Four Cybersecurity & Compliance Trends To Watch Out For In 2017Rajesh Unadkat
Don’t let the new political environment in Washington, D.C. fool you. Although the new administration has pledged to cut regulations, the regulatory state remains strong, and political infighting may doom efforts to reform it. Corporations need to keep a strong focus on regulatory compliance, not just for the sake of staying on the right side of the government, but also to reap the benefits of good practices.
Governance, risk, and compliance professionals need to keep their eyes on emerging compliance and cyber security trends such as:
- A growing number of regulators are taking action regarding cyber-related regulatory enforcement. The FTR, OCR, and SEC have been ramping up efforts in this regard for several years, and other federal and state regulators are jumping on the bandwagon. Regulators are increasingly pursuing companies for security failures and unscrupulous practices related to data collection.
- Check your privacy statements to make sure they are upfront and clear. Regulators are also cracking down on misleading privacy statements.
- Get ready for a spending spree. In 2017, companies are expected to take a more aggressive stance in getting rid of outdated software and hardware. Experts are expecting an upswing in purchases of new software in the banking sector, along with the acquisition of new computers, tablets, and other devices.
- More sophisticated use of information gleaned in security breaches. Hackers aren’t just after your customers’ personally identifiable information anymore. Hackers are now using data breaches to gain information for use in insider trading and market manipulation schemes.
- Get ready for hefty fines when your vendors/third parties are responsible for risk introduced as a result of data breaches at your organizations. Regulators such as Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) ordering banks to tighten oversight of third party relationships and take control of vendor risk management programs.
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