With breach potential at an all time high in the banking sector, financial institutions are feverishly implementing more stringent procedures to protect their customers sensitive information. Information security at this level is not only highly regulated, it is almost universally mandated across the board to help protect every last facet. Resource 1 works with major financial institutions to help keep their customer's information out of the wrong hands. However, there are relatively few regulatory compliance guidelines when it comes to the secure decommissioning of IT devices containing private financial information.
Compliance guidelines for Tiers 1 and 2 of institutional security are strict and time-tested, but there is an upwelling in interest in the final stage (Tier 3) of securing data to the benefit of institutions and customers alike. The detailed documentation and secure decommissioning and destruction process is vital to a complete IT security ecosystem, and the banking industry is becoming painfully aware of this fact. The nature of the information financial institutions generate and store is some of the most confidential possible, which means they must take extreme care to ensure its safety and protection. Social Security Numbers (SSN), banking information including routing and account numbers, account details, payment card numbers, mortgage statements, and loan information in general is just some of the highly classified information banks deal with on a daily basis. To capitalize on growth opportunities and potential, institutions need to compete with one another and with malicious actors to stay ahead of the game with regard to security.
Articles on Financial Information Security
Banking Case Studies
Federal Reserve InfoSec Guidelines
ABA Consumer Notification Requirements
ABA Data Breaches in Banking
Data transference is part of the operational necessity of the industry, and many compliance regulations are in place to protect this, including Gramm-Leach-Bliley (GLBA), Payment Card Industry Data Security Standards (PCIDSS), Sarbanes Oxley Act (SOX), BASEL II, and more.
As more consumers take their bank account information online, there is more risk than ever before for data breaches, and as technology steadily integrates into all of our lives it is becoming more important than ever to be extremely mindful and judicious of the intermediary entities and their security practices.
As financial providers become more progressive, and the delivery of their services begins to lean more on technological advances for successful delivery, we at Resource 1 will continue to work around the clock to protect what's most important.
For more information about any of the resources provided, contact one of our representatives today. We know that an informed populous is a safe populous, and will continue to offer information and tips to staying safe and secure in our technological age.
About Resource 1
Resource 1 is a regional leader in the on-site destruction of data bearing hard drives and backup tape media. Our highly secure NAID AAA Certified destruction processes, coupled with our state-of-the-art machinery and environmentally conscious practices, make securing your organization's most important information easier than ever. We have met or exceeded all government and legislative regulations and mandates overseeing the proper destruction and disposal of data bearing devices and decommissioned IT equipment, and ensure that everything we handle will be thoroughly and securely destroyed and never recovered.