DATA SECURITY IN FINANCIAL SERVICES

DATA SECURITY IN FINANCIAL SERVICES



DATA SECURITY IN FINANCIAL SERVICES

Introduction

Major Priority for the Financial Services Authority is the data security. This replicates the ever better defined techniques being employed by fraudsters in getting and via customer data to commit financial offenses. Over past few years, a number of organizations that lost client data have found themselves uncovered to rigid action, financial loss due to the order of identity frauds and significant reputational damage. The safeguarding of customers' data in the fiscal services sector encompasses examples of good follow-up by several other financial schools could be encouraging to learn.

Purpose of the study

The purpose of the study is checking the possible reasons due to which the data loss occurs. The study of this will help us to find out the way we can reduce the data loss and how can we secure our data from the data loss and theft.

Research questions

The research questions will be:

How the financial service industry can loss their data?

How the organization can secure its data?

What precautionary steps to be taken for protecting the data?

What sort of validations and restriction must be applied to secure the data?

Literature Review

However, in deceiving but not entirely surprised - that the FSA financial services companies, which, generally its control can increases, particularly stop written knowledge forfeit or theft. The stark truth is that all organizations should have the security of buyer knowledge very seriously. It is made clear publicly on numerous functions last year that organizations running data of separate people, in actual, should take steps to assure you are adequately looked after against loss or theft. This replicates the ever better defined procedures being engaged in work by fraudsters in getting via customer written knowledge to entrust fiscal offenses. Over past small number years, some organizations that lost client data have encountered themselves uncovered to rigid action, financial loss due to the order of personal identity swindles and noteworthy reputational damage. The safeguarding of customers' data in the fiscal services sector encompasses examples of good follow-up by several other financial schools could be encouraging to learn.

However, betrayed but not entirely surprised - that the FSA has encountered that fiscal services companies, in general, could notably enhance its controls to stop written knowledge forfeit or theft. The harsh truth is that all organizations should have the security of buyer knowledge very seriously. (Grunig, 2002, 64)It is clear publicly on numerous functions last year that organizations running data of separate people, in actual, should take steps to assure you are adequately looked after against loss or theft. There have been numerous high profile episodes of written knowledge forfeit in public and confidential subdivisions as long as the time they have shown that some organizations could perform much better. The reporting of these episodes has in addition increased public recognition of the allotment of written knowledge lost or pilfered can be employed for law-breaking such as identity fraud. (Dannefer 2005. 327)

Getting wrong data security can carry trade sanctions, ...