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Managing IT Security and Data
Privacy Security to Enhance the
Client Experience
Ovum Financial Services Technology
Forum
25th June 2013
Alpesh Doshi
Fintricity
A CHANGE IN CUSTOMER
RELATIONSHIPS
Most B2C
Brands Use
Social Media
Engagement is
now part of the
FABRIC
Customers want a
better relationship
with their BRANDS
SOCIAL DATA IS A NEW
CURRENCY OF ENGAGEMENT
We generate
vast amounts
of DATA
On the web and
Social sites
Data on our likes,
activities, friends,
views/opinions
Social Data is now a currency that can be used to
build one-to-one relationships with customers.
Carefully harvesting, analysing and leveraging
social media data, banks may be able to gain
valuable insight into customer investment patterns,
market trends and value propositions.
Managing it security and data privacy security
WHAT KIND OF DATA IS
AVAILABLE?
WHAT KIND OF DATA IS
AVAILABLE?
Demographics
Age, Gender,
Geography, HHI,
Level of
Education, List
of friends,
Friends of
Friends
Interests
Profile-Based,
Contextual,
Demonstrated,
Undeclared
Actions
Creating, Rating,
Sending, Sharing,
Uploading, Watching,
and more
Interaction
How people interact
with content and ads:
Clicks, time spent,
interactions, videos
completed
Recency and
Frequency
How often and
when people
express interests
or actions
Sentiment and
Exposure
What people say,
what they read, and
when and how they
say and read it
SECURITY STRATEGY FOR
PERSONAL DATA
Data Protection and
Data Privacy regulations
must be implemented
Information Risk
Standards – ISO 27001
Regulatory and FCA/PRA
Requirements
SECURITY STRATEGY FOR
PERSONAL DATA
DATA PROTECTION
• Personal data must be processed fairly
and lawfully
• Obtained for only one or more specified
lawful purpose
• Adequate, relevant and not excessive
• Accurate and kept up to date
• Not be kept for longer than is necessary
• Processed in accordance with data
subjects’ rights
• Appropriate technical and organisational
measures
• No transfer outside the EEA unless
adequate protection
RISK MANAGEMENT
• Brand Reputation and loss of credibility can
be catastrophic for a financial services
organisation
• Confidential Information about identified
individuals, even though some of the data is
publicly available, must be ‘managed’
carefully
• Internal Policies, both business and
technology policies must be coherent and
linked across departments
• Monitoring and management of these risks,
and how they meet requirements must be
implemented
GAPS IN APPROACHES BY
FINANCIALS SERVICES COs
Most firms don’t
have joined up
policies.
Firms tend to have a reactive
approach to implementing risks and
only do so when an event happens.
Integrated
Monitoring is
key.
Most firms have not identified
data or assessed security risks
that are faced by firms.
Data ownership and use of Social .has not been
considered yet, but is being used
SECURITY SOLUTIONS AND
ARCHITECTURES
Build architectures
that incorporate
security from the start
The volumes and timeliness of
Social Data requires revised
operating models and systems
architecture
Governance, Risk,
Compliance
solutions updated
Data Security and Use
Lifecycle approach created
in an integrated way
Risk Mitigation must be the business imperative, but
enable agility and improved customer engagement
SUMMARY
Data Privacy and IT
Security has become
more complex.
Data Protection and Privacy, Information Risk (ISO
27001), and Regulatory Requirements must be
combined into a overall Security Strategy
A combination of business
and technology approaches
are required
It requires joined up thinking and implementation
between the business and IT
Thanks for Listening
Any Questions?
Alpesh Doshi, Fintricity
m: +44 7973 822820
w: www.fintricity.com
t: @alpeshdoshi
l: www.linkedin.com/in/alpeshdoshi
References
• Guarding the Social Gates, The imperative for Social media Risk Management, Alan Weber, Altimeter Group, August 2012
• Social Data: Managing data privacy and other Legal Risks, Belinda Doshi, Partner, Nabarro, September 2012
• FCA – Data Security http://www.fsa.gov.uk/pubs/other/data_security.pdf
• The Social Banker – Social Media Lessons from Banking Insiders KPMG, April 2012

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Managing it security and data privacy security

  • 1. Managing IT Security and Data Privacy Security to Enhance the Client Experience Ovum Financial Services Technology Forum 25th June 2013 Alpesh Doshi Fintricity
  • 2. A CHANGE IN CUSTOMER RELATIONSHIPS Most B2C Brands Use Social Media Engagement is now part of the FABRIC Customers want a better relationship with their BRANDS
  • 3. SOCIAL DATA IS A NEW CURRENCY OF ENGAGEMENT We generate vast amounts of DATA On the web and Social sites Data on our likes, activities, friends, views/opinions Social Data is now a currency that can be used to build one-to-one relationships with customers. Carefully harvesting, analysing and leveraging social media data, banks may be able to gain valuable insight into customer investment patterns, market trends and value propositions.
  • 5. WHAT KIND OF DATA IS AVAILABLE?
  • 6. WHAT KIND OF DATA IS AVAILABLE? Demographics Age, Gender, Geography, HHI, Level of Education, List of friends, Friends of Friends Interests Profile-Based, Contextual, Demonstrated, Undeclared Actions Creating, Rating, Sending, Sharing, Uploading, Watching, and more Interaction How people interact with content and ads: Clicks, time spent, interactions, videos completed Recency and Frequency How often and when people express interests or actions Sentiment and Exposure What people say, what they read, and when and how they say and read it
  • 7. SECURITY STRATEGY FOR PERSONAL DATA Data Protection and Data Privacy regulations must be implemented Information Risk Standards – ISO 27001 Regulatory and FCA/PRA Requirements
  • 8. SECURITY STRATEGY FOR PERSONAL DATA DATA PROTECTION • Personal data must be processed fairly and lawfully • Obtained for only one or more specified lawful purpose • Adequate, relevant and not excessive • Accurate and kept up to date • Not be kept for longer than is necessary • Processed in accordance with data subjects’ rights • Appropriate technical and organisational measures • No transfer outside the EEA unless adequate protection RISK MANAGEMENT • Brand Reputation and loss of credibility can be catastrophic for a financial services organisation • Confidential Information about identified individuals, even though some of the data is publicly available, must be ‘managed’ carefully • Internal Policies, both business and technology policies must be coherent and linked across departments • Monitoring and management of these risks, and how they meet requirements must be implemented
  • 9. GAPS IN APPROACHES BY FINANCIALS SERVICES COs Most firms don’t have joined up policies. Firms tend to have a reactive approach to implementing risks and only do so when an event happens. Integrated Monitoring is key. Most firms have not identified data or assessed security risks that are faced by firms. Data ownership and use of Social .has not been considered yet, but is being used
  • 10. SECURITY SOLUTIONS AND ARCHITECTURES Build architectures that incorporate security from the start The volumes and timeliness of Social Data requires revised operating models and systems architecture Governance, Risk, Compliance solutions updated Data Security and Use Lifecycle approach created in an integrated way Risk Mitigation must be the business imperative, but enable agility and improved customer engagement
  • 11. SUMMARY Data Privacy and IT Security has become more complex. Data Protection and Privacy, Information Risk (ISO 27001), and Regulatory Requirements must be combined into a overall Security Strategy A combination of business and technology approaches are required It requires joined up thinking and implementation between the business and IT
  • 12. Thanks for Listening Any Questions? Alpesh Doshi, Fintricity m: +44 7973 822820 w: www.fintricity.com t: @alpeshdoshi l: www.linkedin.com/in/alpeshdoshi
  • 13. References • Guarding the Social Gates, The imperative for Social media Risk Management, Alan Weber, Altimeter Group, August 2012 • Social Data: Managing data privacy and other Legal Risks, Belinda Doshi, Partner, Nabarro, September 2012 • FCA – Data Security http://www.fsa.gov.uk/pubs/other/data_security.pdf • The Social Banker – Social Media Lessons from Banking Insiders KPMG, April 2012