How Secure is Your Financial Data?

Five Questions to Ensure your Compliance Software Provider Meets Your Security Needs

StarCompliance released today a list of key questions for financial institutions to ask about data security measures when selecting a financial compliance software provider. Financial organizations need to ensure that the software provider they select has all of the necessary controls and processes in place to keep their data as secure as possible. The list of questions StarCompliance developed is meant to help financial organizations consider all the security risks and ensure they are making the best decision for their needs when selecting a software provider.

“Information security control and access of employee and corporate information is of vital importance to all financial organizations,” said Tim Ward, Chief Technology Officer, StarCompliance. “There are risks but there are also steps that can be taken to find a software provider that best meets your company’s specific security needs – it’s not a blanket solution. Our clients demand the utmost in data security and our in-house development team continuously works to meet their needs.”

StarCompliance developed the following 5 questions for financial institutions to ask compliance software providers about their data control measures.

Question 1: Where will our data be hosted? Behind our firewall or externally? If data is stored externally, what are the key security risks we need to address?

Question 2: Will our data be held on a system alongside the data of other organizations? What risks does that potentially pose to our data? What controls do you have in place to ensure no cross over of data occurs?

Question 3: What outside parties have access to our data?

Question 4: What types of accreditation do your employees and subcontractors acquire? What types of authorization controls are in place for access to our data by employees and subcontractors?

Question 5: Our organization is multinational, does your software meet data protection and compliance regulations in all the territories in which we operate?

More information about the above questions and security issues is provided here.