Things don’t look so rosy in the FSA report with respects to how financial institutions handle data security.
From eGov Monitor:
The Financial Services Authority (FSA) has published today its report on Data Security in Financial Services. Whilst it might make for uncomfortable reading, this is a timely report from the FSA, and its relevance extends beyond the firms that the FSA directly regulates. The omissions the FSA identifies and standards it expects are not peculiar to the financial services industry.
The underlying message from the Information Commissioner’s Office (ICO) and the FSA is clear in the report: they are going to get tough on firms that are not taking security breaches seriously enough, and firms ignore the guidance in this report at their peril.
Read on.
