Summary: This article highlights the challenges faced by organizations in the Banking, Financial Services, and Insurance (BFSI) sector regarding regulatory compliance. It discusses how excessive focus on compliance can detract from improving security postures and suggests that regulatory frameworks need to be more adaptable and timely. The author calls for open discussions around these issues to reform the regulatory approach and its impact on security practices in enterprises.
Affected: Banking, Financial Services, and Insurance (BFSI) Sector
Keypoints :
- Many BFSI customers are overwhelmed by the time spent on regulatory compliance, hampering other crucial initiatives.
- Current regulations often lead to unintended consequences such as a burdensome, time-consuming checkbox approach to compliance.
- There is a call for reform in regulatory agencies to make compliance frameworks more flexible, timely, agile, and objective.
Source: https://www.securityweek.com/the-hidden-cost-of-compliance-when-regulations-weaken-security/