In today’s digital age, data breaches and cyberattacks have become a growing concern for businesses of all sizes. With sensitive information at risk, the financial industry has had to step up its game to protect clients’ data and maintain trust. One crucial piece of legislation addressing this issue is 23 NYCRR 500, also known as the New York StateDepartment of Financial Services (NYDFS) Cybersecurity Regulation. This comprehensive regulation provides a set of requirements for IT operations in financial institutions that operate in New York. One of the significant challenges that companies have faced in complying with 23 NYCRR 500 is their tendency to prioritize traditional Software as a Service (SaaS) solutions while neglecting the critical issue of shadow IT SaaS. This selective focus has created a vulnerability gap that threatens data security and regulatory compliance. Grip Security’s SaaS Security Control Plane emerges as a pivotal solution to this challenge, offering a comprehensive approach to discover, prioritize, and secure Shadow IT SaaS, ensuring a robust compliance posture.
In their efforts to adhere to 23 NYCRR 500, companies have diligently implemented security operations and technologies to address the compliance mandates for core SaaS applications into their cybersecurity and compliance strategies. These applications are known, go through a security review, and access to them is controlled tightly with detailed access logs. However, in the midst of this emphasis on core SaaS applications, the pervasive and elusive problem of shadow IT SaaS often goes ungoverned or underestimated. Shadow IT SaaS refers to unauthorized or unsanctioned SaaS applications that employees or departments use without proper approval or oversight from the organization’s IT department. This is a growing trend in companies, and it does not show any signs of slowing down. Rather, employees now expect to be able touse SaaS applications that are not officially sanctioned by their ..
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