The CyberGuard Advantage: Tailored to You
Financial Services
The financial services and banking industries continue to place a strong emphasis on cybersecurity and IT compliance to protect customer data, prevent fraud, and maintain regulatory compliance. Financial institutions are deploying advanced cybersecurity technologies like real-time threat detection and response, multi-factor authentication, and data encryption to safeguard their systems and customer information from cyber threats like phishing, ransomware, and identity theft. They are also implementing IT compliance frameworks such as PCI DSS, GLBA, and SOX to ensure regulatory compliance and avoid hefty penalties.
Banking and Financial Services
Banking and financial services encompasses a broad range of businesses including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. Each of the above businesses faces unique challenges in terms of internal controls. Physical and logical security play a major role in ensuring customer data is secure. Confidentiality and privacy are also important, as is the completeness, timeliness, and accuracy of transactions. Each business has its unique challenges around internal controls. Implementing a robust compliance program can be used as a competitive advantage.
The Need for a SOC Audit
Customers, vendors, and other stakeholders will take comfort in knowing your business undergoes an annual SOC audit.
Payroll Service Providers
With payroll being such an important function, many businesses will not even consider contracting with a payroll service provider if they do not have a SOC audit. If payroll is processed incorrectly, it can have a material impact on the user organization's financial statements. Additionally, the payroll process is considered to be “in-scope” in terms of SOX compliance. If the payroll service provider does not have a SOC audit, they may have to endure several audits by accounting firms throughout the year.
Accounts Receivable Management and Collection Agencies
The primary function of an accounts receivable management company is to pursue and try to collect on the outstanding debt of businesses and individuals. Many times, an accounts receivable management company will act as a third-party agent of the creditor and is paid based on a fee or based on the total amount owed or collected. Prior to a company contracting with a third-party agent to perform collection duties, the company will want assurances the collections agency is in compliance with laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA).
In terms of internal controls, the contracting company will want to see the processes around receiving placements, processing collections, receipt of payments, reconciliation of receipts, and reporting of debts collected. Implementing a robust compliance program can be used as a competitive advantage. Increasingly, accounts receivable management companies are asked to implement and maintain a compliance program that demonstrates their commitment to a strong system of internal controls. Control frameworks (such as SOC 1, SOC 2, ISO 27001, etc.) are widely accepted and help accounts receivable management companies differentiate themselves from their competitors by demonstrating their commitment to maintaining a strong IT compliance program.
When it comes to strengthening cybersecurity for financial services, you can count on CyberGuard Advantage!
Count on CyberGuard Advantage!
IT compliance and cybersecurity concerns are at the forefront of today’s complex business world. CyberGuard Advantage has the skilled professionals to help you make the right decisions at the right time. Reach out to us today.