Jul 27, 2010—The Compliance Corner – Information Security as a Compliance Directive and a Competitive Differentiator

by Jackie Marshall, Director of IT Regulatory Compliance

An excerpt from the July/2010 issue of the Gladiator newsletter, The Shield –

The need to effectively protect the security and confidentiality of non-public information (NPI) is not a new concept to financial institutions (FIs). In fact, the GLBA information security provisions that require FIs to have a written Information Security Policy have been in place for almost 10 years. So, the question is, “Are banks successfully implementing information security strategies?” For a clue, one need look no further than the recent media headlines showcasing two high profile court cases involving online fraud: Plains Capital Bank vs. Hillary Machinery, and Comerica vs. EMI. The details of these cases clearly reveal what many bankers have known since 2002 – that Federal regulators have treated the topic of information security compliance as just another “checklist” item rather than as a priority, and, therefore, information security has generally received minimal attention by FIs. (continued)

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