Financial institutions are top targets for security breaches. Though the media often reminds us of high-profile network leaks, financial institutions of all sizes are at risk. Because the unintentional release of sensitive customer information may not be a matter of if, but when, it is essential that you are prepared to react efficiently and effectively in the event of a breach.
In order to prepare for breaches in security, financial institutions must tighten their data security controls and plan for a potentially significant financial blow should these controls be insufficient. With continual threats of viruses, hackers and unauthorized use of sensitive information, your institution must respond by preventing, detecting and responding to cyber-attacks through a well-orchestrated cyber security program.
Components of a Security Program
The Personal Information Protection and Electronic Documents Act (PIPEDA) requires certain businesses, including financial institutions, to ensure the security and confidentiality of sensitive personal information. Each province also has laws regarding individual rights to privacy of personal information. All financial institutions must take steps to keep customer information secure. The measures enacted depend on the size and complexity of the company, the nature and scope of its activities and the sensitivity of the customer information it possesses. Employer data security plans may include the following recommendations:
Create a formal, documented risk management plan that addresses the scope, roles, responsibilities, compliance criteria and methodology for performing cyber risk assessments. This plan should include a characterization of all systems used at the organization based on their function, the data stored and processed and importance to the facility.
Employee Training
Employees using data are the first line of defence against security breaches. Thorough training is a keystone of any information security program. Follow these guidelines to promote employee cooperation.
Network and Information Systems
Design your information systems so that they are as protected as possible from security breaches.
In the Event of a Breach
A swift, appropriate response is important if your company experiences a security breach. Follow these steps to minimize damage.
Transferring the Risk
Cyber security is a serious concern for all financial institutions. The cost of a security breach can be considerable, and may include:
Contact the Axis Insurance Group to learn about our risk management resources and insurance solutions.