In the financial sector, security and compliance are paramount. Here’s a comprehensive list of key cybersecurity regulations and standards that support the financial industry, ensuring protection against cyber threats and maintaining legal compliance.
Payment Card Industry Data Security Standard (PCI DSS)
Overview: PCI DSS is a set of security standards designed to ensure that companies accepting, processing, storing, or transmitting credit card information maintain a secure environment.
Key Requirements:
- Protect cardholder data
- Maintain a secure network
- Implement strong access control measures
- Monitor and test networks
- Maintain an information security policy
General Data Protection Regulation (GDPR)
Overview: GDPR is an EU regulation addressing data protection and privacy for individuals and the transfer of personal data outside the EU.
Key Requirements:
- Lawful processing of personal data
- Data subject rights
- Data protection impact assessments
- Data breach notification
- Appointing a Data Protection Officer (DPO)
Sarbanes-Oxley Act (SOX)
Overview: SOX is a U.S. federal law aimed at protecting investors from fraudulent financial reporting by corporations.
Key Requirements:
- Internal controls and procedures for financial reporting
- Regular audits
- Enhanced financial disclosures
Gramm-Leach-Bliley Act (GLBA)
Overview: GLBA requires financial institutions to explain how they share and protect their customers’ private information.
Key Requirements:
- Safeguards Rule: Develop a written information security plan
- Privacy Rule: Clear and conspicuous privacy notices
- Pretexting Protection: Protect against unauthorized access to personal information
Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool
Overview: This tool helps financial institutions identify their risks and determine their cybersecurity preparedness.
Key Requirements:
- Inherent risk profile
- Cybersecurity maturity assessment
- Continuous improvement of cybersecurity practices
New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR 500)
Overview: This regulation requires financial services companies operating in New York to establish and maintain a cybersecurity program.
Key Requirements:
- Cybersecurity program, policies, and procedures
- Designation of a Chief Information Security Officer (CISO)
- Penetration testing and vulnerability assessments
- Incident response planning
ISO/IEC 27001
Overview: An international standard for managing information security, providing a systematic approach to managing sensitive company information.
Key Requirements:
- Information Security Management System (ISMS)
- Risk assessment and treatment
- Continuous monitoring and improvement
Financial Industry Regulatory Authority (FINRA) Cybersecurity Guidance
Overview: FINRA provides best practices and recommendations for member firms to protect their information systems and sensitive customer data.
Key Requirements:
- Cybersecurity framework
- Data governance
- Access controls
- Incident response
- Customer protection
3-D Secure (3DS)
Overview: 3DS is a protocol designed to add an extra security layer for online credit and debit card transactions.
Key Requirements:
- Authentication during online transactions
- Steps such as password entry or biometric verification
Bank Secrecy Act (BSA) / Anti-Money Laundering (AML)
Overview: BSA/AML regulations require financial institutions to assist government agencies in detecting and preventing money laundering.
Key Requirements:
- Reporting of suspicious activities
- Record-keeping
- Customer due diligence
These regulations and standards are crucial for enhancing the security of financial data, protecting against cyber threats, and ensuring compliance with legal requirements. By adhering to these guidelines, financial institutions can safeguard their operations and maintain the trust of their customers.