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How to Meet Compliance Standards for Your Community Bank or Credit Union  

Every industry has specific safety and security compliance regulations. The financial industry has a unique responsibility to protect their customers’ sensitive information. To do so, it’s important to understand what compliance measures are required of them, as well as why they are so important to follow. 

In this article, we’re going to explore compliance regulations for the financial services industry, as well as how business leaders can protect their customers, business, and reputation. 

What is Cyber Compliance?  

Cyber compliance refers to the process of ensuring that an organization adheres to industry regulations, standards, and laws related to information security and data privacy. 

IT Compliance for Financial Institutions 

The financial industry is responsible for protecting the personal financial information of their clients.  

And because of their unique exposure to sensitive customer data, financial services companies are uniquely targeted by cyber threats much in the same way healthcare organizations are. 

Online banking continues to be more widely adopted by consumers. In fact, 78% of US adults prefer online banking to in-person. Because of this rise in digital banking coupled with the private information banks are required to protect, regulatory compliance will protect the well-being of employees, customers, and their company at large. 
Some specific regulations designed to protect private customer financial data are:  

The Sarbanes Oxley Act ensures that important financial data is safeguarded and stored correctly. SOX will conduct audits of financial organizations to evaluate things like IT security, access controls, and data storage. 
While SOX is primarily concerned with securing records and data, the Gramm-Leach-Bliley Act gives clients autonomy to choose whether to share data with third parties to keep patients in control over the use of their information.  

These complex regulations are crucial for the well-being of your company and your customers. No institution wants to risk falling out of compliance and facing fines. We recommend using a third-party partner to monitor your compliance efforts for accuracy and effectiveness. 

Cross-Industry Compliance Standards: NIST/ISO/CFS 

Whether you seek compliance support in healthcare, finance, education, or another industry, a great place to start is with the top two compliance standards for any industry – NIST and ISO. 

The National Institute of Standards and Technology (NIST) provides the Cybersecurity Framework to evaluate a cybersecurity system for your organization, taking into consideration the maturity of your system and understanding your organization’s risk tolerance. 

The International Organization for Standardization (ISO) is a comprehensive aid to help organizations across industries comply with the best and highest security standards. 

How to Stay Compliant 

Gartner research indicates that many organizations are struggling to implement effective cybersecurity and security risk governance practices. This immaturity results in a lack of clarity on risk ownership in the organization, inhibiting its ability to exploit the business benefits of the digital transformation effectively and safely. 

To meet compliance standards, you must know where your gaps are. InfoSystems Cyber can perform a gap analysis against an appropriate framework to determine what is acceptable risk and conduct an appropriate risk assessment to correct and enable the appropriate risk controls.  

With InfoSystems, you get the following services: 

✅ Compliance Assessments 

✅ HIPAA & Healthcare Compliance 

✅ Financial Compliance 

✅ NIST/ISO/CFS Compliance 

✅ Cybersecurity Training 

Don’t put yourself at risk of data breaches, fines, or lawsuits. We can help identify gaps in security and compliance so you can implement risk controls to provide assurance to executives and board members that information risk is being managed appropriately.  

InfoSystems Can Help You Eliminate Uncertainty, Strengthen Compliance, and Provide Real Assurance 

At InfoSystems Cyber, we believe cybersecurity consultants should create value, not confusion. Most cybersecurity consultants will perform an assessment and leave you with a lengthy report to figure out on your own. Not InfoSystems Cyber. 

The most unique aspect of InfoSystems Cyber is that we are part of InfoSystems, Inc., a fully mature IT company with expertise in cloud, networks, storage systems, and all the end user technology and connectivity that powers today’s businesses. 

We don’t drop lengthy reports at your door and head for our next engagement. We lock elbows and create solutions that will address your issues. We believe all businesses deserve to have the best security delivered by a partner who cares. 

We will make sure you are 100% clear about your security, regulatory compliance, and risk – and 100% confident in the plan to protect your business. 

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