IT’s Role in Navigating the Compliance Minefield

by CDW Financial Services|May 31, 2017

Banks, credit unions and other financial institutions face a large number of compliance regulations. Some of the most significant include the USA Patriot Act, Dodd-Frank Act and Home Mortgage Disclosure Act. Many financial institutions find that the strategic deployment of key technologies and services can help ease this burden, allowing them to focus more attention on their core businesses.

So, what are some of the key services and technologies that can help your bank or credit union meet its compliance and cybersecurity demands? Read on for some helpful insights.

Key services:

  • Penetration testing. With this service, security experts assume the role of hacker, running creative, in-depth analyses to determine whether security controls are operating as intended. By attempting to gain access to corporate resources, these experts are able to find holes and weaknesses within an organization’s cybersecurity infrastructure, providing valuable information about vulnerabilities before malicious actors can exploit them.
  • The National Institute of Standards and Technology (NIST). During a NIST assessment, onsite cybersecurity experts gather in-depth information about the enterprise’s existing practices. Experts create a list of recommendations to help reduce cyber risk in the most targeted and cost-effective manner possible.
  • Phishing and ransomware services. Security providers can help banks and credit unions address these threats through services such as phishing intelligence and advanced user training.

Key IT solutions:

  • Anti-virus/anti-malware software. While practically all financial institutions run anti-virus and anti-malware tools, many do not take full advantage of the features these tools offer. Organizations can also improve the performance of their anti-virus and anti-malware tools by investing in “upstream” solutions such as next-generation firewalls, web gateways and cloud-enabled malware.
  • Authentication and access management. Sophisticated access management tools allow banks and credit unions to operate according to “the principle of least privilege,” meaning that users are able to access only the systems, resources and data they need to do their jobs. Authentication and access management tools make it simple for organizations to grant access by identity and user role, and can prohibit noncompliant devices from assessing critical applications.
  • Data loss prevention (DLP) solutions. With a thorough risk assessment and an understanding of a company’s business processes, IT managers can deploy DLP tools in a targeted manner so they protect the most sensitive data in the enterprise.

To learn more about all the IT solutions that are either mandated by regulators or can help financial institutions meet their compliance and cybersecurity demands, read our white paper, “How Technology Helps Banks and Credit Unions Meet Regulatory Mandates.”