Top Ten Problems Solved by Infor SunSystems Cloud in the Financial Services Sector. Problem #7: Data Privacy and GDPR Compliance Risks
In this blog, the seventh in our series, we focus on the topic of data privacy and its importance in financial services.
The importance of data privacy in financial services
Data privacy is important. Organisations that process personal data have an obligation to protect sensitive information. It is a matter of trust. In handing over personal information, customers are trusting you to look after their data.
This is particularly important for financial services organisations that process and retain personal information of a highly sensitive nature, such as:
- bank account details
- payment histories
- salary data
- credit records
- investment portfolios
- identity documents
If this information is exposed, altered, lost, or accessed without permission, customers can suffer real financial harm.
And the damage to the institution?
Firstly, institutions may suffer from reputational damage due to a breach of trust. Secondly, financial institutions can face severe regulatory penalties and legal claims.
How SunSystems Cloud can help
Financial Management Systems, such as Infor SunSystems, hold and process large volumes of sensitive financial data. For this reason, SunSystems Cloud takes data security very seriously.
Fraud Prevention
Perhaps the biggest threat to the data you hold comes from within. Employees are considered by many to be the biggest data privacy and security risks. Usually this is due to human error. Sometimes the intent is malicious. SunSystems Cloud is designed to negate these risks. The segregation of roles prevents fraud and acts as a check on mistakes. Audit trails provide a way to investigate problems. They also act as a deterrent. See our recent blog, Inadequate Audit Trails and Controls.
Compliance
Infor SunSystems Cloud is hosted by Amazon Web Services (AWS). AWS delivers world-class levels of security and compliance, including:
- Physical Security: Data centres feature 24/7 security personnel, biometric scanning, and strict access controls.
- Hardware and Software: Amazon secures the underlying hosts, operating systems, and facilities using advanced architectures like the AWS Nitro System.
- Compliance: AWS complies with major global standards, including ISO 27001, SOC 1/2/3, PCI-DSS Level 1, and GDPR.
Support
Data privacy isn’t simply a question of software; people matter. The best software in the world can be undermined in the wrong hands.
An example.
Password security. LAKE works with you during system implementation to ensure proper segregation of roles and duties, and LAKE encourages best practice.
Password security is your responsibility. The system can help with reminders and such like, but it is your responsibility to manage passwords and access to your system. Our service desk will support best practice. That means we do not keep a record of your passwords. To do so would compromise your security.
Take the next step
To find out how Infor SunSystems Cloud from LAKE could help your organisation, download a copy of our SunSystems Cloud Beginner’s Guide – Commercial.
In the next blog in this series, we focus on the high operational overhead associated with legacy systems.
By Jon Isherwood