Financial institutions face an ever-evolving body of security-related regulatory standards, including the Gramm-Leach-Bliley Act (GLBA), the Federal Financial Institutions Examination Council (FFIEC) and the enforcement agencies including the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB) and individual state regulations.
Financial institutions must demonstrate compliance with these measures to protect customer information from breaches and assure the trust among their customers.
For instance, FFIEC guidelines require banks to perform a risk assessment that will be the basis for an information security program, which must meet the requirements of the GLBA 501(b) guidelines. The information security program should include policies and procedures that prevent unauthorized access to confidential data.
Financial institutions look to us for help in designing IT solutions that improve security and enhance their business continuity and disaster recovery plans.