In today’s digital age, data security has become a critical concern for businesses across all industries. With the increasing number of cyber threats and data breaches, organisations must prioritise data security in their compliance management efforts. This is particularly true for companies dealing with sensitive information, such as those operating in the financial sector and subject to stringent regulations like the Market Abuse Regulation (MAR). In this post, we will explore the importance of data security in compliance management and how Logwise’s advanced security features can help protect your organisation’s sensitive information.
Table of Contents
1. The Importance of Data Security in Compliance Management
Compliance management is a crucial aspect of any organisation’s operations, particularly for those dealing with sensitive information and subject to strict regulations. Ensuring data security is a vital component of compliance management, as failure to protect sensitive information can lead to severe consequences, including regulatory penalties, reputational damage, and financial losses.
In the context of MAR, organisations must manage and protect sensitive information, such as insider lists, market soundings, and trade restriction lists. Failure to secure this data can result in non-compliance with regulatory requirements, leading to significant fines and penalties.
2. Logwise’s Advanced Security Features
Logwise, a market-leading compliance solution provider, offers a range of advanced security features designed to protect your organisation’s sensitive information and ensure compliance with MAR and other regulations.
Cyber Essentials Certification
Logwise runs an Information Security Management System in alignement with ISO 27001 and is Cyber Essentials (CE) Plus certified, a UK government-backed certification that demonstrates the company’s commitment to implementing robust cybersecurity measures. The annual CE Plus third party certification audit ensures that Logwise adheres to best practices in data security, disaster recovery and safeguarding your organisation’s sensitive information.
Azure Active Directory Integration
Logwise integrates seamlessly with Azure Active Directory, a cloud-based identity and access management service. This integration simplifies user management and enhances security by providing single sign-on and multi-factor authentication capabilities putting control of user account security in the hands of your own IT team.
Secure Data Storage and Encryption
Logwise ensures the secure storage of your organisation’s sensitive information by using encryption both at rest and in transit. This means that your data is protected from unauthorised access, even if a physical breach occurs.
Client Data Masking
During day to day monitoring and operations no customer data such as project names, insider emails or personal details are exposed to Logwise staff – all data is masked inside the database returning “email*****” or “name****” instead of real data. This allows Logwise staff to monitor database operations and integrity without gaining access to any sensitive data that may be stored in the system.
Database Backup
Continual point-in-time backups allow restoring the database to any point in time in the last 7 days. Database backups are geo-redundantly shipped every 10 minutes, differential backups are performed every day and full backups are scheduled on a weekly basis. All backups are transparently encrypted to protect from unauthorised use.
GDPR
All data is stored and managed in accordance with EU General Data Protection Regulation 2016/679. Logwise acts as your Data Processor for insider lists and a Data Processing Agreement (DPA) is set up between your company and Logwise to ensure compliance with GDPR.
Cloud Outsourcing
For our clients in the regulated financial sector, Logwise offers a service configuration that aligns with ESMA & EBA cloud outsourcing guidelines for critical functions. With the EU’s upcoming digital resilience regulation, DORA, we’re set to assist you in navigating through compliance across sell-side, buy-side, and banking markets. Our approach is about simplifying compliance while keeping it professional and aligned with regulatory frameworks.
3. Conclusion
In conclusion, prioritising data security in compliance management is essential for organisations dealing with sensitive information and subject to strict regulations like MAR. Logwise’s advanced security features offer a comprehensive solution for protecting your organisation’s sensitive information and ensuring compliance with regulatory requirements. By implementing Logwise for compliance management, your organisation can benefit from enhanced data security, streamlined compliance processes, improved operational efficiency, and greater control over compliance-related data and activities.
