MBA white paper outlines key components for information security programs MortgagePress.comMBA, White Paper, MBA Residential Technology Steering Committee, RESTECH
The Mortgage Bankers Association's (MBA) Residential Technology
Steering Committee (RESTECH) has released a white paper that
addresses basic security components which should be present in any
financial services related information security program. The paper
outlines common risks and mitigation approaches, specifically for
small to mid-sized lenders, to help them secure sensitive and
confidential customer information while adhering to an
ever-increasing number of related statutes and regulations.
"As industry information security continues to develop rapidly,
MBA feels it is critical to define a minimum set of objectives that
small and mid-sized organizations can meet in order to execute an
effective information security program," said Robert E. Story Jr.,
CMB, MBA's vice chair and chairman of MBA's board of directors
technology steering committee (BODTECH). "This concise and
business-oriented approach will help organizations with limited
resources achieve successful information security practices."
As concern about protection of personal information escalates,
and the statutory and regulatory compliance landscape becomes more
complex, the demand on an organization's information security
program also intensifies. At the same time, the number of threats
and the difficulty of addressing them are increasing as well. While
information security does not generate revenue, the costs
associated with liability, reputation, and compliance failures
obligate senior managers to pay attention.
While most large corporations have the necessary fiscal and
human resources to comply with the growing number of regulatory
requirements, small and mid-sized organizations have fewer
resources.
This paper identifies eight major components of an information
security program:
• Acceptable Use Policy;
• User Access Controls;
• Physical Security;
• Personnel Security;
• Business Continuity Planning;
• Compliance;
• Third-party Provider Management;
• Technology Security
To obtain a copy of the MBA RESTECH white paper, click
here.
