Data security has never had more focus for individuals than the introduction of extensions to the Senior Managers and Certification Regime (SM&CR) yesterday.
SM&CR impacts all financial organisations and the individuals working within them who need to know what they are responsible for including those associated with data security.
The legislation makes people personally accountable if they fail in their duties where data security measures are deemed to be ‘inappropriate’ and means that employees could be personally and financially liable to regulatory penalty.
Beyond Encryption’s, Mailock® system, helps solve data security issues associated with normal email, using encryption and recipient identity authentication to protect customers data as well as firms’ employees.
Paul Holland, CEO and Founder of Beyond Encryption, said:
“Mailock® ensures that client data is protected when using email and, as importantly, protects the sending organisation as well as employees who work within them whether life company, bank, asset manager, platform or adviser.
“There can be no doubt that this and other legislation, GDPR and MIFID II, has contributed to increasing take-up levels of our Mailock® solution. “Significantly, our system benefits companies with a robust audit trail of confirmed delivery to an identified individual as well as delivering significant cost savings alongside huge benefits in terms of ground level environmental, ESG & CSR messages.”
Beyond Encryption is working with Origo, the fintech dedicated to improving operational efficiencies, to deliver an industry wide initiative in 2020 that will streamline, enhance and secure communications between clients, intermediaries and platforms.