With the rise of cybercriminal activity, the response of the financial services industry has been to create security strategies that are driven by various compliance regulations.
According to an IDG Survey, commissioned by Iron Mountain, of 100 respondents including CEOs, CIOs, CTOs, chief compliance officers as well as directors of IT and directors of IT security at financial institutions, nearly two-thirds (65%) of financial service organizations have admitted to experiencing one or more cybersecurity events. These events include malware attacks, fraud and accidental data loss.
Furthermore, the survey found that more than one in five financial services organizations (22%) that have experienced a ransomware attack did not successfully block that attack.
Over half of the respondents (55%) said that they believe a future ransomware attack at their financial services organization is highly likely. Most of the respondents also said they are confident they could recover from a ransomware attack in a timely manner, however, 59% said they define “timely manner” as hours or even days.
Given the cybercriminal activity in the financial services industry and the potential harm attacks like this could have on financial institutions and their clients, regulations have become a driving force for the industry and have a significant impact on data security.
In fact, survey respondents said that their financial services organization’s data security strategy has been impacted by numerous compliance regulations and regulators.
Make sure you know the regulations and regulators impacting data security in the financial services industry in order to ensure compliance.
The top compliance regulations and regulators driving data security
Data security in the financial services industry is highly impacted by regulators and regulations. To ensure your financial institution is compliant, you need to know who the top compliance regulators are as well as the top compliance regulations that could impact your organization.
When asked what the top compliance regulations/regulators driving their organization to ensure its data is secure and available in the event of a ransomware attack, survey respondents indicated numerous including FINRA, BSA/AML, and CFPB among others. The top drivers, according to the survey, include:
Learn how you can protect your financial service organization from a data breach.