Fried, Frank, Harris, Shriver & Jacobson LLP today released the Banker’s Pocket Guide to Information Security, an accessible, concise resource summarizing the information security policies and procedures necessary for financial institutions to protect vital customer information. The Pocket Guide was created at a time of increased focus on information security in the financial services industry.
“The increase in identity theft and attacks on consumer information databases has led to a growing concern from both customers and financial institutions about the protection of information,” says Tom Vartanian, chair of Fried Frank’s financial institutions and electronic commerce transactions groups.
“Financial institutions, which have broad experience in responding to regulatory demands, are looking for creative and cost-effective responses to the new information security requirements of the electronic world,” continues Vartanian. “The Pocket Guide provides the tools they need.”
Fried Frank’s partners are well known for the significant roles they have played in the development of the law of cyberspace with regard to jurisdiction, electronic payments, and the protection of databases, and as authors of a leading treatise, 21st Century Money, Banking & Commerce. Fried Frank is a recognized leader in corporate governance and counseling, and the Pocket Guide is another tool the firm makes available to assist management and boards of directors in remaining informed regarding the growing importance of information security practices, including how it interfaces with financial reporting, internal controls and the board’s responsibility for the enterprise as a whole.
Incidents such as Choicepoint, Inc.’s release in early 2005 of credit reports and other information related to 145,000 individuals has both consumers and regulators on guard. Choicepoint recently settled with the Federal Trade Commission for $15 million and is currently defending a class action lawsuit from consumers whose information was released. Also, a recent survey conducted by Entrust, a Texas-based Internet-security firm, found that 18% of respondents decreased their use of Internet banking in the past year because of fears regarding the online security of their identity. Another report, from research firm the Gartner Group, estimates that 2.5 million people suffered financial losses in “phishing” attacks in 2004.
To order a complete copy of the Pocket Guide go to: www.friedfrank.com/bancmail/bancpage.htm