and third‑party grades let NY DFS confirm attestations, spot red flags, and prioritize the riskiest entities for examination. Examiners now use SecurityScorecard daily to monitor thousands of licensees, focus limited resources on the most egregious offenders, narrow outreach (rather than alerting all 3,000+ entities), and run more effective investigations — improving visibility, prioritization, and overall regulatory enforcement.

New York State Department of Financial Services

William Peterson

Assistant Deputy Superintendent