In a recent Global Economic Crime Survey, PwC revealed cybercrime, ethics, compliance issues, and money laundering are key areas of economic theft, making financial institutions high-risk targets. Within these institutions, project managers and their teams must work with IT and other business units to implement a layered security approach throughout the project management process.
Best practices for implementing a layered security model include tightening financial systems and internal controls to segregate duties around data input and approvals. Identifying where sensitive client and financial data is stored and controlling how and where it is transmitted. Ensuring sufficient banking encryption and login authentication is in place, and client privacy regulations are adhered to.