Financial institutions face a laundry list of compliance obligations when it comes to business data. Meeting these obligations is far from assured in the age of cloud services, employees working from home and rapid digital change, however.
A bevy of regulations raise the data security stakes for financial institutions. Specific regulations vary according to jurisdiction and market, but many firms must contend with the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Protection Act (CCPA), General Data Protection Regulation (GDPR) and industry-led regulations such as the Payment Card Industry Data Security Standard (PCI-DSS).
Corporate data no longer lives in the safe confines of IT-managed data centers. It now often lives at home with remote workers. This is a huge problem for businesses.
Telecommuting and work from home has existed for decades, but the Covid-19 pandemic has accelerated the trend. Almost 70 percent of full-time workers in the U.S. now work from home, according to research from Owl Labs, and half of workers won’t return to jobs that don’t offer remote work after the pandemic has passed.