Financial Crime World

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Cybersecurity and Compliance Management for the Financial Industry

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This comprehensive guide provides financial institutions with a detailed understanding of cybersecurity best practices, compliance requirements, and regulatory guidelines.

Data Privacy Laws: A Key Principle

The General Data Protection Regulation (GDPR) sets out seven key principles that must be followed:

  • Lawfulness: Processing personal data must be lawful.
  • Fairness and Transparency: Personal data must be processed fairly and transparently.
  • Purpose Limitation: Personal data must only be used for specified purposes.
  • Data Minimization: Only the minimum amount of personal data required should be collected.
  • Accuracy: Personal data must be accurate and up-to-date.
  • Storage Limitation: Personal data must not be stored longer than necessary.
  • Integrity and Confidentiality (Security): Personal data must be kept secure.

Financial Regulations and Compliance Requirements

Financial institutions must comply with various regulations, including:

Payment Card Industry Data Security Standard (PCI DSS)

  • Install and maintain firewalls under PCI DSS guidelines.
  • Change the firewall’s default password.
  • Restrict payment system access to only what is necessary.
  • Deny unauthorized traffic.

Gramm-Leach-Bliley Act (GLBA)

  • Log and review security event information under GLBA.
  • Identify specific log sources and analyze them for potentially threatening network activity.

Federal Financial Institutions Examination Council (FFIEC) guidelines

  • Establish and uphold security policies for incident reporting and response.
  • Provide annual security awareness training to staff who process and/or store GLBA data.

Encryption: Protecting Cardholder Data and Personally Identifiable Information

Encryption is used to protect cardholder data and personally identifiable information, both in storage and in transit over public or private networks.

Intrusion Detection

Intrusion detection systems (IDS) are used to detect and prevent intrusions into the network, as required by PCI DSS.

Logging and Data Collection

Financial institutions must log and review security event information under GLBA, as well as identify specific log sources and analyze them for potentially threatening network activity.

Required Policies and Processes

  • Establish and uphold security policies for incident reporting and response.
  • Provide annual security awareness training to staff who process and/or store GLBA data.

Vendor Management

Conduct robust due diligence when onboarding third parties and ongoing monitoring of the relationship.

Centralizing Compliance Management and Optimizing Threat Detection and Response

A security operations platform can help centralize compliance management and optimize threat detection and response.

Call to Action

Download the Financial Industry Cybersecurity Checklist for more information and actionable steps to enhance security at your organization.

By following these recommendations, organizations can strengthen their security posture, reduce the risk of cyber threats, and ensure compliance with relevant laws and regulations.