Why Your Financial Institution Should Invest in Data Privacy & Security Solutions

 

As businesses shift operations online, there are potential privacy concerns that will prove very damaging if mismanaged. Keeping customers’ information secure and private has become critical. This is especially true for companies that are in the financial sector.

Globe Business understands the need for companies to reinforce their data privacy regulations.

This is why Globe Business Academy launched a webinar entitled “Data Privacy and Security for Financial Institutions”. The webinar featured four esteemed speakers: Sam Jacoba, founding president of the National Association of Data Protection Officers of the Philippines (NADPOP); Atty. Kiko Acero, NADPOP Certified Data Privacy Instructor; Titus Manuel, NADPOP Founding Chairman; and Abet Dela Cruz, founder, and director of the Philippine Computer Emergency Response Team (PH-CERT).

Key Highlights from the webinar

Mr. Sam Jacoba gave tips to business owners where to focus their data privacy and cybersecurity plans that includes a hyper-focus on people and continuous improvement of the business’ digital ecosystem;

Atty. Kiko Acero intimated the importance of understanding the terms of the Data Privacy Act to avoid potential fines for non-compliance. Upcoming penalties for the failure to implement appropriate measures to protect the security of personal information, or failure to ensure third parties implement security measures may result in an administrative fine for the business that equals 0.5% to 3% of the previous year's annual gross income. This is on top of criminal penalties that mean imprisonment for the business’s top officers.

Mr. Titus Manuel gave the eight human errors that lead to data breaches and explained the need for special interest groups focused on Data Privacy and Information Security best practices, common concerns, and advocacies. He also introduced ADPRIMAS, a subscription based online solution designed to guide and assist companies in defining and establishing data privacy practitioners' compliance with the data privacy law; and

Mr. Abet Dela Cruz stressed the importance of protecting against disclosure, alteration, and destruction of critical, sensitive, and personal information. He discussed how digitalization and working from home placed more importance on robust security measures focused on mobile work devices like laptops and mobile phones. He also revealed the essential features that an endpoint security tool should have.

Support against data privacy breaches

According to Trilby Lim, Globe Business’ Business Intelligence and Tech Enablement Head, “webinars like this aim to educate organizations on ways to protect themselves against costly data breaches. This is why Globe Business aims to provide capacity-building programs such as this so that your financial institution can continue to safely digitize financial services and continue the journey for greater financial inclusivity,” she shares.

To watch a replay of the Masterclass, please visit https://mybusinessacademy.ph/industry/banking/masterclass-on-data-privacy-and-security-for-financial-institutions/.

To learn more about ADPRIMAS, visit https://www.globe.com.ph/business/sme/solutions/adprimas.html

—

If you like this post, please do share it on social media like Facebook, Twitter or any other site that you like (of course with a credit link back to this blog post).

Also, don’t forget to follow me on Facebook, Spotify or Anchor.fm (for the Podcast), and Instagram for more updates and random stuff about me and this blog.