Once occasional and uncommon, cyber attacks against financial services and bank computer systems are now quite commonplace. Bank customer information, research and development data, trade secrets and intellectual property are at an unprecedented high risk of theft, sabotage, and even ransom. Many companies have addressed cyber attacks as a mainly IT issue, according to tech professionals. However, compliance analysts view this strategy as shortsighted.
Cyber attacks do not just target business hardware or software. In today’s climate, a company’s data assets, competitive edge, brand standing and reputation are now at risk. Enhancing information security compliance programs should include addressing the legal requirements of applicable computer fraud, copyright, data privacy and protection, and trade secrets.
Building a cybersecurity compliance program that encompasses a wider spectrum of regulations demonstrates how the singular goals and objectives of applicable statutes not only overlap but can actually fortify one another. In sum, the financial services and banking industry would be well-served to build a cyber security compliance program that has the ability to address the wide reach of cyber attack risks and threats.
By: Sheryl Smikle PhD