BNA Insights: Basel III Cybersecurity Requirements for Data Storage

Basel III and the Dodd-Frank Act require certain financial institutions to develop, implement and maintain enhanced data information technology to accurately assess and aggregate a variety of potential financial, legal and other operational risks. As such, bank regulatory counsel should be aware that the choice between two commonly used approaches to the external indexing and querying necessary for such risk aggregation – data warehousing and federated data access – might well prove to be a key component of the enterprise’s ongoing efforts to implement the required type of ‘‘reasonable’’ data security and cybersecurity protection.

from Eric Armstrong, Controller and Compliance Manager at WhamTech.