Financial Services
Detect. Prevent. Defend. Compliance Solutions for Financial Services Financial Services companies’ compliance concerns are focused on protecting their corporate clients’ confidential information and their consumers’ personal information. HiSoftware’s solutions enable these organizations to prevent online privacy breaches and confidential information leaks.
HiSoftware Compliance Solutions for Financial Services
Financial Services companies are entrusted with their corporate clients’ confidential information and their consumers’ personal information. While the proprietary systems used by financial services companies are mature in their protection of private and confidential information, there is significant concern regarding online entities. Websites, extranets, intranets, and social computing: blogs, wikis, and forums, dramatically increase the potential scale of breached information. A mortgage processing company had an online breach in 2008 involving millions of records.
Banks with corporate clients must protect their clients’ confidential information: mergers, acquisitions, private financial results, etc. Financial services companies must also comply with legislation such as the Gramm-Leach-Bliley Act (GLBA), which contains fines up to $100,000 per violation for the institution and $10,000 per violation for officers and directors.
Accessibility of websites by users with disabilities is another compliance concern.. In 2009, the State Attorney General of New York reached an agreement with HSBC Bank to make its websites accessible after a complaint by a consumer with disabilities. Financial Services companies also find accessible websites enable the marketing and selling of their products online to those with disabilities, including an aging population purchasing retirement products.
HiSoftware Compliance Sheriff scans online sites and any attached files to detect and instantly notify IT managers and privacy managers of a breach to enable faster resolution and reduce it’s impact. In many past breaches, personal information has been exposed online for weeks or months. With automated detection and notification, the problem can often be resolved quickly and web analytics software can be used to determine if the private information has actually been accessed. If a content management system such as SharePoint is being used, Compliance Sheriff can scan content as it is being submitted and block the publishing of private information, preventing a privacy breach from occurring.
Leading financial services organizations have leveraged HiSoftware’s compliance solutions to reduce privacy breaches, protect confidential information leaks and assure accessibility.