User Monitoring in Financial Services – Why Financial Services Require User Activity Monitoring Software – SOX Compliance & Beyond
Financial Services companies operate in a difficult environment. Many of their applications are absolutely vital to the proper workings of the global economy. They are one of the most heavily regulated industries in the world, and they are a constant target of hackers. Their systems need to be available, performant and secure while generating the revenue sought by Wall Street and their shareholders.1. Compliance – SOX and Beyond
Many industries have data and employee monitoring requirements, requiring log collection and tracking systems that provide an audit trail of all access and activity to sensitive business information. Within the financial services industry, the data security compliance and regulation challenges are daunting. There are many data security requirements ranging from credit card related information, GLBA, SOX/J-SOX, NCUA, data privacy and data residency laws and even the American Patriot Act. A few years ago China enacted similar requirements to SOX which put them in line with worldwide practices as it accords with Europe’s General Data Protection Regulation.
To protect their reputation and adhere to regulations, banking, and financial services firms and their executives must safeguard critical financial data from exposure which makes user monitoring in financial services necessary.
2. Insider Threats
Financial services is an industry plagued with exceptionally high levels of insider breaches and information misconduct. Banks, insurers, and investment companies have access to millions of customers’ personally identifiable information as well as self-developed intellectual property which they have to protect. In order to stay ahead of the game, organizations in the financial industry need to focus on cybersecurity and keeping their information safe.
The biggest of these cybersecurity challenges financial organizations face today is people. Whether it’s employees, privileged users, or third parties, insiders introduce risk to your organization because they must be given access to critical applications, systems, and data to do their jobs effectively.
“The threat of insiders is real and what can happen is you have amazing defences to protect your intellectual property and other secrets from those who are trying to obtain them from outside your company’s walls, but you forget sometimes to have a program where you are watching those who you trust,” said Assistant Attorney General for National Security John Carlin after the FBI arrested and charged an individual with theft of government secrets.
Computer monitoring software can identify the employee and record their actions.
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User Monitoring in Financial Services
TSFactory’s RecordTS helps financial services companies identify and eliminate insider threat risk by focusing on user activity. With complete visibility into all activity on your network, you can not only catch and stop insider threats but meet and surpass all compliance and regulatory requirements with ease.
With complete visibility into all activity on your network, you can not only catch and stop insider threats but meet and surpass all compliance and regulatory requirements with ease.