Barclays Fined by FINRA more than $3.75 million

The Financial Industry Regulatory Authority (FINRA) announced late in 2013 that Barclays – one of the top 10 largest banks in the world – amounted violations resulting in over $3.75 million in fines. For the last decade, the British bank failed to properly retain and maintain electronic records, emails, and instant messages.

Among the records poorly kept were trade confirmations, trade records, and Bloomberg emails. These documents are extremely sensitive and should be retained for a minimum of ten years. These issues were widespread throughout the organization and affected all of the company’s business areas.

Information security violations amount for the largest and most disruptive regulatory violations across not only the financial services industry, but all regulated industries. Not only must entities manage regulatory change, IT security risk management needs to be in order to protect assets. Does your organization have a sound information security practice? Are you safely operating within regulations?

Source: reuters.com