Secure Chorus Chairman Elisabetta Zaccaria speaks to the financial services industry at the London Society of Chartered Accountants (LSCA) on the importance of data security
SECURE CHORUS, 12TH JULY 2018
According to Secure Chorus Chairman Elisabetta Zaccaria, “accountancy firms hold, exchange, outsource and otherwise process a wealth of sensitive personal and other data with their business ecosystems, including clients, advisors and suppliers.” How to protect this data was at the core of her recent presentation at the London Society of Chartered Accountants (LSCA), in which she said, “a loss of financial data or other sensitive information, for example related to one or more client accounts, could adversely impact on a variety of services accountancy firms provide, including audit and assurance, business recovery, forensic services, transaction and investment advisory and corporate finance.” She added that with the recent introduction of the EU General Data Protection Regulation (GDPR), “data breaches can result in fines of up to 4 per cent of an organisation’s annual global turnover, if the data relates to personal data of EU citizens.”
Ms Zaccaria was one of a number of industry expert professionals to address a meeting assembled to propose answers to the question: “Is London’s business community spotting and tackling the biggest risks?” Each speaker was invited to make the case for a different business risk within the context of technological evolution. Ms Zaccaria, whose organisation provides thought leadership, common standards and tangible capabilities for the cyber security industry, warned of cyber risks to accountancy firms related to voice, text, video and other multimedia content over internet protocol (IP) networks. She went on to say that she did not believe “this area of data security hasn’t yet received sufficient attention.”
Ms Zaccaria stated that there are “three critical considerations for accountancy firms to weigh up when evaluating the digital multimedia communications technologies they plan to adopt for their internal and external, voice, text and other multimedia content. These are all related to making sure that solutions are interoperable, secure and regulatory compliant.”
First is to choose multimedia communications products that provide end-to-end encryption. This will ensure that any data processing activity can be done without compromising data security. Second, accountancy firms should choose solutions that give them full control of system security. “This is important,” stressed Ms Zaccaria, “as regulators will increasingly require access to an enterprise’s data. For example, ‘subject access requests’ under the EU GDPR.” Third on the list, she said, is interoperability, which allows different technology systems and software applications to communicate and exchange data.
Ms Zaccaria went on to say that when organisations assess their data security, “they tend to think only of securing data within their own security perimeter. But, due to the increased digitalisation of the business ecosystem, what we are now seeing is an environment that is as much about the flow of data as it is about the flow of services. This presents a highly complex and evolving digital environment that may be exposed to cyber threat, and it is a threat that accountancy firms need to address, especially in relation to multimedia content over VoIP (voice over internet protocol) networks. Secure Chorus effectively addresses all these three fundamental requirements: security, regulatory compliance and interoperability of multimedia communication solutions.”
Secure Chorus is a not-for-profit membership organisation serving the cyber security sector, providing thought leadership and free knowledge to the user communities across sectors. At the same time, Secure Chorus assists in developing common standards and advancing product design based on common technology standards to assist with providing the digitally enabled global economy with a higher baseline security in the field of secure multimedia communication.
Secure Chorus’ members are able achieve this with products containing an innovative cryptography approach – ‘identity based public key cryptography’ – that provides end-to-end encryption and a Key Management Server (KMS) that gives the enterprise full control of the system security, allowing them to comply with the latest regulatory compliance requirements such as the EU GDPR. All members’ multimedia communication products are also interoperable with one another.
Current members include government bodies such as the National Cyber Security Centre (NCSC), as well as major global telecommunication organisations, system integrators and technology companies of all sizes. It has also welcomed on board academic institutions and trade bodies in in an observer capacity.
About London Society of Chartered Accountants (LSCA)
The LSCA was formed in 1871 and serves more than 35,000 members throughout Greater London. The society’s members come from accountancy practices small and large, and from a range of business, public sector and third sector interests and are deeply engaged in the development of the local economy. The LSCA regards the promotion of the profession – especially among students – as a crucial part of its purpose.
About Secure Chorus
Secure Chorus is a not-for-profit, membership organisation, serving as a platform for private-public collaboration and development of forward looking strategies, common standards and tangible capabilities to provide a security baseline in the field of data security for the global digital economy.
For further information please contact:
Secure Chorus Ltd via PRPR
Elisabetta Zaccaria, Chairman
Roderick Hodgson, Director
Phone number: +44 (0) 7831 208109