The state of the UK and global economic landscape continues to affect consumer confidence in the financial services industry, with the regulatory environment showing no signs of becoming less strict or complicated. The cost of doing business in this sector includes keeping pace with regulations not just in the home market, but in each country in which a presence is desired.
According to the Information Security Breaches Survey 2013 (published by the Department of Business, Innovation and Skills), 94% of banks suffered a staff-related breach, and the volume of security incidents across all respondents continues to rise year-on-year. With the proposed data breach notification laws embedded in the upcoming EU Directive on Network and Information Security, financial services organisations could be mandated to report data breaches not just to a central authority, but could face these breaches being made public knowledge. Under the Directive, organisations who have suffered an avoidable breach can be fined up to 2 percent of global turnover, so this has the capability to increase the punitive levies far above the £500,000 limit currently set by the ICO for breaches of the Data Protection Act.
Commissum has a long and successful track record in the financial services sector spanning over 20 years. We understand the importance of confidence in this sector; the confidence of your clients, your partners and of course regulatory bodies. Whether you are a bank, building society, insurance underwriter, or investment/equity specialist, this confidence, together with a demanding legislative and governance environment requires a relenting and rigorous approach to protecting your critical information.
How We Can Help You
We offer a range of services to industries in the Financial Services sector. Our expert advisory and assessment services will balance your business priorities with compliance in your strict regulatory environment and the need to maintain customer confidence at all times. In each case our services will be tailored to your specific requirements following in-depth discussion.