The UK parliamentary committee investigating the recent LIBOR bank rate fixing scandal has suggested that the regulator to the UK Financial Services Market, the Financial Services Authority (FSA), should end it’s “box ticking” culture and look at what is really happening under the covers of the Financial Services organisations in the UK.
Data breaches have occurred all over the world during the last couple of years probably because audit committee chairmen and board directors were given their own regulatory “tick lists” to say that their data security controls were safe without knowing the full impact and extent of where they could be breached.
Tell that to Sony and all the others which have been caught in the headlights of a security breach.
All to often I see the tip of the iceberg being “audited” in companies and organisations when it comes to data security controls because that is what the regulators know about. What ever happended to deep diving to see what is under the tip of the iceberg to see where the weaknesses to people’s data security really are so that you build a data security strategy from the bottom up.
Don’t be taken in by the “box ticking” culture which has caused the problem within the UK – and now international – banks! Remember the impact of brand, reputation, shareholder value and client confidence which is now effecting these organisations.
For the full story on the above click –