six aspects of cybersecurity & data governance …...cybersecurity efforts, but the actual act...
TRANSCRIPT
6SIX ASPECTS OF CYBERSECURITY amp DATA GOVERNANCE THAT ARE OFTEN OVERLOOKED
The efforts above unquestionably contribute to your organizationrsquos overall ability to protect data but all neglect vital aspects of data governance that can only be controlled and executed internally mdash by you
Yoursquove hired lawyers paid compliance consultants and gone through the penetration testing recommended by IT professionals
That means the data managed by your firm is secure right
Defining your firmrsquos cybersecurity efforts getting the right policies in place and managing an effective data governance program require an intimate understanding of your organization its data and your workforce that consultancies struggle to provide
Experienced outsiders may be able to help assess your firmrsquos legal compliance with applicable cybersecurity and data protection regulations or level of risk but therersquos no substitute for in-house attention when creating and implementing data governance processes specific to your organization that better protect your clientsrsquo personal identifiable and financial information
If only
An effective initiative that protects clientsrsquo personal information and your firmrsquos assets hinges on
bull Understanding which client information is collected and managed by your firm
bull Managing employeesrsquo and contractorsrsquo access to client information
bull Keeping vendor assessment and analysis criteria updated
bull Deploying employee education that patches holes in your data security efforts
bull Being transparent when clients ask about data protection efforts
bull Documenting your data governance and cybersecurity efforts using industry best practices
bull Continuously improving your firmrsquos data governance efforts
Plus yoursquoll learn how to simplify your workload by leveraging expertly-designed technology that automates these key aspects of data governance
Itrsquos easy to lsquotick the boxesrsquo when it comes to compliance Online you can find spreadsheets that help you do just that mark off completed tasks that keep your firm compliant with the letter of the law
But this mentality misses the spirit of these regulations that protecting clientsrsquo sensitive information and holding firms
to a higher standard of data protection is a vital key to success in todayrsquos data-rich economy The six often overlooked aspects of data governance and cybersecurity examined in this white paper are excellent starting points for evolving and maturing your governance efforts
CYBERSECURITY amp DATA GOVERNANCE TASKS THAT ARE COMMONLY OVERLOOKED
Understanding PII Sensitive Information and Financial Records
Understanding the client information your firm collects how itrsquos used and who can access it is essential to your data governance efforts This knowledge is a necessity for creating and implementing new procedures that safeguard the information as well as improving existing data governance policies
Knowing where clientsrsquo personally identifiable information (PII) and financial records reside and then managing employeesrsquo access to these systems are the first steps in limiting exposure to sensitive information and reducing opportunities for internal breaches and other risks such as data sabotage to occur With how essential this knowledge is to all other information protection efforts itrsquos no surprise that
As you assess and map the information your firm manages ask
the SEC listed ldquoaccess rights and controlsrdquo as one of its primary focuses in its cybersecurity examinations in both 2018 and 2019
Limiting access to clientsrsquo confidential information also greatly reduces your firmrsquos liability if a breach or instance does occur
bull Whose information is it
bull What information is collected
bull Where is this information stored
bull Who has access to this information and why
Do you know the lsquowho what where and whyrsquo of the personal information your firm manages
1
You may be aware of the importance of assessing vendorsrsquo cybersecurity efforts It might even be part of your typical onboarding process especially if yoursquore located in a state that legally requires due diligence But if your analysis criteria doesnrsquot address modern emerging threats how effective is your assessment really going to be at determining risk
Outdated due diligence criteria actively puts your firm at risk by skipping over potential gaps in the cybersecurity and privacy protocols being assessed Update criteria to include common modern causes of breaches such as social media cloud computing and employeesrsquo use of personal devices for work purposes (ldquoBYODrdquo)
Annually updated vendor assessment and analysis criteria ensures top-quality partnerships and eliminates uncertainties around vendorsrsquo cybersecurity and data privacy programs
Keeping Assessment Criteria Up to Date
When was the last time your vendor assessment criteria were updated
RememberIf an incident occurs due to a partner or vendorrsquos failure to protect shared data itrsquos still your firm that experiences the negative fiscal and reputational impacts of the breach
What more motivation is needed to ensure vendor assessments address modern risks
Herersquos an additional hint Itrsquos easier to identify and mitigate risks when due diligence efforts are automated Simply put your time is better spent responding to the results of assessments than it is performing the assessments manually Just be sure to ask how regularly assessment criteria is updated when selecting a due diligence automation solution
2
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
The efforts above unquestionably contribute to your organizationrsquos overall ability to protect data but all neglect vital aspects of data governance that can only be controlled and executed internally mdash by you
Yoursquove hired lawyers paid compliance consultants and gone through the penetration testing recommended by IT professionals
That means the data managed by your firm is secure right
Defining your firmrsquos cybersecurity efforts getting the right policies in place and managing an effective data governance program require an intimate understanding of your organization its data and your workforce that consultancies struggle to provide
Experienced outsiders may be able to help assess your firmrsquos legal compliance with applicable cybersecurity and data protection regulations or level of risk but therersquos no substitute for in-house attention when creating and implementing data governance processes specific to your organization that better protect your clientsrsquo personal identifiable and financial information
If only
An effective initiative that protects clientsrsquo personal information and your firmrsquos assets hinges on
bull Understanding which client information is collected and managed by your firm
bull Managing employeesrsquo and contractorsrsquo access to client information
bull Keeping vendor assessment and analysis criteria updated
bull Deploying employee education that patches holes in your data security efforts
bull Being transparent when clients ask about data protection efforts
bull Documenting your data governance and cybersecurity efforts using industry best practices
bull Continuously improving your firmrsquos data governance efforts
Plus yoursquoll learn how to simplify your workload by leveraging expertly-designed technology that automates these key aspects of data governance
Itrsquos easy to lsquotick the boxesrsquo when it comes to compliance Online you can find spreadsheets that help you do just that mark off completed tasks that keep your firm compliant with the letter of the law
But this mentality misses the spirit of these regulations that protecting clientsrsquo sensitive information and holding firms
to a higher standard of data protection is a vital key to success in todayrsquos data-rich economy The six often overlooked aspects of data governance and cybersecurity examined in this white paper are excellent starting points for evolving and maturing your governance efforts
CYBERSECURITY amp DATA GOVERNANCE TASKS THAT ARE COMMONLY OVERLOOKED
Understanding PII Sensitive Information and Financial Records
Understanding the client information your firm collects how itrsquos used and who can access it is essential to your data governance efforts This knowledge is a necessity for creating and implementing new procedures that safeguard the information as well as improving existing data governance policies
Knowing where clientsrsquo personally identifiable information (PII) and financial records reside and then managing employeesrsquo access to these systems are the first steps in limiting exposure to sensitive information and reducing opportunities for internal breaches and other risks such as data sabotage to occur With how essential this knowledge is to all other information protection efforts itrsquos no surprise that
As you assess and map the information your firm manages ask
the SEC listed ldquoaccess rights and controlsrdquo as one of its primary focuses in its cybersecurity examinations in both 2018 and 2019
Limiting access to clientsrsquo confidential information also greatly reduces your firmrsquos liability if a breach or instance does occur
bull Whose information is it
bull What information is collected
bull Where is this information stored
bull Who has access to this information and why
Do you know the lsquowho what where and whyrsquo of the personal information your firm manages
1
You may be aware of the importance of assessing vendorsrsquo cybersecurity efforts It might even be part of your typical onboarding process especially if yoursquore located in a state that legally requires due diligence But if your analysis criteria doesnrsquot address modern emerging threats how effective is your assessment really going to be at determining risk
Outdated due diligence criteria actively puts your firm at risk by skipping over potential gaps in the cybersecurity and privacy protocols being assessed Update criteria to include common modern causes of breaches such as social media cloud computing and employeesrsquo use of personal devices for work purposes (ldquoBYODrdquo)
Annually updated vendor assessment and analysis criteria ensures top-quality partnerships and eliminates uncertainties around vendorsrsquo cybersecurity and data privacy programs
Keeping Assessment Criteria Up to Date
When was the last time your vendor assessment criteria were updated
RememberIf an incident occurs due to a partner or vendorrsquos failure to protect shared data itrsquos still your firm that experiences the negative fiscal and reputational impacts of the breach
What more motivation is needed to ensure vendor assessments address modern risks
Herersquos an additional hint Itrsquos easier to identify and mitigate risks when due diligence efforts are automated Simply put your time is better spent responding to the results of assessments than it is performing the assessments manually Just be sure to ask how regularly assessment criteria is updated when selecting a due diligence automation solution
2
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
An effective initiative that protects clientsrsquo personal information and your firmrsquos assets hinges on
bull Understanding which client information is collected and managed by your firm
bull Managing employeesrsquo and contractorsrsquo access to client information
bull Keeping vendor assessment and analysis criteria updated
bull Deploying employee education that patches holes in your data security efforts
bull Being transparent when clients ask about data protection efforts
bull Documenting your data governance and cybersecurity efforts using industry best practices
bull Continuously improving your firmrsquos data governance efforts
Plus yoursquoll learn how to simplify your workload by leveraging expertly-designed technology that automates these key aspects of data governance
Itrsquos easy to lsquotick the boxesrsquo when it comes to compliance Online you can find spreadsheets that help you do just that mark off completed tasks that keep your firm compliant with the letter of the law
But this mentality misses the spirit of these regulations that protecting clientsrsquo sensitive information and holding firms
to a higher standard of data protection is a vital key to success in todayrsquos data-rich economy The six often overlooked aspects of data governance and cybersecurity examined in this white paper are excellent starting points for evolving and maturing your governance efforts
CYBERSECURITY amp DATA GOVERNANCE TASKS THAT ARE COMMONLY OVERLOOKED
Understanding PII Sensitive Information and Financial Records
Understanding the client information your firm collects how itrsquos used and who can access it is essential to your data governance efforts This knowledge is a necessity for creating and implementing new procedures that safeguard the information as well as improving existing data governance policies
Knowing where clientsrsquo personally identifiable information (PII) and financial records reside and then managing employeesrsquo access to these systems are the first steps in limiting exposure to sensitive information and reducing opportunities for internal breaches and other risks such as data sabotage to occur With how essential this knowledge is to all other information protection efforts itrsquos no surprise that
As you assess and map the information your firm manages ask
the SEC listed ldquoaccess rights and controlsrdquo as one of its primary focuses in its cybersecurity examinations in both 2018 and 2019
Limiting access to clientsrsquo confidential information also greatly reduces your firmrsquos liability if a breach or instance does occur
bull Whose information is it
bull What information is collected
bull Where is this information stored
bull Who has access to this information and why
Do you know the lsquowho what where and whyrsquo of the personal information your firm manages
1
You may be aware of the importance of assessing vendorsrsquo cybersecurity efforts It might even be part of your typical onboarding process especially if yoursquore located in a state that legally requires due diligence But if your analysis criteria doesnrsquot address modern emerging threats how effective is your assessment really going to be at determining risk
Outdated due diligence criteria actively puts your firm at risk by skipping over potential gaps in the cybersecurity and privacy protocols being assessed Update criteria to include common modern causes of breaches such as social media cloud computing and employeesrsquo use of personal devices for work purposes (ldquoBYODrdquo)
Annually updated vendor assessment and analysis criteria ensures top-quality partnerships and eliminates uncertainties around vendorsrsquo cybersecurity and data privacy programs
Keeping Assessment Criteria Up to Date
When was the last time your vendor assessment criteria were updated
RememberIf an incident occurs due to a partner or vendorrsquos failure to protect shared data itrsquos still your firm that experiences the negative fiscal and reputational impacts of the breach
What more motivation is needed to ensure vendor assessments address modern risks
Herersquos an additional hint Itrsquos easier to identify and mitigate risks when due diligence efforts are automated Simply put your time is better spent responding to the results of assessments than it is performing the assessments manually Just be sure to ask how regularly assessment criteria is updated when selecting a due diligence automation solution
2
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Understanding PII Sensitive Information and Financial Records
Understanding the client information your firm collects how itrsquos used and who can access it is essential to your data governance efforts This knowledge is a necessity for creating and implementing new procedures that safeguard the information as well as improving existing data governance policies
Knowing where clientsrsquo personally identifiable information (PII) and financial records reside and then managing employeesrsquo access to these systems are the first steps in limiting exposure to sensitive information and reducing opportunities for internal breaches and other risks such as data sabotage to occur With how essential this knowledge is to all other information protection efforts itrsquos no surprise that
As you assess and map the information your firm manages ask
the SEC listed ldquoaccess rights and controlsrdquo as one of its primary focuses in its cybersecurity examinations in both 2018 and 2019
Limiting access to clientsrsquo confidential information also greatly reduces your firmrsquos liability if a breach or instance does occur
bull Whose information is it
bull What information is collected
bull Where is this information stored
bull Who has access to this information and why
Do you know the lsquowho what where and whyrsquo of the personal information your firm manages
1
You may be aware of the importance of assessing vendorsrsquo cybersecurity efforts It might even be part of your typical onboarding process especially if yoursquore located in a state that legally requires due diligence But if your analysis criteria doesnrsquot address modern emerging threats how effective is your assessment really going to be at determining risk
Outdated due diligence criteria actively puts your firm at risk by skipping over potential gaps in the cybersecurity and privacy protocols being assessed Update criteria to include common modern causes of breaches such as social media cloud computing and employeesrsquo use of personal devices for work purposes (ldquoBYODrdquo)
Annually updated vendor assessment and analysis criteria ensures top-quality partnerships and eliminates uncertainties around vendorsrsquo cybersecurity and data privacy programs
Keeping Assessment Criteria Up to Date
When was the last time your vendor assessment criteria were updated
RememberIf an incident occurs due to a partner or vendorrsquos failure to protect shared data itrsquos still your firm that experiences the negative fiscal and reputational impacts of the breach
What more motivation is needed to ensure vendor assessments address modern risks
Herersquos an additional hint Itrsquos easier to identify and mitigate risks when due diligence efforts are automated Simply put your time is better spent responding to the results of assessments than it is performing the assessments manually Just be sure to ask how regularly assessment criteria is updated when selecting a due diligence automation solution
2
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
You may be aware of the importance of assessing vendorsrsquo cybersecurity efforts It might even be part of your typical onboarding process especially if yoursquore located in a state that legally requires due diligence But if your analysis criteria doesnrsquot address modern emerging threats how effective is your assessment really going to be at determining risk
Outdated due diligence criteria actively puts your firm at risk by skipping over potential gaps in the cybersecurity and privacy protocols being assessed Update criteria to include common modern causes of breaches such as social media cloud computing and employeesrsquo use of personal devices for work purposes (ldquoBYODrdquo)
Annually updated vendor assessment and analysis criteria ensures top-quality partnerships and eliminates uncertainties around vendorsrsquo cybersecurity and data privacy programs
Keeping Assessment Criteria Up to Date
When was the last time your vendor assessment criteria were updated
RememberIf an incident occurs due to a partner or vendorrsquos failure to protect shared data itrsquos still your firm that experiences the negative fiscal and reputational impacts of the breach
What more motivation is needed to ensure vendor assessments address modern risks
Herersquos an additional hint Itrsquos easier to identify and mitigate risks when due diligence efforts are automated Simply put your time is better spent responding to the results of assessments than it is performing the assessments manually Just be sure to ask how regularly assessment criteria is updated when selecting a due diligence automation solution
2
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Many firmsrsquo cybersecurity efforts focus on technological solutions such as firewalls antivirus and network security and thus neglect one of the most common causes of a data breach uninformed employees and contractors that misuse and mishandle data
No matter how advanced a cybersecurity solution is its implementation is futile if employeesrsquo actions undermine it by exposing information Educating on a wide variety of cybersecurity topics is the only way to ensure your other cybersecurity efforts donrsquot fall by the wayside Itrsquos no wonder the SEC has listed training as one of its examination priorities for 2019
Everyone at your firm should be educated on how to identify phishing emails how breaches of privacy impact client relationships and what to do if an incident occurs
FINRArsquos 2018 Report on Selected Cybersecurity Practices highlights this type of employee education specifically suggesting that firms of all sizes ldquoprovide cybersecurity training to all employees
Decreasing Risk Through Education
Do your employees and contractors know their role in protecting client information and your firmrsquos reputation
3
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Find a technology solution or partner that assists with the manual labor of employee education by providing you with topical relevant educational content and easy-to-understand reports of employeesrsquo completion statuses By doing so yoursquoll eliminate a large portion of your workload
Remember Learning is not a one-time event
Would you be able to pass a pop-quiz on something you had heard only once Re-educating on the topics that are most important to your organization will help information stick
Herersquos an additional hint Mitigate recurring risks through repeated employee education Phishing attempts are not going to go away any time soon Neither are mobile devices social media or the temptation to be lax with privacy protection protcol Regularly remind employees of their role in maintaining the firmrsquos integrity and cybersecurity efforts by deploying new educational modules that re-cover common risks (such as phishing) and important organizational processes (how to report an incident)
upon their employment and at least annually thereafter (but preferably more often) to ensure all users are aware of their responsibilities for protecting the firmrsquos systems and information Training should address common attacks how to avoid becoming a victim and what to do if you notice something suspiciousrdquo
But some groups may require additional training that is specific to their access level or role within the firm such as education on the importance of confirming a clientrsquos identity before making changes to an account or how to identify potential cases of identity theft
Educating employees and contractors plays an important part in patching a major hole in your otherwise effective cybersecurity efforts but the actual act of educating employees can be a highly time- and labor-intensive task It requires the bandwidth and expertise to select the right topics to write (and update) the educational material and to determine you firmrsquos ability to deploy educational content and track who has completed it
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Leading brands such as Apple Google and Amazon have set a new standard for communicating with clients about cybersecurity and data governance policies and have released public statements on how this transparency soothes clientsrsquo concerns in an age of epic data breaches With trendsetting brands touting its importance transparency has become a recognized aspect of data governance that clients increasingly expect from service providers
Being transparent means being prepared to answer clientsrsquo questions about the policies and procedures your firm has in place to protect their PII and financial information You shouldnrsquot and donrsquot need to include every detail of your firmrsquos internal operations but general information that would be of interest to clients such as
Responding to Requests for Transparency
Are you prepared to provide clients with information regarding your cybersecurity efforts
4
IS YOUR FIRM KEEPING PACE WITH CLIENTrsquoS EXPECTATIONS OF TRANSPARENCY
bull How and why their personal and financial information is collected
bull How this information is used and limitations on its use
bull Safeguards that protect their sensitive information from cybercriminals and internal misuse
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
A straight-forward easy-to-understand document covering these basic principles will satiate most clientsrsquo demands for transparency Consider creating a living document which can be shared externally with curious clients at a momentrsquos notice that outlines of-interest aspects of your firmrsquos data governance privacy policies and cybersecurity protocols
Being readily prepared for clientsrsquo requests for transparency will deepen the client-service provider relationship and will help assure these clients that your firm is handling their information with care Keep in mind that when clients demand transparency itrsquos not just a question of technology itrsquos a often question of ethics Gartner has named Digital Ethics and Privacy in its Top Ten Strategic Technology Trends for 2019 for good reason clients want service providers to stop asking ldquoAre we securerdquo or ldquoAre we compliantrdquo and instead start asking ldquoAre we doing the right thingrdquo Your client-facing document and communication should mirror this tone
Transparency is an integral part of a data governance-minded corporate culture In tandem to growing client and partner demands for transparency should be a raised internal awareness of the importance of using and handling clientsrsquo information appropriately
Remember Transparency decreases
the likelihood of a breach caused by internal data
misuse
Reinforce internal accountability regarding the policies procedures and laws your firm has
promised clients (and regulators) that it will
adhere to
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
It doesnrsquot matter if a breach is caused by an employee sending a spreadsheet to the wrong recipient or a third-party vendor exposing your firmrsquos data via a lapse in their network security auditors require documentation of all data breaches and incidents that put clientsrsquo privacy at risk
Documenting Your Cybersecurity and Governance Efforts
Are you keeping detailed records of all cybersecurity and data governance efforts
5
Some examples of other types of cybersecurity- and data governance-related activities to keep records of include
bull What data protection policies are in place which employees and partners have agreed to uphold these policies and any updates made to existing policies
bull The results of penetration testing for your firm and any third-party vendors that can access your data
bull Current and historical vendor risk assessments
bull Changes to access levels for individual employees employee groups or vendors
bull The topics and completion rates of educational materials deployed to employees and contractors
bull Any compliance efforts and how theyrsquove changed over time including historical states and version controls of previous efforts and changes made to address emerging risks
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
In addition to the legal requirement to keep recorded details of breaches some states may issue fines or require you to notify clients of the incident in a timely manner All documentation needs to be audit-ready and firms must be able to prove their client notification efforts
Documenting cybersecurity efforts is an ongoing task just as you keep records of every incident that could put client information or privacy at risk you should be documenting every time an employeersquos role changes and every time a cybersecurity or data privacy policy gets put in place or updated
But documenting incidents and client notification attempts is just the tip-of-the-iceberg when it comes to keeping records of your cybersecurity and governance efforts Without regularly maintained documentation the process of getting up-to-date details of your data protection efforts to clients partners and auditors when they ask for them is significantly slowed Save yourself the headache of scrambling to catch-up when asked for this information by keeping records organized accessible and in an audit-friendly format that clearly show data protection efforts the moment the need arrives
Herersquos an additional hint For the least amount of friction consider an automated data governance platform that documents changes to your efforts including keeping version controls and historical states of policies and that assists with client notification in the case of an incident That way these records will be in one central location and easy to hand off to an auditor when the time comes
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Cybersecurity and data governance can only be truly maintained through continuous monitoring each are living efforts that must be responsive to internal and external changes
Monitoring amp Adjusting Data Governance Efforts Over Time
Are your cybersecurity and data governance efforts dynamic and responsive to risk
6
Herersquos ways your efforts should evolve over time
Keep policies and processes updated Policies and processes are only as effective as they are relevant and updated Your policies should be reassessed as new best practices and information is learned as new security measures are put in place and as new technologies becomes common (for example social media and smartphones)
Keep education constant and responsive to risk Education is one area of cybersecurity that truly benefits from being trendy Seeing lots of new articles on how financial institutions are being hit by sophisticated phishing attempts Take a moment to deploy educational content that will refresh employeesrsquo knowledge about identifying phishing Lots of inner-office buzz about Facebookrsquos lost revenue due to privacy
Remember Employees and vendors
are only beholden to the most recent version of
your policies
Policies should be updated as needed to better protect
clientsrsquo privacy and your organizationrsquos data
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
If yoursquore feeling overwhelmed with the cybersecurity and data governance tasks outlined in this white paper remember that just because in-house expertise and attention is needed to successfully execute these suggestions doesnrsquot mean that therersquos no help available to you mdash itrsquos just that the help is technological instead of human
FINDING TECHNOLOGY THAT SIMPLIFIES amp AUTOMATES YOUR EFFORTS
Herersquos an additional hint Expertly-designed technology that makes data governance best practices simple to understand and easy to do means less work from you with better results (and better protected data)
Implementing an automated data governance and compliance solution is a strategy on the rise for 2019 according to Deloitte with financial firms ldquonow looking to optimize their risk-management approaches and systems to be more automated flexible and capable of near real-time risk reportingrdquo
be rolled out quickly to ensure compliance
Keep up with industry leaders Keep an eye on what leading brands in your space determine to be of importance such as the examples listed in this paperrsquos section on transparency and stay up-to-date on industry resources and blogs from the likes of SEC NIST and FINRA Although compliance regulations often change slowly follow news about what might change so that you can stay ahead of the curve ahead of threats and ahead of your competition
violations Thatrsquos an opportunity to remind your workforce of why protecting clientsrsquo privacy is of the utmost importance to your firmrsquos reputation and bottom line
This is also true of new applicable regulations or industry interpretations of existing regulations If yoursquore only educating employees once a year does that mean yoursquore waiting nine more months before employees are informed of a regulatory update Education should be dynamic to whatrsquos happening within your industry and
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
If yoursquore like many firms seeking a technology solution that automates the data governance and cybersecurity best practices examined in this white paper herersquos two key pieces of advice to keep in mind
Select a solution thatrsquos designed for RIAs and with the needs of financial institutions in mind A solution built on industry expertise and designed to address the specific governance capabilities required by financial institutions will significantly shorten your journey towards better data governance And it will help you get improved data protection principles and policies in place faster than building similar infrastructure from scratch
Pick a technology solution that can grow with you As mentioned earlier your cybersecurity and data governance programs will evolve as your organization grows as new risks are discovered and as clients and regulators increasingly demand improved data protection best practices The automation platform you select should evolve in tandem to your data protection programrsquos maturity and strategy making it easy to further advance your governance efforts and keep your competitive edge
RememberA quickly growing data
governance and cybersecurity program
demands the assistance of an automated solution
Yoursquoll need the real-time reporting capabilities
automated records keeping and dynamic educational
content provided by an automated solution to grow your program swiftly while
staying on top of shifting risks efforts and
regulations
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
ConclusionItrsquos time to move beyond introductory level cybersecurity and data governance processes By growing your knowledge of the sensitive information your firm manages and who can access it by deploying educational content on best practices for safeguarding client information and by automating time-intensive governance tasks yoursquoll be well on your way to a resilient impactful data governance program that impresses clients produces results and better protects your firmrsquos data and reputation
Your firmrsquos future and success depend on effective cybersecurity efforts data privacy protocols and a mature data governance initiative All it takes is a little in-house expertise a focused attention on often overlooked tasks and the right automation technology to support your efforts
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom
Itrsquos no secret that small and mid-sized firms face unique data governance challenges due to constrained time resources and on-staff expertise
By providing a cost-effective audit-friendly data governance solution Greytwist helps firms overcome these difficulties Greytwistrsquos expertly-designed platform helps automate data privacy and governance initiatives making them achievable and maintainable despite limited resources
The simple-to-use platform makes vendor evaluations employee training data privacy efforts and other mitigation tasks easier than ever before With Greytwist top-tier risk mitigation is finally obtainable for firms of all sizes
GREYTWISTYour Partner in Data Governance Automation
Would you like to learn more about how Greytwist can help your data governance efforts
httpsgreytwistcom