Different priorities and critical communication gaps between IT security teams, compliance professionals, and legal counsel are threatening the regulatory and cybersecurity posture of financial firms, according to new industry research sponsored by Authentic8.
*The researchers, who examined secure web use and regulatory compliance in the financial sector, document what they call a “surprising disconnect” between the primary compliance and data protection stakeholders within leading financial firms.
The research report, titled Surprising Disconnect Over Compliance and Secure Web Use at Financial Firms, presents the results of an in-depth survey of senior decision-makers in IT, legal, and compliance roles. It was conducted by Beacon Technology Partners.
Their study analyzes the IT security and compliance impact of differing online risk perceptions within the surveyed organizations – mostly banks, investment firms, other financial service providers, and law practices that have specialized in data protection and compliance in the financial sector.
To prevent data breaches and compliance violations resulting from different priorities and a lack of communication, researchers warn, IT, compliance, and legal departments (respectively external law partners) “must restore trust and get into sync.”
“Restore Trust, Get Into Sync”
They base their conclusion on an in-depth survey completed by 163 respondents, including senior-level compliance officers, legal managers, and IT leaders, such as Chief Information Security Officers (CISOs).
All respondents were personally involved at the time of the survey (summer 2019) in setting policies and procedures for managing the security of IT operations, infrastructure, and regulatory compliance for their organizations.
“Financi ..
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