View more on these topics

Protecting your data never mattered more

In an era where data loss is poison to business reputations and profits, management of data has taken on increased prominence.

In the last 10 years, data management has become more of an issue for risk directors, where once it was purely the purview of operations and technical directors.

In smaller markets, like mortgages, fraud is more prevalent. So is data theft and misuse.

Scruples tend to evaporate in the heat of competition during a downturn. Businesses scramble to survive and more people are willing to cut corners and use your data for their own benefit. So make sure you know your data managers and suppliers and deal with them directly.

To combat this threat, banks must bring data management directly under their control, which means cutting out IT middlemen.

Too often banks rely on their panel manager and other third parties to monitor IT suppliers. This is a fool’s paradise.

A trusted IT supplier won’t lose your data or have notable periods of server down-time. They will tell you where your data is, who it is shared with, and how it is used.

Lenders should pick suppliers with modern web-based systems that use cutting-edge IT code. They should not rely on providers that use cumbersome systems written in archaic programming languages.

That will help them meet the best practice approaches to third parties laid out by the Financial Services Authority’s thematic review last June.

Recommended

Last week’s winner

“A rare picture of Buddy Holly and Tom Jones together found on the Antique Roadshow.”

Bob Young

Avoid past mistakes and B2L is a good bet

It is no secret that buy-to-let is showing strength at present and the latest data on rates from Moneyfacts.co.uk shows just how promising the picture is.

Make RBS business bank, says Cable

Business secretary Vince Cable has called for Royal Bank of Scotland to be split up to form a British business bank. In a letter to Prime Minister David Cameron and deputy Prime Minister Nick Clegg that was leaked to the BBC last week, Cable says the government should recognise that RBS cannot succeed in its […]

Use SVR furore to cut customers’ payments

I have a simple question. Over the past 18 months or so has there been a better time to challenge SVR clients on their mortgage status? I don’t think so.