Sean Tilley
Sean Tilley
Director of Sales EMEA 11:11 Systems
The impact of being non-compliant Failure to comply with the regulations could land financial institutions in hot water , resulting in high fines similar to those associated with GDPR . These fines could increase daily until the issue is resolved , hitting organisations hard financially , and also impacting the reputation of the organisation that didn ’ t comply with the regulation .
For example , when a cyber incident occurred , organisations were required to notify authorities and affected parties within a 72-hour window . If they didn ’ t comply , the details of the breach would be made public . As such it was critical that these companies were constantly monitoring their IT environment for possible threats and breaches and were prepared to respond appropriately .
FAILURE TO COMPLY WITH THE REGULATIONS COULD LAND FINANCIAL INSTITUTIONS IN HOT WATER , RESULTING IN HIGH FINES
Partnering with experts to design a strong compliance framework In terms of preparing for these regulations , every organisation had to undergo a comprehensive resilience review and gap analysis . This would assess how prepared the organisation was to handle a cyber incident and its ability to recover from it swiftly . This was achieved with an in-depth evaluation of key components , which included the current state of security infrastructure , incident response capabilities and ongoing monitoring efforts .
Sean Tilley fintechmagazine . com 49