Although the European Union's General Data Protection Regulation - or GDPR - may not be in your credit union's compliance cupboard now, the regulation is taking privacy protection to a new level. In effect since May 2018, GDPR aims to harmonize data privacy laws within the EU. As such, the regulations have raised concerns for domestic credit unions with European clients, offices, and employees.
Here's What Your Business Needs to Know About GDPR:
The General Data Protection Regulation
The regulations treat data privacy as a fundamental right, a sentiment that is gaining traction in the United States. As Jeffery Lauria explains, "Considering GDPR is currently one of the most restrictive data policies in the world, other entities - be they businesses or governments - will look to GDPR as a model to follow." So how will this impact companies going forward? What steps will they have to take to accommodate GDPR and new domestic regulations? And, perhaps most important for SMBs, how will this impact their bottom line and often limited IT spend?
Read the full Credit Union Magazine article featuring Jeffery Lauria, iCorps VP of Technology, here: GDPR: A Sign of What's to Come
As a firm operating domestically, you're contending with a number of regulatory frameworks including FFEIC, FINRA, OCC, FDIC, SEC, and more. In order to best meet these requirements, we recommend these essential security services:
- Managed Security
- Managed Email Security
- Multi-factor Authentication
- Cloud Access Security Broker
- End Point Detection and Response
- Security Operations Center as a Service (SOCaaS)
For more information about implementing any of these solutions for your business, reach out to iCorps for a free IT consultation.
