In the past few years the security of personal data has received a great deal of regulatory attention. Indeed, in a number of high-profile cases both within and outside our industry data has been lost.
As a result, significant financial penalties have been imposed, putting the reputation of offending firms at risk.
Of course, the protection of personal information is important to brokers, compliance managers and networks so choosing the most appropriate client data retention system is key.
Before the world of technology the industry coped by using traditional paper-based methods but technological advances have allowed such mundane processes to be eradicated and client files can now be saved electronically.
Your client management system should be able to safely maintain the personal records of all your clients and you should also have this data backed up remotely in a secure environment.
By doing this, you know your data will not be exposed to factors such as fire, flood and theft.
When housing data it is imperative that your chosen solution is reliable and safe so up-to-date firewall protection, encryption, redundancy and physical security systems are all critical in this regard.
Can you afford to host your client data on poorly equipped hardware or storage systems? And are you sure you’re aware of the implications of not keeping data secure?