TAILIEUCHUNG - Financial Services Authority Data Security in Financial Services

Under our proposal, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) would maintain their respective roles in the supervision and regulation of state- chartered banks, and the National Credit Union Administration (NCUA) would maintain its authorities with regard to credit unions. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) would maintain their current responsibilities and authorities as market regulators, though we propose to harmonize the statutory and regulatory frameworks for futures and securities. The proposals contained in this report do not represent the complete set of potentially desirable reforms in financial regulation | Financial Services Authority Data Security in Financial Services Firms controls to prevent data loss by their employees and third-party suppliers Financial Crime and Intelligence Division Foreword by the Information Commissioner April 2008 Foreword by Richard Thomas the Information Commissioner I welcome this report on the protection of customer data within the financial services industry. It includes examples of good practice by some financial institutions which others could usefully learn from. However I am disappointed - but not altogether surprised - that the FSA has found that financial services firms in general could significantly improve their controls to prevent data loss or theft. The blunt truth is that all organisations need to take the protection of customer data with the utmost seriousness. I have made clear publicly on several occasions over the past year that organisations holding individuals data must in particular take steps to ensure that it is adequately protected from loss or theft. There have been several high-profile incidents of data loss in public and private sectors during that time which have highlighted that some organisations could do much better. The coverage of these incidents has also raised public awareness of how lost or stolen data can be used for crimes like identity fraud. Getting data protection wrong can bring commercial reputational regulatory and legal penalties. Getting it right brings rewards in terms of customer trust and confidence. The financial services industry needs to pay close attention to what its regulator is saying here. But this report is also relevant to organisations outside the financial services industry which hold data about private individuals. All organisations handling individuals data in both the public and private sectors could benefit from the good practice advice it contains. Data Security in Financial Services Page

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