Banking, insurance, investment, and financial services regulatory compliance for Massachusetts financial institutions.
Massachusetts has a robust financial services sector with over 100 insurance companies headquartered in the state, including industry leaders like Liberty Mutual and State Street Corporation. Boston is a major center for asset management, banking, and insurance. Financial institutions in Massachusetts must comply with federal regulations (GLBA, SOX for public companies) as well as state data security requirements.
All companies in Massachusetts, including those in the financial services & insurance sector, must comply with Massachusetts data security and privacy regulations:
Pro Tip: Start with 201 CMR 17.00 - Massachusetts' foundational data security regulation that applies to all businesses handling personal information of Massachusetts residents.
These frameworks are legally required for financial services & insurance companies. Non-compliance can result in significant penalties, fines, and legal consequences.
Standards for the Protection of Personal Information of Residents of the Commonwealth
Massachusetts comprehensive data security regulation requiring businesses to protect personal information of Massachusetts residents.
Massachusetts General Law Chapter 93H - Notification of Security Breaches
Massachusetts law requiring notification of security breaches involving personal information.
Payment Card Industry Data Security Standard Version 4.0.1
Global security standard providing baseline technical and operational requirements to protect payment card account data, mandated by payment card brands (Visa, Mastercard, Amex, Discover, JCB) through contractual agreements.
Gramm-Leach-Bliley Act (Pub. L. 106-102, 15 USC 6801-6809, 6821-6827)
Federal law requiring financial institutions to protect consumer financial information privacy and implement comprehensive data security programs
While not legally mandatory, these frameworks represent industry best practices for financial services & insurance companies. Implementing these can improve security posture, build customer trust, and provide competitive advantages.
National Institute of Standards and Technology Cybersecurity Framework Version 2.0
Voluntary framework providing guidance for organizations to manage and reduce cybersecurity risk through a common language and systematic approach.
Security and Privacy Controls for Information Systems and Organizations
Comprehensive catalog of security and privacy controls for federal information systems and organizations, providing over 1,150 controls across 20 control families to protect organizational operations and assets from diverse threats.
Information security, cybersecurity and privacy protection — Information security management systems — Requirements
International standard specifying requirements for establishing, implementing, maintaining and continually improving an Information Security Management System (ISMS), with risk-based approach to protecting information assets.
Service Organization Control 2: Trust Services Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy
Voluntary examination framework reporting on controls at service organizations relevant to security, availability, processing integrity, confidentiality, or privacy, conducted by licensed CPAs following AICPA attestation standards.
Additional frameworks that may apply depending on your specific business operations, client requirements, or industry partnerships.
Follow this recommended sequence to achieve compliance as a Massachusetts financial services & insurance company.
Begin with 201 CMR 17.00 (data security) and M.G.L. c. 93H (breach notification). These apply to all Massachusetts businesses and form the foundation of your compliance program. Prepare for MDPA compliance (effective 2025).
Address all mandatory frameworks for the financial services & insurance sector. These are non-negotiable legal requirements with enforcement and penalties.
Strengthen your security posture with recommended frameworks. While not mandatory, these can differentiate your company, win customer trust, and may become requirements for certain contracts or partnerships.
Compliance is not a one-time project. Maintain ongoing monitoring, conduct regular assessments, update policies as regulations change, and train employees continuously. Use MyRHC to track your compliance status and stay informed of regulatory updates.
Get started with MyRHCMyRHC provides comprehensive tools and guidance for Massachusetts financial services & insurance companies to navigate complex compliance requirements.