June 22, 2022
A new era of technology-based businesses has begun. Technology is used for every aspect of business, from accepting client instructions electronically, processing credit cards, and accepting wire transfers to storing employee and customer information. Simply, any business requirement can be met with technology. As technology advances, more data is generated and security risks are increased. The compliance frameworks that have been developed provide organisations and their data with protection from the pitfalls of this new era. As important as it may be to follow compliance frameworks, simply "checking our boxes" does not guarantee your organisation and its data’s security. In light of this situation, this writer argues that there are several shifts required to survive the changing business environment.
Enhance risk assessments
Risk assessments are among the primary tools that compliance departments use to identify, capture, and control enterprise risks. In order to determine security risks, updating the risk categories and/or questions to incorporate new products, services, processes, and applications may be necessary. What new regulations might be impacted by your organisation’s fintech? It is also important to reflect on any changes in regulations that might have an impact on the products and services of your organisation in the risk assessment.
Compliance officers are able to manage compliance programs using a variety of tools. It has always been the responsibility of the chief compliance officer and their staff to determine the value of these tools and how to integrate them into existing processes. Evaluating whether regulatory technology currently deployed within your organisation is still sufficient when considering technological advancements.
Information Security Governance (ISG) implementation
In light of the growing importance of corporate governance, cybersecurity, and the associated legal and regulatory compliance issues, various organisations have implemented ISG. ISG is the foundation of a strong culture of security. There are many topics and theories on which the ISG research focuses: deterrence, neutralisation, rational selection, rational activity, organised conduct, and security motivation. Unfortunately, While the current body of knowledge about security at an individual level is growing, there appears to be little known about security at the “governance” level in small island developing states such as the Bahamas.
There are three general goals of an Information Security program, commonly referred to as the CIA triad - Confidentiality, Integrity, and Availability. As data is used in so many different ways within an organisation, its confidentiality is of paramount concern, necessitating a set of policies and rules that define who is authorised to access the data. As such, information security frameworks and standards can only be implemented through control policies and controls at an organisational level, to manage security and risks. However, impediments arise when there is no standardised approach to ISG.
At this time of technological transformation, security should be a top priority. In addition to compliance frameworks that aid organisations in passing audits with flying colours, organisations should focus equally on proactive security measures. It is possible to sharply increase your organisation's overall security posture and simultaneously meet compliance requirements if you change your mindset from focusing only on compliance to one focusing equally on proactive security.
News date : 06/22/2022 Category : Press Releases