We’ve regularly written about maintaining security and compliance with third-party vendors. While vendors and managed service providers are a crucial part of digital economies, it’s up to the client businesses to ensure they work with vendors that meet their needs.
Following previous discussions of third-party vendor security under standards like SOC 2 and HIPAA, we’re now covering best practices for vendor management under PCI DSS 4.0.
The protection of consumer information is one of the major concerns of the businesses involved in nearly any sector of the economy, particularly financial institutions. The Federal Trade Commission (FTC) Safeguards Rule is a critical requirement for these organizations. It provides specific requirements for certain financial institutions, including a plan for ensuring compliance with the regulation, identified challenges in meeting the rules, and a process to audit for compliance.
When considering security and finance, we typically consider regulations like PCI DSS, SOX, or FINRA. But if you’re a company doing business in Europe, there’s another framework you need to consider–GDPR. This set of regulations not only governs the exchange of consumer data but also has a massive impact on how financial organizations navigate commerce in the EU and across borders.
Here, we’ll cover some basics financial institutions might want to consider when adopting GDPR requirements.