WatchGuard and Claranet Cyber Security systems ensure financial service organisations can remain compliant to increasingly stringent regulations
GDPR, PCI, FMSA; the increasing amount of regulations that banks and other financial service organisations must now ensure they are compliant with has become a compliancy minefield. These various and complex regulatory requirements often span international boundaries. Whilst each has slightly different wording, the essence is the same. Today, banks and other financial institutions are required to adopt a stringent cybersecurity programme. Implementing appropriate policies and procedures based on a risk assessment to identify threats and protect against cyberattacks.
Furthermore, banks need to ensure they securely encrypt all non-public information – both at transit and at rest. In addition, all data within the organisation must be properly logged so that financial transactions can be audited. Then, if a data breach was to unfortunately occur, they must notify the authorities promptly.
To adhere to the new regulations, they must maintain an incident response plan that provides procedures for responding to a cyber event, responsibilities of each official, and communications and remediation requirements. To facilitate this, banks require full visibility of all movements of data so that they can mitigate the impact of any breach and remain compliant.
This is not the time to put heads in the sand, as fines can be critical. Suffering a breach can lead to the likes of GDPR implementing a fine of up to €20m or 4% of annual turnover (whichever is greater). WatchGuard and Claranet Cyber Security can ensure that you have the solutions and procedures in place to remain compliant and mitigate the threat of any attack.
The Claranet Cyber Security Difference
When it comes to maximising WatchGuard products and integrating robust and secure solutions, Claranet Cyber Security has the edge. Designed to meet the needs of specific sectors, types of organisations, and compliance standards, our tailored solutions are trusted by leading private and public sector organisations throughout the UK.