Data Security and the FSA

The FSA have ‘upped the ante’ on Data Security in 2008 by giving much stronger guidelines regarding what constitutes good and bad practice.

This is important for FSA regulated companies. Action is only taken by the Information Commissioner for breaches of the Data Protection Act if there is a complaint made against a company - so it has been relatively low risk. The FSA have no such constraints - and have taken action against many firms for Data Security failings despite there being no clear rules regarding data security in the FSA’s handbook. They also highlight that Data Security is not an “IT-only” issue. It affects all staff and departments. They offer some comprehensive advice.

Data Security Toolkit

 

 

The FSA says “No one has any excuse for not knowing about Data Security.”  Despite this the FSA’S own research published last year shows that only 20% of companies have good data security controls in place.  Firms without appropriate Data Security controls in place are likely to be in breach of their obligations under the FSA’s Systems and Controls rules.

 

The FSA also emphasise the need to carry out your own Data Security Risk Analysis – SPECIFIC TO YOUR FIRM – and to write a Data Security policy based on that.

 

Compliancy Services Data Security toolkit enables you to do all these things from the comfort of your own desk.

 

 

It contains all the tools you need to complete the process, including:

 

·         A Risk Register Template

·         Data Security Policy Template

·         Action Plan Template

·         List of key risks to consider

·         Guidance notes and instructions

·         A worked example of a specific risk and how it was mitigated

 

For an introductory period only the Data Security Toolkit is priced at £150 + VAT.

 

To order your Data Security Toolkit please complete the following form or call Danielle Weetman on 0844 324 5275.