Cyber Security

When it comes to the security of your client’s information, there are no second chances, especially in financial services. Clients expect the highest level of security of your products and service and for you to ensure robust protection of their data.

Cyber security penetration tests

Given the glaring spotlight on privacy and data security, as well as the regulator’s increasing attention on operational resilience, a cyber security penetration test will help you identify weaknesses before they are exploited by someone else.

GDPR

Are you complying with the General Data Protection Regulations?
Financial services firms process vast amounts of personal data on behalf of their customers, payment beneficiaries and employees. With recurring news stories of data breaches of customer data, and the consequent damage to the reputation and trust, more emphasis is being placed on data security and GDPR compliance. We can help your firm with its GDPR compliance in the following ways.

Operational and security risk assessment

Payment service providers, whether a payment institution, e-money institution (authorised or registered), registered account information service providers (AISP) or banks have to submit an operational and security risk report at least annually to the competent authority such as the Central Bank of Ireland.

What is an operational and security risk assessment?
An operational and security risk assessment is the process of identifying, analysing and evaluating risk. It is the best way to manage your assessment of whether the cyber security controls you choose are appropriate to the risks your organisation faces.

Under the second payment services directive (PSD2), payment services providers (PSPs) must report to the competent authority with an operational and security risk assessment and analysis of the findings. It may also include the results from the most recent audit and the number of security related customer complaints.

It must be completed at least annually however it can be submitted as frequently as every quarter. In Ireland, the report must be submitted via the Central Bank of Ireland’s ONR.