Security Technology Solutions
Financial Services
The financial services sector operates at the heart of the global economy, handling vast amounts of sensitive financial and personal data. This makes it a prime target for cybercriminals, while simultaneously being one of the most heavily regulated industries globally. Maintaining trust, ensuring data integrity, and adhering to strict compliance mandates are paramount for continued operation and client confidence.
Key Regulations For The Financial Sector
Gramm-Leach-Bliley Act (GLBA):
A foundational U.S. federal law requiring financial institutions to explain how they share and protect consumers' non-public personal information (NPI). It includes the Safeguards Rule, which mandates that financial institutions implement a comprehensive information security program to protect customer data.
New York DFS Cybersecurity Regulation (23 NYCRR Part 500):
A highly stringent and influential regulation for financial institutions operating in New York, setting rigorous cybersecurity standards for data governance, access controls, incident reporting, and more. Its impact extends broadly due to New York's financial significance.
State-specific Data Breach Notification Laws (CCPA/CPRA):
Beyond federal laws, financial institutions must comply with varying state laws regarding notification procedures in the event of a data breach involving personal information.
Sarbanes-Oxley Act (SOX):
While primarily focused on financial reporting and corporate governance for publicly traded companies, SOX mandates strict internal controls, including IT controls, to ensure the accuracy and integrity of financial data and prevent fraud.
General Data Protection Regulation (GDPR):
Crucial for any financial institution dealing with the personal data of individuals residing in the European Union (EU), regardless of where the institution is based. It imposes strict requirements on data privacy, consent, and breach notification.
DORA (Digital Operational Resilience Act - EU):
A new and significant EU regulation aimed at strengthening the IT security and operational resilience of financial entities, addressing risk management, incident reporting, digital operational resilience testing, and third-party risk management.
Dodd-Frank Wall Street Reform and Consumer Protection Act:
Enacted in response to the 2008 financial crisis, it encompasses a wide range of financial regulations, emphasizing risk management, transparency, and consumer protection, with implicit cybersecurity implications for safeguarding data.
Payment Card Industry Data Security Standard (PCI DSS):
A globally mandated standard for any entity that processes, stores, or transmits credit cardholder data. Non-compliance can lead to significant fines and restrictions on payment processing.
Bank Secrecy Act (BSA) & Anti-Money Laundering (AML) Regulations:
These federal laws aim to prevent financial crime, money laundering, and terrorist financing. Compliance involves robust due diligence, transaction monitoring, and suspicious activity reporting, all of which rely on secure and accurate data.
Federal Financial Institutions Examination Council (FFIEC) Guidelines:
A collaborative body that provides guidance and examination procedures for financial institutions on various topics, including cybersecurity. Their Cybersecurity Assessment Tool (CAT) is widely used by banks and credit unions to assess their cyber preparedness.
Regulation S-P (SEC):
Adopted by the SEC, this regulation implements aspects of GLBA for investment advisers, broker-dealers, and investment companies, requiring them to adopt policies and procedures to protect customer records and information. Recent amendments have strengthened requirements for breach notification.
Our Solutions for Financial Services:
Security Technology Solutions acts as your dedicated cybersecurity and compliance partner, empowering your firm to navigate complex regulations and fortify defenses.
• Security Posture Assessments & Gap Analysis: We conduct thorough assessments against GLBA, PCI DSS, FFIEC, and other relevant frameworks to identify vulnerabilities in your networks, applications, and processes, providing a clear roadmap to compliance and enhanced security.
• Regulatory Compliance & Governance Consulting: Our experts guide you through the intricacies of GLBA, SOX, DORA, and state-specific regulations, helping you develop robust policies, establish strong governance frameworks, and prepare for rigorous audits, ensuring continuous adherence.
• Enterprise Risk Management (ERM) & Risk Analysis: We help financial institutions holistically identify, analyze, and mitigate cyber risks that could impact financial stability, client trust, and regulatory standing, integrating cybersecurity into your overall enterprise risk strategy.
• Incident Response Planning & Advisory: Given the high-impact nature of financial breaches, we develop and test tailored incident response plans to minimize downtime, protect sensitive client data, ensure rapid recovery, and meet strict breach notification requirements (e.g., under GLBA).
• Security Strategy & Roadmap Development: We work with your leadership to define a long-term cybersecurity strategy that aligns with your business growth objectives, addresses emerging threats in fintech and digital banking, and prioritizes investments for sustained resilience.
• Security Awareness Training & Education Program Design: Your employees are the first line of defense. We design customized training that educates staff on phishing, social engineering, and secure data handling, crucial for protecting sensitive financial information and preventing insider threats.
• Vendor Risk Management (Third-Party Risk Advisory): Managing third-party risk is critical in finance. We help you assess and manage the security posture of your vendors (e.g., SaaS providers, payment processors) to ensure their compliance doesn't compromise yours, aligning with FFIEC guidelines.
• Data Privacy Consulting: We provide specialized guidance on protecting highly sensitive financial and personal data, ensuring your practices align with GLBA, GDPR (for EU clients), CCPA, and other global data privacy laws.