Mitigating the Strategic Risks of Data Security in the Broker-Dealer Environment

Guest Contributor:  Chuck Callan, Sr. Vice President, Corporate Affairs, Broadridge Financial Solutions, Inc.

Senior executives of financial services firms are demanding that information security and data protection strategies advance beyond their traditional limits.

Their charge: to broaden the scope to include inter-organizational measures that protect information shared with vendors, partners and customers.

This broader perspective is just one finding to emerge from a study of how broker-dealers and other financial services industry executives are responding to fundamental landscape changes in competition, regulation, and the use of technology to drive their businesses.

Broadridge recently surveyed over 200 executives in broker-dealer institutions (April, 2011).  Over 85 percent of respondents reported that data security and the protection of personally identifiable information (PII) are receiving significant senior executive attention.

They indicate that both the stakes and the challenges are rising as their companies manage growing volumes of sensitive corporate and personally identifiable information in an increasingly decentralized, distributed, outsourced and complex environment.

Today’s business strategies must engage with new and existing customers in new ways using a plethora of new technologies. So, it follows, that information and data security policies, procedures, practices, and systems must be equally robust to mitigate risk and ensure compliance with the regulations, laws and contractual obligations that govern broker-dealer institutions.

There are strategic, operational, financial and technological strategies that must be coordinated to ensure that:

  • Internal processes and procedures are secure and function in real time
  • Inter-organizational measures protect data as it travels among customers, partners and third-party providers of services

To learn more, please click here to access the complete white paper.

About Maureen Lowe

President and Founder of Financial Technologies Forum, LLC. Editor-In-Chief of FTF News. Entrepreneur, Jersey Girl that recently returned to Jersey, Loves to Bake, Married to a Kiwi, First Time Mom
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