IMS Cloud Services’ Post

In the high-stakes world of financial services, data isn't just a resource—it's a liability, if not handled with care. Financial industry regulations such as the Payment Card Industry Data Security Standard (PCI DSS) place restrictions on how data is managed within financial institutions, and organisations must adhere or face hefty penalties as a result. In our 2024 ‘The State of Data Security in Financial Services’ report, we dissected our own proprietary data to understand how financial service companies are navigating data sprawl, the risks of stale data, and the importance of regulatory compliance. Download the full report here:  https://lnkd.in/eUF9cwfH #FinancialServices #DataSecurity #PCIDSS

In the high-stakes world of financial services, data isn't just a resource—it's a liability, if not handled with care. Financial industry regulations such as the Payment Card Industry Data Security Standard (PCI DSS) place restrictions on how data is managed within financial institutions, and organisations must adhere or face hefty penalties as a result. In our 2024 ‘The State of Data Security in Financial Services’ report, we dissected our own proprietary data to understand how financial service companies are navigating data sprawl, the risks of stale data, and the importance of regulatory compliance. Download the full report here: https://lnkd.in/e8FFvpSq #FinancialServices #DataSecurity #PCIDSS

#NITMXBeware Stay informed and stay safe💡Be aware of mule accounts - Take action now to protect yourself! 🚨 Your account could be at risk without you even knowing. Follow these 3 easy steps to keep your account safe. Cause your financial security matters💪 #NITMX #ITMX #PromptPay #CrossBorderQRPayment #PromptBiz #Payment #PaymentInfrastructure #TRUST 

SEC Adds New Incident Response Rules for Financial Sector Financial firms covered under new regulations will be required to establish a clear response and communications plan for customer data breaches. NEW 30 day reporting requirements applies to: Broker-dealers, investment companies, registered investment advisers, and transfer agents must address the growing use of technology and the risks it imposes. Institutions must develop, implement, and maintain policies for an incident response program that can respond to and recover from unauthorized access to customer information. The incident response program must require institutions to notify individuals whose sensitive information was compromised. Covered institutions must give notice of a breach as soon as possible but no later than 30 days if customer information was accessed by an unauthorized user. This notice must provide details of the incident, the kind of data that was breached, and how affected customers can best protect themselves. What are your thoughts? Comment below.  #sec #incidentresponse #smallbusiness #financial #fi #bestpractices #compliance

The #databreach at Financial Business and Consumer Solutions (FBCS) has impacted more individuals than initially reported. The data breach at Financial Business and Consumer Solutions (FBCS) has impacted more individuals than initially reported. Read more: https://buff.ly/3Suj1f4

How do you manage the stability of financial applications when dealing with frequent change requests? I have effectively handled critical issues for the MFI NBFC’S and financial sectors. Critical Issue 1: Data Integrity Breach Problem: A change request led to a data integrity breach, compromising customer records in the application. Solution: Implemented real-time data validation checks and enhanced encryption protocols. This approach prevented further breaches and safeguarded customer data integrity. Critical Issue 2: Application Performance Degradation Problem: Multiple change requests caused the application to slow down, impacting user experience and processing speed. Solution: Optimized the application's performance by refactoring code and upgrading the underlying infrastructure, leading to a 50% increase in processing speed and improved user satisfaction. Struggling with performance issues in your applications? Reach out to explore how my experience can boost your system’s efficiency. #PerformanceOptimization #TechLeadership #NBFCs #microfinance

How do you manage the stability of financial applications when dealing with frequent change requests? I have effectively handled critical issues for the MFI NBFC’S and financial sectors. Critical Issue 1: Data Integrity Breach Problem: A change request led to a data integrity breach, compromising customer records in the application. Solution: Implemented real-time data validation checks and enhanced encryption protocols. This approach prevented further breaches and safeguarded customer data integrity. Critical Issue 2: Application Performance Degradation Problem: Multiple change requests caused the application to slow down, impacting user experience and processing speed. Solution: Optimized the application's performance by refactoring code and upgrading the underlying infrastructure, leading to a 50% increase in processing speed and improved user satisfaction. Struggling with performance issues in your applications? Reach out to explore how my experience can boost your system’s efficiency. #PerformanceOptimization #TechLeadership #NBFCs #microfinance

How do you manage the stability of financial applications when dealing with frequent change requests? I have effectively handled critical issues for the MFI NBFC’S and financial sectors. Critical Issue 1: Data Integrity Breach Problem: A change request led to a data integrity breach, compromising customer records in the application. Solution: Implemented real-time data validation checks and enhanced encryption protocols. This approach prevented further breaches and safeguarded customer data integrity. Critical Issue 2: Application Performance Degradation Problem: Multiple change requests caused the application to slow down, impacting user experience and processing speed. Solution: Optimized the application's performance by refactoring code and upgrading the underlying infrastructure, leading to a 50% increase in processing speed and improved user satisfaction. Struggling with performance issues in your applications? Reach out to explore how my experience can boost your system’s efficiency. #PerformanceOptimization #TechLeadership #NBFCs #microfinance

CFPB 1033 has the potential to transform the financial services landscape in positive ways. By spurring the development of new services and forcing core banking providers to open up API access to a broader range of Fintechs, the rule could introduce new innovations that benefit consumers. This shift could dramatically accelerate the evolution of financial services, giving consumers more choices, better tools for managing their finances, and more transparency. But someone will have to pay for this, and it will likely be financial institutions and consumers footing the bill.

Empowering Consumers with Financial Data Control: CFPB Section 1033 The financial landscape is shifting! With CFPB’s new Section 1033, consumers are gaining unprecedented control over their financial data. This regulation encourages transparency and promotes competition, benefiting consumers and financial institutions alike. But it comes with challenges, especially for smaller banks and credit unions. What will the future hold for the financial industry? Curious about how this might affect your institution and customers? Our latest blog takes a deep dive into the impacts and what this means for the future of financial services. Have questions? Reach out to us. We're here to help! #CFPB1033 #FinancialDataRights #Fintech #Innovation #DataSecurity #iTGC #FinancialServices #ConsumerEmpowerment https://lnkd.in/gB6nfy5r