Greg DownerReading Time: 6 Minutes
All hedge funds need to comply with regulatory guidelines. How can print management security help you remain compliant?
A hedge fund that is based in the UK needs to comply with regulations set by the UK Financial Conduct Authority (FCA). The FCA considers data protection to be a serious issue, and expects hedge funds to implement IT security measures to protect the customer data that they hold. The penalties that hedge funds face for non-compliance – which can be operational, financial, and reputational – are often significant. This means that all hedge funds should take security compliance seriously, and print management security forms a part of this.
IT Security Considerations
When reviewing your IT security and establishing where your hedge fund sits in terms of the FCA’s guidelines, there are three key areas to consider:
People: the staff members who work at your hedge fund are absolutely fundamental to your security compliance. They should be aware of the security threats they face, and how to work in a conscientious manner that reduces the risk of security breach.
Processes: your hedge fund should have processes in place that reduce security risks without unduly burdening users going about their day-to-day activities. Finding this balance can take time, but it is necessary; gaps in processes can result in breaches that can be damaging and may lead to breaking FCA compliance rules.
Technology: when you design, provision, and manage your IT systems, security should be prominent in your decision making. Your confidential data should sit behind firewalls, on servers and workstations that are protected by antivirus software. Email and web security should also be in place to protect users when they are using emails and browsing the web.
To achieve effective IT security that meets FCA compliance requirements, these three considerations – people, processes, and technology – need to work together seamlessly.
Print Management Security
So how does print management security fit into this picture? The answer is that print management security involves people, processes, and technology, and is an important element of your hedge fund’s security preparedness.
Your employees need to be diligent when dealing with printed materials, as they can potentially lead to data security breaches if they fall into the wrong hands. One way to stop users leaving confidential documents lying around is to introduce managed print processes, whereby a unique PIN is required to release documents at the printer. The technology required to deliver this functionality can be delivered by print solution providers like Vine Street Solutions. Get in touch with us if you’d like to learn more.