11 Apr Data privacy concerns in the financial services sector
As we’ve witnessed too many times in recent years, security breaches can expose millions of customers to identity theft where their most sensitive personal and financial information is exposed. This ever-increasing threat of cyber attacks make it more important than ever for companies in the financial services sector to update their data protection practices to safeguard clients’ personal information and meet government compliance standards.
What can you do to protect your customers? To properly protect your clients’ private information, you must have an alert system that notifies you of any potential unauthorized access into client accounts. Data encryption is also a key factor in protecting client data.
Data security compliance regulations require financial service organizations to protect client data, including being accountable for where the client data is stored and taking measures to secure client data. This includes providing detailed information about any third parties with whom client data may be shared.
Payment protection methods such as PIN protection, username and password encryption, mobile security alerts, session timeouts, fingerprint and other login protection methods will go a long way in preventing data breaches and helping keep your client’s personal information safe from cyber criminals.
One of the biggest threats to customer information is the phishing scam. Your customers may receive emails from someone impersonating your business with links to fake websites that will steal their bank account numbers, usernames and passwords. Let your customers know that you will never send out unsolicited emails with links taking them to a website to log into their account.
Being proactive in preventing identify theft will assure your clients they can trust doing business with you. In addition, encourage all your customers to take their own actions to prevent identity theft such as creating strong passwords, monitoring their financial accounts frequently for any changes, using anti-virus/anti-malware protection or using a credit monitoring service.
At Barsh and Cohen, P.C., we provide professional and efficient legal services to the financial services sector at a reasonable cost. We care about you and your clients. Contact us for a consultation for all your legal needs. http://www.barsh-cohen.com/