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Data Security And Financial Services - In The Spotlight

Data Security And Financial Services - In The Spotlight
  • Who Regulates The Sector?

    Who Regulates The Sector?

    Data Security in the financial services sector currently falls under the remit of the Financial Conduct Authority (FCA)
    and the Information Commissioner’s Office (ICO).

     The Financial Services Act 2012 abolished the FSA and under the new legislation the Financial Conduct Authority (FCA),is now responsible and has the ability to fine companies in the financial sector for serious infringements – there are no upper limits to these fines. The guidance issued by the FSA on data protection has not been superseded by the FCA and remains highly influential. The ICO is the UK’s independent authority set up to “uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.” The ICO also has the power to fine firms in the financial services sector up to £500,000 for data protection breaches.

  • What Do These Organisations Require In Terms Of Visual Data Security?

    What Do These Organisations Require In Terms Of Visual Data Security?

    The ICO discusses Physical Security as part of Information security (Principle 7), contained within its guide. As an example to illustrate the importance of Physical Security, the ICO says that an organisation should ensure “that desk-top computer screens in its offices are positioned so that they cannot be viewed by casual passers-by.” (Data Protection Guide, Information security (Principle 7), ICO).

    The FSA published guidance in 2008 that makes specific reference to managing the risk of individuals using phone cameras to capture information on screen and the importance of data security and physical IT security. The FSA was concerned that few organisations had taken steps to reduce the risk posed by individuals “taking photographs of customer data on screen” using “high-end mobile phones”. It also called for organisations to “review regularly the threats posed by increasing sophisticated and quickly evolving technology such as mobile phones”. (Data Security in Financial Services, pp64-65, FSA).

  • Data Security in Financial Services

    Data Security in Financial Services

    In regard to employees who regularly work off-site, the FSA commented that “if not properly managed or secured, customer data… can be lost or stolen very easily”; firms should “put in place systems and controls to minimise the risk that their operations and information assets be exploited”. Consumers, it continues “are entitled to rely on firms to ensure their personal information is secure”. Data security, the Authority comments, is also an “essential aspect” of the six Treating

    Customers Fairly (TCF) outcomes, which give consumers confidence that their “fair treatment” is “essential to the  (Data Security in Financial Services, p17, p65, pp17-20, FSA). Importantly, the FSA has also stated that “Data security is not simply an IT issue and the responsibility for ensuring data security should be coordinated across the business. Senior management, information security, human resources, financial crime, physical security, IT, compliance and internal audit are all examples of functions that have an important role to play in keeping customer data safe.” (Data Security in Financial Services, p23, FSA).

    The Financial Services and Markets Act 2000 which provides the legal basis for fining firms indicates that should a data
    breach occur a firm must demonstrate they ‘took all reasonable precautions and exercised all due diligence’.
    3M Privacy Products can contribute to control A 9.2.1 within ISO27001

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