Regulatory Alerts2014-04-16
Data Security - A Thematic Report on Practices within the Fiduciary Sector
The Guernsey Financial Services Commission issued this thematic report to evaluate data security practices among licensed fiduciaries following a 2013 review. The findings reveal mixed results, highlighting strengths in security policies and business continuity testing while identifying critical weaknesses in third-party due diligence, staff vetting, and security awareness training. The regulator urges boards to adopt active governance structures and benchmark their operations against ISO 27001 standards to mitigate reputational and operational risks.
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