NEW YORK, OCTOBER 22, 2018 – FCI and Workplace by OS33 announced a joint offering today at the Technology Tools for Today (T3) Enterprise Conference. This strategic alliance combines FCI’s best-of-breed cybersecurity tools, known as Technical Controls, and Workplace Frontline, an endpoint detection product, to form a Cybersecurity Policy Enforcement System.
The system seamlessly integrates with a financial enterprise’s core SaaS applications to protect a firm’s data while enforcing regulatory and compliance requirements – such as those from FINRA and NYDFS – on the entire network of independent sales offices and representatives before allowing them to connect and access the firm’s private data.
OS33 President, Morley Ivers, explained what this strategic alliance means for the company, “Workplace Frontline is a cornerstone of our software offerings for Broker Dealers and Insurance Companies that leverage independent reps, and we are extremely excited to be collaborating with FCI to deliver this security and compliance technology to the marketplace. With this joint offering, every device that attempts to access a financial firm’s private data will be inventoried and secured before access is granted. This is the first step in mitigating risks of data leakage, which is an important aspect of the regulatory compliance standards that financial institutions have to uphold.”
With an escalation of data breaches and cyber-attacks, regulators like FINRA and NYDFS have tightened cybersecurity regulations for the financial services industry. At the same time, a plethora of unmonitored devices – smart phones, laptops, and tablets – continue to pose significant cybersecurity risks to an enterprise as reps access its client database. As a result, regulators are enforcing rapid adoption of technical controls with strict deadlines, and heavy penalties for failure to meet examination requirements.
On January 8, 2018, FINRA released a Regulatory Examination and Priorities Letter outlining its focus areas for the year ahead:
- FINRA expects firms to develop or enhance their cybersecurity programs while noting the increase in frequency and sophistication of cyber-attacks
- FINRA also noted that while large and medium-sized firms employ technical controls to prevent data leakage and file transfer risks, additional efforts are required
- Under NYDFS, the two-year transitional period ends on March 1, 2019. Cover entities are required to maintain third-party service provider policies and procedures to ensure the security of Nonpublic Information accessible to, or maintained by, outside entities.
“Our collaboration with OS33 aligns with FCI’s core mission to protect the private data of our enterprise clients. Our goal is the same as Workplace’s – We aim to keep our clients compliant and safe from cyber threats and liabilities,” said Brian Edelman, Chief Executive Officer, FCI. “Sharing this joint technology solution at the T3 Enterprise Conference gave us the opportunity to demonstrate its speed of deployment, scale, and benefits.”
Both companies jointly presented this offering during a live demo session at the conference, which took place today at the Cosmopolitan of Las Vegas.
For more information on the joint offering, please visit www.fciworkplace.com.
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About Workplace by OS33 – www.os33.com
Workplace by OS33 is a suite of turnkey SaaS solutions that enables compliance, security and productivity for regulated financial firms. The New York-based company focuses on working with enterprise-scale Broker-Dealers, insurance companies, financial institutions who leverage independent reps/advisors, and RIAs affiliated with the nation’s top custodians.
About FCI – fcicyber.com
FCI is a Managed Security Service Provider (MSSP) dedicated to the Financial Services Industry that blends best-of-breed technologies, best practices, expertise and innovation to deliver a cloud-based Cybersecurity Policy Enforcement System for enterprises with independent sales offices and advisors of all sizes. Since 1995, FCI protects private data, provides evidence of compliance of technical control requirements (FINRA, SEC, NAIC, NYDFS, etc.), and seamlessly delivers and remediates cyber compliance, tools and settings to endpoints. FCI cybersecurity monitoring and incident response is on 24/7, 365 days/year