Are you handling client data effectively and securely?
Data security has always been a critical concern for business, especially within the financial services industry. In a world where security breaches make regular news headlines, and with increasingly serious penalties for businesses that do not respect the data of citizens (for example, Europe’s GDPR legislation), data security is now an essential factor in running a smart, successful business.
It’s important to remember at the outset that prevention is far better than cure. Should an incident occur, it is likely your business will suffer a loss of trust and a damaged reputation among clients and business networks. In both the short and medium term, this could result in serious financial losses through the remedy process and lost business.
“Handling client data is fundamental to any financial service business today,” says Andrew Mair, Executive General Manager, Intermediaries, at Suncorp. “This must be front and centre in a broker’s business practice, and with solid systems in place it can become a strength in building confidence with clients.”
Here’s three areas to look at in your business to prevent security breaches.
Actionable policy
To start out on the right path to robust data security you need to ensure your business has a clear, actionable information security policy in place. This should cover the basics of how you expect every staff member to manage data they have access to, how such data should be retained and for how long, and password management protocols.
It should also outline potential cyber threats and provide information on how to report any suspicious activity. Your data security policy also needs to take into account how to manage security across the different devices your staff use to access work data.
Physical and digital
In today’s world we often focus on digital security risks but less so on the physical ones. While door and cabinet locks may be the most obvious physical security points, there are many more links in the chain to be considered.
Making sure that all physical files and documents are respected, managed, retained and destroyed based on clear data policies is an important aspect of keeping client information safe. Similarly, ensuring appropriate digital encryption protocols are adhered to is essential for maintaining end-to-end protection.
Mistakes can occur through simple errors under the latest software systems. For example, someone may accidentally be synchronising files through a cloud storage service to a computer at home that is not as well secured as their computer at work. Every link in the chain matters and must be checked and managed to ensure nothing slips through the cracks.
The weakest link
Once your policy is in place, it’s critical to ensure all aspects are being taken seriously at every level of the business. A data security policy is only as effective as the least secure member of staff, so making sure there are no gaps in the baseline of security practice is essential.
A business with good data security policies in place may also run drills. This could be a security test such as sending staff a fake phishing attack to see who takes the bait. This creates a learning opportunity for staff and helps to ensure they are vigilant in future.
Want to do more to ensure your data security processes are following best practice? You'll find these courses and more in the Suncorp Learning Campus
- Data Privacy and Protection – Australia
This course provides you with an understanding of data protection laws relevant to Australia and your business responsibilities for protecting personal information.
- Data Classification to Meet Data Breach Compliance in Australia
This webinar provides an introduction to Australia's data breach reporting legislation, delivering insights on mandatory reporting requirements including sample templates and required frameworks.
- Information Security & Cyber Risk Awareness Global
Insight and guidance on how you can protect your firm from information security breaches and to recognise the warning signs of cybercrime.
