Why is FFIEC Important?
The FFIEC sets federal regulations for financial institutions that set a minimum standard for data security and privacy.
These regulations ensure that clients’ private information is protected and completely secure. Following FFIEC standards not only helps your business stay above board, it also proves to your clients that you take their security seriously, as well as protect your organization from the backlash of a data breach.
If your business doesn’t comply with FFIEC regulations, you could face fines, penalties, or even closure. That’s why it’s important to have an FFIEC consultant on your side who can help you understand and comply with all of its regulations.