Secure, Compliant Destruction of Financial Services Data & Customer Information

Mar 11, 2020 Blog Article

Almost all businesses that provide financial services to customers are required by regulatory, legal, and contractual responsibilities to protect client data, credit card numbers, transactional records, and other sensitive information. Destruction of that data in such a way that it cannot be reconstructed will typically require compliant business data erasure software.

Let’s take a closer look at financial services data destruction through software-based data erasure.

Vivian Cullipher Vivian is a career writer and editor, having covered technology-related topics for government and B2B organizations since before LinkedIn and the iPhone. As Blancco’s head of content, she oversees the development of thought-leadership-based copy for web, social media, and other Blancco communication channels.

What Regulations Apply to Financial Services Data?

There are a number of regulations that apply to financial services providers. Some of these include:

These regulations cover the gathering, storage, data destruction, protection, and disclosure of customers’ nonpublic personal information. Compliance is mandatory for financial institutions, requiring them to create and follow a policy which protects financial information from “foreseeable threats” in data security.

NIST 800-88 Clear & Purge, DoD 5220.22, BSI, and more. See our 25+ Supported Sanitization Standards

Which Types of Financial Services Companies Must Comply?

Regulations such as the GLBA outline regulations are designed to control how banks and security firms merge or consolidate their businesses, but they also provide detailed requirements about how customers’ personal financial data must be protected regardless of who stores that information.

Any company which offers financial products or services to individual consumers is expected to comply, including but not limited to:

What Are the Requirements for Financial Data Destruction?

Financial services companies must permanently erase data and dispose of hardware and storage media securely, and if a third-party data erasure solution is used, that service provider must also be compliant and may need to sign a GLB Security Agreement.

Sub-par approaches are liabilities. Before assuming compliance, ask, "What is true data sanitization?"

The financial service provider or institution must ensure that all third-party service providers who have access to data storage media or systems which contain cardholder data are PCI DSS compliant and meet other regulatory standards for their industry. A service provider is defined as “a business entity that is not a payment brand, directly involved in processing, storage, or transmission of cardholder data.”

These private and public organizations must permanently destroy financial records and electronics that may contain sensitive information. This makes choosing the right software-based data eraser or disk wipe program a very important decision for any banking, financial services, or insurance (BFSI) company.

Sourcing a Compliant Partner for Financial Services Data Destruction

Finding a secure solution that will help your organization achieve or maintain certified compliance with these stringent standards should start with planning an expert consultation.

At Blancco, we provide the most globally certified solution for secure erasure of financial services data. We also make the audit process easier for financial services industry organizations with secure, tamper-proof certificates of erasure that attest to stringent regulatory compliance.

In a rapidly changing landscape of IT advancement and regulations attempting to keep pace with technology, working with our team will reduce the time, effort, and complexities of ensuring your data destruction solutions keep pace with the speed of business.

Contact us today for a targeted solution for your BFSI organization.

Ensure Complete, Permanent Data Sanitization

Whether for FACTA, SOX, GLBA, PCI DSS, or otherwise, we have you covered for secure, compliant financial data sanitization. See how we protect your data at end of life.

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