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Levi, Ray & Shoup, Inc.

Compliance and Regulation

Compliance and Regulation

Data is one of a business’ most valuable assets, as it often contains detailed and sensitive information about a company’s customers. As such, there are many rules and regulations in place for data protection, from national laws to regional or industry-specific regulations. In many cases, failure to comply with these regulations can be costly for both a company’s reputation and its bottom line.

The European General Data Protection Regulation was the most recent attempt to ensure data protection in the digital era. The regulation has a global impact, as enterprises outside of the EU still need to comply if they do business with European organizations. Failure to comply with GDPR mandates carries hefty fines. But customer trust is an equally important motivator, given the increasing frequency of hacking attempts and malware attacks.

Keeping Data Secure

Keeping (customer) data secure is a top priority for most financial services institutions, as they are often trusted with highly confidential data belonging to third parties. The regulations are there to ensure that measures for data protection are implemented and followed. They prohibit organizations from handling the data in unsecure ways.

Careful processing of all data is a rule that should be followed whenever data is accessed and/or processed. Data protection for financial services providers are perhaps the most consuming part of the day-to-day business practices. Considering the nature of their data, the standards are higher for those in finance than they are in other industries.

Data Loss Prevention and Data Retention.

Data Loss Prevention (DLP) is an important aspect to reducing data vulnerability and protecting the integrity of customer and company information. Data should remain within the organization at all times. But how can that be controlled if the data is accessed from outside the organization?

When it comes to document-based information, LRS offers solutions to transfer data in encrypted form for transmission over public Internet connections. In doing so, we prevent print related data loss from occurring, aligning with DLP initiatives and improving information security. Our solutions also protect sensitive information from data breaches and malware attacks. IT administrators can closely monitor the data that is accessed, shared and produced for all authorized users. This centralized overview provides complete control over company data.

Data Retention is equally important within finance. Strict policies for data management are required to meet legal requirements. The duration of how long data may be stored determines the risk factor. The longer data is kept in archives, the longer it is susceptible to potential breaches. It’s a fine line: purge data too soon and you lose out on valuable insights, keep it too long and it poses an unnecessary risk.

Data protection is not just important to ensure compliance with the rules and regulations. It also serves as a defense against insider threats, malware attacks and more. Trust is the leading reason for implementing strict data protection measures. Given the sizeable amounts of personal data being processed in the finance and banking industry, it may be the sector with the most to gain from securing all data-intensive business processes. When it comes to the document-related aspects of data protection, including digital distribution and archiving, LRS solutions can help.

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