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Managing it security and data privacy security

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Managing it security and data privacy security

  1. 1. Managing IT Security and Data Privacy Security to Enhance the Client Experience Ovum Financial Services Technology Forum 25th June 2013 Alpesh Doshi Fintricity
  2. 2. A CHANGE IN CUSTOMER RELATIONSHIPS Most B2C Brands Use Social Media Engagement is now part of the FABRIC Customers want a better relationship with their BRANDS
  3. 3. SOCIAL DATA IS A NEW CURRENCY OF ENGAGEMENT We generate vast amounts of DATA On the web and Social sites Data on our likes, activities, friends, views/opinions Social Data is now a currency that can be used to build one-to-one relationships with customers. Carefully harvesting, analysing and leveraging social media data, banks may be able to gain valuable insight into customer investment patterns, market trends and value propositions.
  4. 4. WHAT KIND OF DATA IS AVAILABLE?
  5. 5. WHAT KIND OF DATA IS AVAILABLE? Demographics Age, Gender, Geography, HHI, Level of Education, List of friends, Friends of Friends Interests Profile-Based, Contextual, Demonstrated, Undeclared Actions Creating, Rating, Sending, Sharing, Uploading, Watching, and more Interaction How people interact with content and ads: Clicks, time spent, interactions, videos completed Recency and Frequency How often and when people express interests or actions Sentiment and Exposure What people say, what they read, and when and how they say and read it
  6. 6. SECURITY STRATEGY FOR PERSONAL DATA Data Protection and Data Privacy regulations must be implemented Information Risk Standards – ISO 27001 Regulatory and FCA/PRA Requirements
  7. 7. SECURITY STRATEGY FOR PERSONAL DATA DATA PROTECTION • Personal data must be processed fairly and lawfully • Obtained for only one or more specified lawful purpose • Adequate, relevant and not excessive • Accurate and kept up to date • Not be kept for longer than is necessary • Processed in accordance with data subjects’ rights • Appropriate technical and organisational measures • No transfer outside the EEA unless adequate protection RISK MANAGEMENT • Brand Reputation and loss of credibility can be catastrophic for a financial services organisation • Confidential Information about identified individuals, even though some of the data is publicly available, must be ‘managed’ carefully • Internal Policies, both business and technology policies must be coherent and linked across departments • Monitoring and management of these risks, and how they meet requirements must be implemented
  8. 8. GAPS IN APPROACHES BY FINANCIALS SERVICES COs Most firms don’t have joined up policies. Firms tend to have a reactive approach to implementing risks and only do so when an event happens. Integrated Monitoring is key. Most firms have not identified data or assessed security risks that are faced by firms. Data ownership and use of Social .has not been considered yet, but is being used
  9. 9. SECURITY SOLUTIONS AND ARCHITECTURES Build architectures that incorporate security from the start The volumes and timeliness of Social Data requires revised operating models and systems architecture Governance, Risk, Compliance solutions updated Data Security and Use Lifecycle approach created in an integrated way Risk Mitigation must be the business imperative, but enable agility and improved customer engagement
  10. 10. SUMMARY Data Privacy and IT Security has become more complex. Data Protection and Privacy, Information Risk (ISO 27001), and Regulatory Requirements must be combined into a overall Security Strategy A combination of business and technology approaches are required It requires joined up thinking and implementation between the business and IT
  11. 11. Thanks for Listening Any Questions? Alpesh Doshi, Fintricity m: +44 7973 822820 w: www.fintricity.com t: @alpeshdoshi l: www.linkedin.com/in/alpeshdoshi
  12. 12. References • Guarding the Social Gates, The imperative for Social media Risk Management, Alan Weber, Altimeter Group, August 2012 • Social Data: Managing data privacy and other Legal Risks, Belinda Doshi, Partner, Nabarro, September 2012 • FCA – Data Security http://www.fsa.gov.uk/pubs/other/data_security.pdf • The Social Banker – Social Media Lessons from Banking Insiders KPMG, April 2012

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