California’s AB 375. The EU GDPR. Canada’s PIPEDA. Is our planet
becoming more private? Or just more regulated?
If you think either is correct – you’re thinking about it wrong.
Banking organizations need to look at privacy regulations not as a wrench
in their business process – but as an opportunity to do better and be
better to their customers. This starts with protecting customer data online
and abiding by the privacy regulations put in-place to keep them safe.
Here’s what to consider:
Knowing where your data is stored matters
Making the move to a cloud-based service is an important business
decision for any international bank. But it’s important to remember that
a digital cloud isn’t “somewhere up there,” it’s hosted on servers here on
Earth. And knowing where your cloud service provider is located is
Choose a cloud partner you can trust
All it takes is a single slipup for everything to go south in a hurry –
including any incidents involving a third-party partnership. You might
consider commissioning the services of a neutral third-party
cybersecurity audit – a virtual sober second thought. In terms of
choosing an audit process which works, look for someone who can
perform a vigorous ‘SOC 2’ – a report specifically tailored to provide
an objective assessment of cloud privacy practices.
Why protecting sensitive data matters
A customer’s trust is easy to gain, easier to lose and near-impossible to
get back – with 80 per cent of customers considering leaving a brand
forever after a breach. So, given that your bank invests so much into
building a brand, why take the risk of not adequately protecting your
Customer trust, my friends, is the new currency you need to worry
about in today’s unchartered times.
Alex Loo serves as VP of Operations at Echoworx,
a recognized leader in secure digital communication.
A trusted path to secure communica;ons
Do You Know Where
It’s 10PM. Your Data Is?