BY Stephen Cavey | 22 October 2020
It’s no surprise that financial organizations are among the world’s most heavily regulated areas of business. The industry as a whole, whether a traditional bank or a modern fintech startup, are lucrative entities for cyber criminals who are after the sensitive information stored within these organizations. In fact, the U.S. Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller (OCC) on January 16, 2020 issued a joint bulletin alerting the financial services (FS) sector of the heightened threats amid rising geopolitical tensions and advising them to mitigate risks to systems, networks, data, and critical business functions.
These warnings of rising threats are why financial organizations are subject to an ever-growing set of regulations and face immense pressure to comply with each requirement to ensure the protection of customer data. But before compliance can be achieved, financial entities must understand these legal and regulatory requirements — let’s explore.
Whether you’re based in Singapore, London or New York, there are many regional and national compliance standards financial organizations are required to meet. A few of the most prominent ones include:
Many, if not all, of these regulations apply to financial institutions. The best thing your organization can do is hire a Chief Compliance Officer (CCO) who is willing to take a proactive, progressive approach to data management and cybersecurity. The core pillars of any good compliance and security program should include:
Additionally, financial organizations should conduct a data discovery audit by scanning across their entire network — which ensures they know exactly where all sensitive, financial data is stored. Ground Labs is the global leader in data discovery and can help your organization get started on its journey to compliance today.
Today’s complex world of compliance and security can be overwhelming, so finding a partner who can help you strategically navigate these challenges will ensure success. If you’re reading this and have additional questions about how your financial institution can achieve compliance or are curious to learn more about Ground Labs flagship solution, Enterprise Recon, schedule a demo with a data discovery expert today.
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