The Financial Services industry tends to be at the cutting edge of technology, and as a result, is often the group to be ahead of the curve of both its benefit and hazards. Whether it’s faster transactional processing in support of gaining even the slightest edge in trade execution or leveraging big data to gain unprecedented insights, financial services is the place to be. On the other hand, the power of all that technology and data has also led to businesses running the risk of exposing customer’s data and committing fraud.
Heists such as the $81 million stolen from the Bangladesh central bank and $6 million from the Russian bank have only heightened the attention. These risks have not gone unnoticed by the regulators. The Federal Financial Institutions Examination Council (FINRA), Office of the Comptroller of the Currency (OCC), Financial Industry Regulatory Authority (FINRA) and other regulatory bodies have been at it for a while. More recently, New York State Department of Financial Services (NYS DFS), SWIFT and the SEC have gotten in the act and soon the European Union. For those trying to comply, especially smaller entities, it can be a daunting web of compliance…
