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Honest question: how can a financial services company not have an in-house infoSec team? To me, this is an even more concerning issue. But then, I have no idea
by ahmedfromtunis 6y ago
Honest question: how can a financial services company not have an in-house infoSec team?
To me, this is an even more concerning issue. But then, I have no idea how the finance services world works, so maybe this is more common than I think?
- Narkov 6y agoFinTech doesn't always mean global mega bank. There's lots of small scale start-ups that fit into the financial services category that wouldn't/couldn't afford full time InfoSec roles. Outsourced CISO/InfoSec is a valid and reasonable thing for some companies.
- deleted 6y ago[deleted]
- yellowapple 6y agoI feel like a small scale startup needs internal infosec and audit teams even more. Unlike the incumbents, who are "too big to fail" and therefore are able to get away with blatant insecurity, a startup's in a much more vulnerable position, and any security breach is significantly riskier in terms of corporate longevity. If I was running a financial services startup, those groups would be near the front of my list in terms of internal hiring.
- rasz 6y agoWhy would they? There are still to this day no downsides to a customer data leak here and there.
- artellectual 6y agoThere are huge repercussions. We are governed by PDPA (our GDPR equivalent) law where penalties are extreme. Thailand takes Data Privacy as seriously as EU. But again, since it's not always easy to find the right people I end up having to fill in for everything we don't have a team member to execute on.
- rasz 6y agoDid anyone ever went to jail over a data breach? Though so.