Financial organizations run on data.

Customers entrust you with their personal data. With this trust comes a level of security compliance requirements and regulatory burden that few other industries must balance. Being up-to-date on one and not on the other just isn’t an option. That’s why your MSP must have deep knowledge of cyber security for the Financial Industry to ensure compliance requirements are achieved while fully protecting your IT environment.

Synchronizing Compliance & Security

Regulatory Frameworks, Risks, Standards, and Documented Policies; all while maintaining the most secure digital environment on the planet. And just to make life interesting, more regulations are on the horizon, just as fast as the sophistication of cyber-attacks. We know what you’re up against, and we think in 360 degrees. 

Regulatory Frameworks​

left n right brain

Physical Controls of IT Security

Understanding the impact of daily operations is imperative.

Just a few regulations that should be on your radar: 

  • Securities and Exchange Commission (SEC) 
  • Financial Industry Regulatory Authority (FINRA)
  • Federal Financial Institutions Examination Council (FFIEC)
  • Sarbanes Oxley
  • Consumer Financial Protection Bureau (CFPB)
  • Financial Crimes Enforcement Network (FinCEN)
  • Bank Secrecy Act (BSA)
  • Payment Card Industry (PCI)
  • Data Security Standards (DSS)

Cybersecurity That Complements Regulatory Frameworks

High-profile data breaches underscore the constant need for tightening measures to protect information & financial infrastructure. Financial security and compliance demands continuous effort to outsmart criminals on a mission to compromise sensitive data. Advances in security technology, adoption of new regulations, and a shift in attitudes about digital financial services are positioning companies like yours to stay one step ahead of the cybercriminals.

Understanding challenges you’re faced with when it comes to aligning compliance and security is a foundation we embrace when safeguarding your indispensable data, and it’s the underpinning of the synergy created between the two. Cybersecurity can be tricky when melding with stringent compliance regulations. That’s why we take the time to identify distinctive challenges within your organization that affect the way we approach the security of your IT environment.  

Regardless of compliance & security regulations your business deals with, you’ll have the peace of mind knowing that you’ve got cybersercurity and compliance experts to handle both, ensuring seamless security & compliance, your best line of defense in protecting the data that runs your business.

Cybercrime cost $18.3 million

The financial services industry takes in the highest cost from cybercrime at an average of $18.3 million per company surveyed. (Accenture)

Case Study Security & SEC Regulations

Private Equity Firm

Private Equity Firm, Southeastern United States

Financial institutions experience a level of security compliance and regulatory expectations few others need to think about. Maintaining these requirements is taxing, even for the most sophisticated financial institutions. Because of these requirements, this Private Equity Firm found itself in need of new technologies and increased security measures around email, firewall, data storage, and more. Learn why this firm looked to Snap Tech IT as a trusted partner to help stay up-to-date with cybersecurity compliance requirements and focus on providing secure financial services for its customers.
Financial Challenges

Challenges Facing the Financial Sector

Data protection

Data fraud & breaches are always risks when digital information becomes more accessible. 

  • Data is transmitted over many points before it reaches its final destination with each point introducing potential security risk.
  • Mobile applications & the servers where they reside may have a number of vulnerabilities that can be exploited. User behavior can also contribute to the risk.

 

Convenience and customer expectations

  • Technology and customer preference are moving faster than government regulatory oversight, leaving financial services to face challenges adapting to customer demand while still adhering to regulations that are slow to change.
  • Additionally, new players in financial services are moving quickly to fill any void, challenging established firms to remain competitive.

 

Two-Sided Coin: Catering to Consumer Demand for Convenience

  • The financial sector is cautious about changing from a solidly dependable business model to one that invites risks. 
  • The mad rush to offer consumers more convenience without addressing security risks will most certainly bring disastrous consequences. Alternately, if security processes create a difficult user experience, customers will seek simpler ways to accomplish their tasks. 
  • Maintaining this delicate balance is a formidable challenge, even for the most innovative and forward-thinking companies.

 

Public trust

Addressing consumer perception is just as important as the adoption of technology. 

  • In an age of publicized data breaches, public mistrust toward any company that handles personal data has grown exponentially. Trust is easy to lose, and difficult to repair.
  • Customers want assurance that their information is in safe hands. Financial services firms should be as transparent as possible on how they’re keeping information safe from cybercrime and data breaches to maintain trust.

How does CyberDefense address compliance requirements?

CyberDefense solutions are not a one-size fits all approach to data security and management of your IT environment, but one that is crafted around the ongoing financial compliance requirements your business must achieve. When you partner with Snap Tech IT, you’ll synchronize compliance and security in a fluid motion with a strategic framework that guides your business every step of the way.

CyberDefense solutions combine perimeter security with a “data-centric” method that protects the data itself with encryption that achieves requirements on layered data protection architecture. This methodology is supported by best practices and bolsters your organization’s compliance posture. In the event of a data breach, encryption renders sensitive information unreadable and unusable to an intruder, protecting your business from a disastrous outcome.

Discover a holistic approach to cybersecurity that factors the critical compliance needs of your business & the unique challenges you face each day to maintain the balance.

233 days to detect and contain a data breach

Financial services businesses take an average of 233 days to detect and contain a data breach. (IBM)

Hungry for more

Explore our more Resource for the Financial Sector

Financial compliance
  • Infographic

Financial Data Security and Compliance

More than most types of business, financial management firms carry a heavy burden to avoid cybersecurity risk and protect their clients’ sensitive information. This is because cybercriminals mark them as a high-value target, which in turn leads to needs for IT compliance.