Adapting to GDPR: 5 Data Security Lessons for Financial Executives
Although most financial institutions understand the importance of data security, many believe that international regulations such as GDPR exist beyond their purview and fail to account for the security shift these regulations represent. iCorps VP of Technology Jeff Lauria shares 5 data security lessons for financial executives in the wake of GDPR in this Banking Strategies article.
Privacy notice updates have been taking over the internet as companies announce their intentions to comply with GDPR. Despite steep fines, more than half of companies affected by GDPR will still be noncompliant by the end of this year, and many U.S. companies have forgone overhauls because they don't think regulations will make their way across the pond. But that rationale is tremendously misguided. These businesses should keep five things in mind as GDPR changes the way we do business.
Read the full Banking Strategies article here: Winning in a GDPR World: Five Data Security Lessons for Financial Executives
As a financial 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 tools for our clients in the financial services industry:
- Managed Security
- Managed Email Security
- Multi-factor Authentication
- Cloud Access Security Broker
- End Point Detection and Response
- Security Operations Center as a Service (SOCaaS)
Now, more than ever, take the time to review your cyber security and compliance posture. For more information about implementing any of these solutions for your financial firm, reach out to iCorps for a free IT consultation.