A US Treasury report has identified improvements that support non-bank financial institutions, innovation, and financial technology, with the main talking point being the creation of a national data breach notification standard.
The US Treasury is asking financial technology organizations to efficiently and responsibly manage consumers’ financial data and competitive technologies, and change their security in order to protect consumers. This is specifically centered around consumer data and what happens when a data breach occurs under the proposed national data breach notification standard.
The report also highlights the longstanding conflict between banks and consumer data aggregators. Banks have traditionally restricted aggregators’ access as they believe it poses a cybersecurity risk, but aggregators claim that some banks are more concerned about competition for customers.
The 80 recommendations in the report intend to:
- “Embrace the efficient and responsible use of consumer financial data and competitive technologies;
- Streamline the regulatory environment to foster innovation and avoid fragmentation;
- Modernize regulations for an array of financial products and activities”
How Vigilant Software can help your organization
Vigilant Software has developed software tools to align with your organization’s business requirements and budget. Suitable for organizations of all sizes, vsRisk™ is a leading information security risk assessment tool that delivers fast, accurate, auditable, and hassle-free risk assessments year after year. Fully aligned with ISO 27001, it significantly cuts the consultancy costs typically associated with information security risk assessments.
If you need to protect your organization from the financial penalties and losses associated with data breaches, the Data Flow Mapping Tool will simplify the process of creating data flow maps, giving you a thorough understanding of the personal data your organization processes and why, where it is held, and how it is transferred.
If you would like to know more about our software tools, book a free demo.