Financial firms 'must improve' on data security

14 January 2009

New figures from PricewaterhouseCoopers have suggested that financial services firms must do more to protect potentially sensitive information about employees and customers.

The group, which recently carried out its Global State of Information Security Survey for last year with CSO and CIO magazines, said that their polls revealed that 51 percent of financial service organizations do not require any third-party providers to comply with their privacy policies.

Furthermore, a total of 45 percent of US-based firms carry out due diligence checks on any third parties that handle personal consumer and employee information, the survey found.

"Financial services firms have been leaders in privacy and security, but their policies and capabilities are being outstripped by changes in technology and business practices," said PricewaterhouseCoopers managing director Sergio Pedro.

Mr Pedro added that privacy is an issue financial firms "must address", particularly with regard to integrated protection programs.

PricewaterhouseCoopers operated in 150 countries worldwide and employs a staff of more than 155,000 people.

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