PAM 
A useful way to evaluate a modern identity security platform is to look at three core pillars: strong authentication and access controls, Privileged Access Management (PAM)
Organizations regulated by the New York Department of Financial Services (NYDFS) must adhere to 23 NYCRR Part 500, a cybersecurity regulation designed to protect sensitive consumer data and financial systems. Among its core requirements, Section 500.7 specifically focuses on access privileges, requiring financial services companies to implement controls that limit access to nonpublic information based on the principle of least privilege.
Financial organizations can enforce least privilege access and streamline compliance with Section 500.7 using KeeperPAM, an advanced Privileged Access Management (PAM) platform built on zero-trust architecture. KeeperPAM allows organizations to control, monitor and automate privileged access across hybrid environments.
What does NYDFS Section 500.7 require?
Section 500.7 of the NYDFS cybersecurity regulation states that covered entities must:
Limit user access privileges to Information Systems that provide access to Nonpublic Information to only those necessary to perform the user’s job.
The regulation also calls for periodic reviews of access rights to ensure users retain only the permissions they need.
In short, financial institutions must:
- Implement least privilege access controls
- Review user access rights regularly
- Revoke unnecessary access in a timely manner
This requirement helps minimize risk by reducing the potential impact of compromised credentials or insider threats.
The challenge: Managing privileged access at scale
As financial organizations grow, so does the complexity of managing access across systems, departments and hybrid work environments. Without a centralized solution, IT and security teams often rely on inconsistent access management processes, manual audits and fragmented tools. This can lead to overprovisioned accounts, a lack of deprovisioned credentials and regulatory risk.
Keeper helps address these challenges with a modern, cloud-based approach to both access and credential management. Keeper utilizes world-class security with end-to-end encryption and a zero-knowledge and zero-trust architecture to protect your information and prevent cybercriminals from accessing your data.
How Keeper supports compliance with Section 500.7
Keeper provides a unified platform for enforcing least privilege and securing privileged credentials. With the longest-standing SOC 2 and ISO certifications in the industry, Keeper is ISO 27001, 27017 and 27018 certified, GDPR compliant, CCPA compliant, as well as FedRAMP and GovRAMP Authorized.
Here’s how KeeperPAM can help you meet NYDFS 500.7:
Enforce least privilege access
Keeper’s Role-Based Access Controls (RBAC) enable organizations to enforce least privilege access by assigning granular permissions based on job function. Access can be scoped to specific vaults, folders or credentials to ensure users have access only to what they need.
With KeeperPAM, organizations can take this a step further by implementing Just-In-Time (JIT) access, session recording and real-time monitoring of privileged sessions. Endpoint Privilege Manager, an add-on to KeeperPAM, ensures that no user has standing access rights. This provides greater visibility and control over how sensitive systems and credentials are accessed.
Centralize credential management
Storing passwords in spreadsheets or shared documents – and failing to securely provision and deprovision credentials – leaves organizations exposed. Keeper’s zero-knowledge vault architecture centralizes and secures passwords, passkeys, API keys, SSH keys and other secrets using end-to-end encryption. Shared credentials are managed securely without ever exposing plaintext passwords.
Leverage secure credential sharing features such as One-Time Share, self-destructing records or time-limited access to share confidential information with internal personnel, external clients or contractors, without exposing information through shared documents, spreadsheets, email or messaging.
Automate access reviews
Keeper makes it easy to perform regular access reviews with detailed audit logs and reporting. Admins can track when credentials are accessed, modified or shared, and generate reports for compliance audits. Permissions can be updated or revoked in real time to ensure access remains aligned with job responsibilities.
For privileged sessions, KeeperAI provides real-time AI threat analysis of live activity and terminates sessions when high-risk behavior is detected. Encrypted summaries of all activity are generated, eliminating the need for security teams to manually review sessions.
Integrate with existing identity infrastructure
Keeper integrates seamlessly with identity providers such as Azure AD, Okta and Google Workspace for streamlined provisioning and deprovisioning. Through SCIM and SSO support, access rights can be managed and synced centrally to reduce the administrative burden and support faster compliance.
Keeper works out of the box with password rotation, passwordless authentication, SSO, SIEM, SDK, MFA and CI/CD applications.
A proactive approach to NYDFS Compliance
Compliance with Section 500.7 isn’t just about checking a box. It’s about building a security-first culture where access to sensitive systems and critical data is continuously managed and reviewed. Keeper gives organizations the tools to implement that culture through automation, visibility and control.
Keeper’s solutions help reduce the risk of credential-related breaches, simplify compliance reporting and protect your organization’s most valuable assets, all while using best-in-class security.
For the full regulatory language around this NYDFS regulation, see Section 500.7 of 23 NYCRR Part 500 on the NYDFS website.
Ready to simplify NYDFS 500.7 compliance with KeeperPAM? Request a demo or start a free trial of KeeperPAM today to secure your privileged accounts and become compliant with NYDFS 500.7.
