With increased cyber banking, how can a bank best protect its client’s private financial information?
Minneapolis banking and financial services attorney, Beau Hurtig, shares how banks can protect their clients’ information.
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So there are a number of answers to this question and a number of measures you might take. The experts would recommend conducting a risk assessment, addressing those risks, and monitoring. However, from my perspective the most important thing to do is employee training. A lot of the breeches that occur these days are because employees failed to follow procedures or took some other action that might not be most appropriate. For example, an employee might receive instructions from one of your customer to wire $100,000.00 to X account. Your employee wants to comply with this demand but, of course, without following the proper procedures there’s a good potential for fraud. So again, employee training is key from my perspective.