Watchdog Highlights Data Risks Linked To Biz Outsourcing
Law360, London (March 30, 2021, 2:00 PM BST) -- Britain's financial services watchdog has told companies in the sector that they should put robust controls in place for data security and that they should tell external suppliers about their policies to make them aware of risks and regulatory expectations.
The Prudential Regulation Authority said on Monday that company boards must implement a written outsourcing policy that should be aligned with its strategies on conflicts of interest and cybersecurity. Bosses should disclose this policy to the third-party providers, which they rely on for vital services such as IT, the regulatory arm of the Bank of England said.
The PRA set out the supervisory...
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