Financial Industry Security Concerns
With an issue as complex as regulatory compliance and information security, community financial institutions cannot afford to take half measures. Security issues represent a continuous threat to the integrity of an institution's data, while the amount of information examiners demand regarding your procedures and safeguards continues to grow. The result: solving the regulatory and security challenges of today has and continues to become more and more cost prohibitive. While smaller financial institutions face the same regulatory pressure and data security threats, they lack the resources that larger banks have to secure their institution. Instead, smaller institutions are forced to rely on inferior solutions.
To ensure the highest quality security compliance solutions, Perimeter undergoes periodic examinations by the member agencies of the Federal Financial Institutions Examination Council (FFIEC), as well as annual Statement on Auditing Standard 70 (SAS-70) Type II audits.
Financial Industry Compliance Needs
Financial institutions are under increased scrutiny from regulators to enhance their security infrastructure and protect personally identifiable information.
- Gramm-Leach-Bliley Act (GLBA)
GLBA has several rules that increase the requirements financial services companies have to keep information secure. These include the Financial Privacy rule, the Safeguards rule, and Pretexting Protection. - Federal Financial Institution Examination Council
The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. These principles and standards are rooted in the GLBA but offer more specific council as to the methods and practices financial institutions should employ to protect their customer, members, and employee information. - The SEC ruled that brokerage houses must, under penalty of law control all electronic communications. Rule 17a-4(f) defines the strict SEC requirements for storage of these electronic records. A key aspect of the SEC Rule 17a-4 is that the digital storage system must preserve the records in a non-editable, non-rewritable and non-erasable format.
- Regulation S-P (Reg S-P)
Reg S-P requires institutions to protect against the improper disposal of consumer report information. - Federal Rules of Civil Procedure (FRCP)
The FRCP are rules governing court procedures for civil suits. Financial institutions must be able to produce electronically stored information stored in any medium from which information can be obtained. This affects financial institutions when emails need to be quickly retrieved in their original state for litigation purposes. - Sarbanes Oxley Act (SOX)
SOX is a federal law that in part identifies specific types of data that must be captured and archived as part of a total audit system.
Financial Industry Solutions
To solve this problem, Perimeter has focused resources, expertise and millions of dollars of best of breed technologies on meeting the unique regulatory compliance, security and uptime needs of community financial institutions. Perimeter's state-of-the-art IT infrastructure (the same type of infrastructure found in the nation's leading institutions) is made available to smaller institutions through an easy to access and affordable monthly subscription service. In fact, more than 2,000 financial institutions across the United States trust Perimeter for their security, regulatory compliance and risk mitigation needs.
