Tag: data privacy/data security

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Data Driven Compliance

Data Driven Compliance: eCom Surveillance and Cybersecurity Data Management

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, which is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs. Data Driven Compliance is back with another exciting episode The intersection of law, compliance, and data is becoming increasingly important in the world of cross-border transactions and mergers and acquisitions.

Data has become much more ubiquitous and needs to be incorporated into business processes. AI data cleansing helps to reduce false positives and provides context to alerts generated by the system. AI capabilities are divided into three categories: removing duplicative content, detecting risk, and providing context. AI-powered data cleansing strips out non-human generated content and focuses on what was sent by an individual. This helps to lower false positives in alerts generated by the system.

The need for eCom surveillance is increasing as communication sources become more varied. Slack, Zoom, Teams, Bloomberg chat, and Ice chat are all becoming commonplace, and companies need to be able to capture data from these sources. Artificial intelligence and machine learning models are being deployed to empower a compliance officer to focus on what’s important and be risk-based. Companies that have been hesitant about the cloud are now moving their data to the cloud.

The amount of voice business that is happening over Zoom and teams and other voice channels has skyrocketed. Regulators have been very clear that you need to capture and record that voice data. Customers have asked for more and more data sources to capture, including audio. Compliance teams need systems to manage collaboration, case management tools, and review tools. Technology allows compliance teams to no longer use Excel or SharePoint to manage their own internal processes.

The combination of technology and compliance is transforming the industry. Artificial intelligence capabilities have come a long way in the past few years and are already good enough to provide a lot of value to customers. The innovation over the next few years will be on the defensibility front, proving defensibly why something was alerted on and why something else was not. Technology is available to capture every data source that’s out there, and it is essential for compliance teams to leverage this technology to remain compliant and competitive.

 Key Highlights

·      Ecom Surveillance

·      Cybersecurity Data Management

·      AI and Compliance

Resources:

 Tom Fox 

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From the Editor's Desk

February and March in Compliance Week

Welcome to From the Editor’s Desk, a podcast where co-hosts Tom Fox and Kyle Brasseur, EIC at Compliance Week, unpack some of the top stories which have appeared in Compliance Week over the past month, look at top compliance stories upcoming for the next month, talk some sports and generally try to solve the world’s problems.

 In this month’s episode, we look back at top stories in CW from February around the changes in DOJ efforts to encourage corporate cooperation and compliance and; the Treasury Department’s renewed enforcement efforts against banks for violations of OFAC Regulations. We previewed some of the stories CW will look at in March, including several articles about data privacy in the US and Europe in a CW special issue.

Kyle relates some of the upcoming Compliance Week 2023 Conference highlights from May 15-17 in Washington, DC. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link below.

 We conclude with a look at some of the top sports stories, including a recap of the Super Bowl, the insanity of the NBA trading deadline, and the opening of Spring Training.

 Resources

Compliance Week 2023 information and registration here

Kyle Brasseur on LinkedIn

Compliance Week

Categories
Innovation in Compliance

Foundational Data Security with Chris Hoose


In this episode of the Innovation in Compliance Podcast, Tom Fox has a discussion about data security for smaller companies with the president of Choose Networks: Chris Hoose.  
Choose Networks is described on its website as Chris Hoose’s youngest child – and that’s something many entrepreneurs can relate to. The idea of family, however, is very important to the culture of Choose Networks. Maintaining that kind of family culture, where you have friends at work, and even in terms of how you think about your clients and vendors is a major priority for Chris – and a key element in how they provide a consistent product to their client. This matters because they really serve as an extension of their clients’ staff – the IT department.

Small Businesses are Tempting
The biggest reason hacking is an issue for small companies is that they often have access to the databases of much bigger companies. A small business can be a tempting target for a hacker, who thinks of them as an easy way into a much bigger organization.
Small companies can demonstrate that their systems are secure, and in compliance with all relevant regulations to communicate to large clients that they’re on top of and careful about, security. The technical requirements are the easy part – more difficult is behavior, and making sure that teams are adhering to policy.
Passwords are Still Key
It’s important to be careful with your passwords – believe it or not, many people still have to be told not to write them down and stick them to your monitor! Adding 2-factor authentication methods takes security one step further, and can be valuable for organizations who have access to sensitive information. Still – the number one thing to do to prevent cyber threats is to educate their employees about how to be mindful.
Storing Information on the Cloud
Cloud storage is everywhere – and it’s great in terms of ease of access, but relying on someone else to protect your data can be risky. On the other hand, they’re often much better at protecting things than you are. Choosing the right provider is important: you don’t want to trade security for convenience.
Have you Updated Your OS?
Vulnerabilities in operating systems are one of the most common ways for hackers to gain access to sensitive information. Since companies don’t know what the vulnerabilities are when they release an OS, they release security patches as they are discovered. At a certain point, the creators of Operating Systems have to stop producing security patches for their software – and when that happens, it’s open season. Update your OS on a regular basis – and upgrade it when it’s getting too old to protect.
When you’re dealing with teams that work remotely, your cloud provider is the most important data security consideration – and another major one is who owns the hardware your team uses. If your employees use their own equipment, you need to make sure you have certain privileges on them – like monitoring any recording, and remote wiping.
Resources:
ChooseNetworks.com
ChrisHoose.com