Best Practice Tips from Indian Experts | Article

7 Steps for Protecting Financial Data

outsourcing securityTips 1-5 are contributed by Louis Fox, OfficeTiger:

Foremost, recognize that there is no scope for even a minute security breach. Security must be iron tight. For this reason, it is imperative that security measures be predominantly proactive.

1. Understand compliance requirements that your partnership may be subject to. Educate yourself on legislation such as Sarbanes-Oxley and the UK Data Protection Act so you are aware of the expected security standards.

2. Recognize the importance of the knowledge transfer process and implement necessary procedures to ensure security along with the efficiency of this transfer. Download tips for assessing a supplier’s level of information security.

3. Conduct a thorough analysis of your information security plan that delineates the administrative, technical, and physical steps taken to safeguard the data. Discuss strategies surrounding compliance issues, disaster recovery, etc. onsite and in person to eliminate misinterpretation/confusion as well as establish a contextual basis on physical security.

4. Secure and enforce strict policies surrounding the handling of documents and information. Click here for lessons learned in protecting data.

5. Know your employees. Conduct thorough background checks when hiring, as these individuals will have access to sensitive information.

Tips 6-7 are contributed by Manoj Kunkalienkar, ICICI Infotech

6. The Internet uses packet switching, which means Americans’ Social Security numbers are scrambled in transmission. Make sure they remain scrambled until they enter the supplier’s database.

7. Set up a video conferencing capability so both parties can see as well as hear each other. Body language is an important part of communication, especially if there is a problem.

Louis Fox is Senior Vice President, Operations, for OfficeTiger, a professional support supplier that provides back-office services to banks, among other clients. It has offices in India, New York, and London.

Manoj Kunkalienkar is Executive Director and President of ICICI Infotech, a software development outsourcing provider in India that works with the banking industry, among others.

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