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Secure. Compliant. Innovative. Responsive. Customer Focused. Resilient. Agile. How well do these words describe your financial services company? Are you where you want to be? Where you need to be?
If you’re thinking that achieving all of those objectives at the same time is tough, you’re right – and you’re not alone. Navigating regulatory compliance requirements is not for the faint of heart, but meeting those requirements only keeps you in the game. You also have to deal with changing consumer demographics and expectations, more frequent and more sophisticated threats of cyber-attack, risks and costs associated with legacy systems, and disruptive innovation in financial technologies.
Whether you are a bank, a mortgage company, venture capital company, or any one of the myriad of businesses that touch, store, aggregate, or come in contact with your client’s personal or financial data, information security has never been more important. New regulations for the handling and storage of non-public information (NPI) and personally identifiable information (PII) – and ever increasing consumer awareness – mean that even a small misstep can lead to fines, possible litigation, and significant damage to your brand. On the flip side, aggressively “getting it right” can build customer confidence, create brand loyalty, and put you ahead of your competition.
Information technology is at the root of both the challenges and the opportunities of a digital marketplace. If you wait too long to adopt and adapt, a competitor is just a click away. Yet rushing headlong into a mass deployment of a new or unproven technology can have its own catastrophic results.
Financial services companies that are well-positioned to meet these challenges have five things in common:
- A well-defined set of compliance and security objectives that appropriately balance the needs of regulators, management, employees, and customers
- An educated and informed workforce that practices a culture of information security every day
- Well-designed, fully documented, and regularly tested infrastructure and processes for emergency response, business continuity, and disaster recovery
- IT infrastructure (from smartphones to data centers) that is specifically architected to support security objectives
- A proactive and ongoing program for system maintenance, intrusion detection, and threat assessment
Which of the elements for success is your organization missing? Let us know your priorities – we’re poised with current skill sets to answer today’s demands and develop tomorrow’s strategy so we can help you execute.
Bytes of Knowledge has served the technology needs of the financial services community since 1995. If a byte of knowledge could accelerate your current success – or to devise a technology plan that can help keep you running and secure – reach out to us today.