Financial Services is at the forefront of our thoughts these days, with compliance being a big focus – both in the industry and at Scanfree, where we’ve read some good articles just recently. We’ve got our presentation coming up in a couple of weeks, and with the level of activity around the offices these days I’m sure it will be upon us before we know it. But we’re bringing it all together, and some of our research is winding up in this post.
We’ll start off with this article; it’s not 100% compliance related, but it ties in. According to a recent PwC report released at Infosec, the average cost of a data breach is now anywhere from £600,000 up to £1.5M – that’s up almost 40% from just last year. And there’s worse news for smaller companies: although the amounts are smaller (£65,000 to £115,000), percentage-wise that is almost double from a year ago. Getting behind your compliance initiatives and locking down that important data is getting more and more important, as if you didn’t already know. But as recently as 2012 over half of UK businesses who haven’t already suffered a breach still seem to think it’s not that important.
The Data Protection act is changing. As the UK regulation folds into the EU General Directive, there are a lot of questions about how this affects UK companies. There’s some valuable information on Data Protection in the UK and the EU in this article from Cordery. We work on a number of data processing projects and our clients are directly affected by these rulings. Cordery is a great source of information.
And then there’s this piece about Merrill Lynch and the fines they’ll be paying out. Read it as “overcharging” but it’s the oversight they were lacking that led to it. Just one more of the big providers getting nailed for non-compliance.
We’ve also heard that Rex Lamb, the man behind FileBound, and ImageMax before that, is back at it. FileBound sold to Upload Software not that long ago, and instead of retiring or taking a back seat, Rex has dived right back into software with a new compliance SaaS that promises to be great (if his track record is anything to go by). We’ll be linking up with Rex in the next week and trying to incorporate his product into our offering. When I’ve learned a bit more about it, I’ll be posting about it here.