Network security isn’t this is the strengthening of firewalls or installing anti-virus software. Rather, network security is an essential part of economic continuity planning companies or organizations which use electronic human resources for storing data. Actually, getting a highly effective network security policy which includes regular checks is needed for companies to satisfy industry guidelines and also to adhere to laws and regulations like Sarbanes-Oxley or HIPAA.
Business continuity planning, or BCP for brief, relates overall to developing methods for minimizing financial deficits, serving clients with couple of disruptions, and reducing any negative repercussions. While encompassing every aspect of a company, BCP covers it, including mitigating potential threat situations by risk management practices and assessment.
Certain industry guidelines or federal laws and regulations construct specific BCP standards for the loan industry. The Government Banking Institutions Examination Council (FFIEC) describes all concepts, standards, and report forms for federal study of banking institutions, and network security shows up within the FFIEC IT Guide. The FFIEC IT Guide specifies an audit program for companies which involves evaluating risk management practices and compliance with corporate policy. Generally, any finance institution’s audit program must identify and lower risk exposure for that institution.
The Gramm Leach Bliley Act of 1999 (GLBA) overlaps using the FFIEC IT Guide and offers more specific recommendations for protecting non-public information. More particularly, GLBA needs a lender to place administrative, technical, and physical safeguards to avoid unauthorized access along with other security risks. GLBA also requires banking institutions to determine a danger-based security program with oversight, risk management and assessment, controls, and training.
E-banking can also be area of the FFIEC IT Guide and relates more toward storing and protecting customer information. E-banking exposes banking institutions to greater risks, and to be able to combat these, the institution will need security controls in position for protecting customer information, including authentication. If controls are ineffective, an economic institution is likely for those unauthorized transactions and breaks laws and regulations regarding customer privacy.