Today’s technology has made it almost too easy to share data. Documents that once had to be signed in ink, mailed, or faxed can now be digitally signed, validated and sent with just a few simple keystrokes.
The digital transformation in the financial industry has brought powerful capabilities and efficiencies, but with these new, streamlined data sharing and processing methods come the potential for numerous negative impacts for risk management and data security if proper procedures are not followed.
Related: Advancing Cybersecurity. Together
DTCC’s processing environment, in our Wealth Management Services (WMS) business, has evolved from more than 20 years of fintech research, investment, innovation and development to provide a secure, interconnected and layered suite of products and services – including Insurance & Retirement Services (I&RS), Mutual Fund Services (MF) and Alternative Investment Products (AIP).
In this report, Data Risks and Best Practices: Observations from DTCC’s Insurance & Retirement Services Business, DTCC’s I&RS business shares a perspective on some industry trends recently observed. I&RS also offers guidance on some best practices to protect all categories of insurance and retirement data from theft and unauthorized access, with the help of technology, responsible processes, proactive controls – and above all, heightened awareness.