Security compliance for financial institutions is the systematic observance of the international, domestic, and industry-specific security requirements that relate to safeguarding sensitive information, privacy, and business continuity. The financial organization, in this case, is a bank, credit union, lending company, fintech startup, insurance company, or digital wallet.
The important pillars of compliance nowadays include –
- Protect customer financial and personal information (PII) and bank account details
- Ensuring effective IT controls to detect, respond and recover from incidents
- Having the capacity to meet current audit, reporting, and governance requirements
- Compliance with anti-money laundering (AML), fraud, and suspicious activity monitoring
