Disk Encryption & Advanced Password Protection

 
 
 
 
Disk Encryption and Advanced
Password Protection: A Necessity for
Financial Services Business of Any Size
 An AlertBoot Whitepaper
 
 
 
 
 
 
 
 
 
 
 
 
 
Disk Encryption and Advanced Password Protection: A Necessity for Financial Services Business of Any Size   Overview  The data security challenges for financial services providers- from the solo accounting professional to the midsize accounting firm to world's largest corporation, from CPAs to CFPs to credit counselors-have never been as challenging as they are in today's turbulent times. And although the large data breaches at the most recognizable companies receive the most publicity, small companies and solo offices can also be victims, according to the iBetter Business Bureau. Consider the challenges faced by today's small to mid-sized financial services operation. Not only must they comply with regulations such as GBLA and PCI along with a multitude of state regulations concerning customer privacy and electronic data security, if they deal with large companies they must meet SOX requirements. Equally important, they must also guard against the staggering costs-both tangible and intangible-that a security breach could incur. In addition, the latest information technology can be a two-edged sword: easily portable laptops, CDs, and USB "flash" drives (also called memory sticks) to email, the internet, and collaborative Securing every tools streamline a financial professional's work, but also open new avenues of risk for security breaches. computer and laptop with Fortunately there are solid and proven technologies that any financial organization can implement to secure their data, helping password protection them comply with existing regulations and deal with the other ensures that only security issues they face. Paramount among these are Password Protection and Disk Encryption. users with the appropriate ? Password Protection: Securing every computer and laptop with password protection ensures that only users password can use with the appropriate password can use the computer at all. the computer at all. Password Protection, while not a complete solution, is a critical first line of defense in any financial environment because it restricts access to the computer itself. ? Disk Encryption: Very simply put, encryption is a way of "scrambling" the information on a disk so that only authorized users can "unscramble" it. Even if an encrypted computer or drive were stolen, the information on it would not be accessible, appearing merely as "gibberish". You can encrypt the data on a file, a particular drive (for example, a portable memory stick), or the full disk (called Full Disk Encryption). Most importantly, Disk Encryption is generally considered adequate for regulatory
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compliance-and in some cases can even exempt a provider from notification requirements in case of a breach. Simple enough for a one-person operation, yet robust enough to meet the demands of the largest enterprise, Password Protection and Disk Encryption, taken together, form the basis of a solid security framework that addresses many of the most pressing concerns in the financial industry today. Financial Services a Tempting Target Financial services businesses and practices deal regularly with exactly the kind of information needed for identity theft (names, address, and Social Security Numbers); no wonder they are an especially tempting target. But in addition to simple identity theft, criminals can have other designs on your clients' data as well. Financial records are occasionally mined for purposes of account theft; once the necessary information is stolen, fraudulent transaction can be Compliance and made in a commandeered account. In most cases the company notification are that was breached must make good on the fraudulent transactions. In another subtle twist on identity theft, records ar... [download for more]