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3 Steps Your Bank Should Take as Data Protection Laws Are Enacted

Question: 
How can my community bank prepare for anticipated far-reaching data collection and protection laws?
Answer: 

Your bank can take numerous actions to prepare for pending and anticipated data protection and privacy laws.
Here are three steps to take today:
1. Determine the Scope of Your Bank's Data Collection Activity. You probably collect a lot of different types of data. You need to understand what data qualifies as personally identifiable information. Map your data to help your bank know what it records and what types of customer data you have stored.
2. Audit Your Fraud Prevention Tools. Identity theft and identity verification issues are always hot topics, but you need to ensure that your bank's systems can process multiple identity verification methods to detect fraudulent requests.
3. Emphasize the Importance of Data Protection to Your Staff. Data breaches tremendously impact your customers' trust. Your customers give you access to their data and finances. If you fail to safeguard this information or sell it to third parties this can quickly cheapen your brand.
A fourth step you can take? Attend this webinar and discover how to implement an effective data rights management program!
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Learn more about Carly Souther and Elba Manzanilla webinar Data Protection and Privacy for Community Bankers

First published on 01/12/2020

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