The Banking, Financial Services, and Insurance (BFSI) sector encompasses commercial banks, credit unions, cooperatives, retail financial services, payment gateways, brokers, and other financial entities.
It is common for IT service providers to refer to the BFSI industry due to requirements that apply to all sectors. ERI does so for the same reason – data destruction requirements are effectively identical across all sectors of BFSI.
All BFSI organizations are mandated to comply with the myriad of data protection and disposal requirements including some combination of The Gramm-Leach-Bliley Act (GLBA), The Federal Information Security Modernization Act of 2014 (FISMA), The Fair and Accurate Credit & Transaction Act (FACTA), The Payment Card Industry Data Security Standard (PCI DSS), other Federal regulations, as well as state laws including The California Online Privacy Protection Act (CalOPPA) and New York 23 NYCRR 500.
In addition to regulatory compliance, the BFSI industry is built on trust. As BFSI organizations refresh IT hardware, decommission data centers, phone systems, mobile devices or replace ATM equipment, data can remain on those devices. Unless those devices are data sanitized or destroyed properly, customer and proprietary data may still be present, especially if ineffective means such as primitive physical destruction methods are used. This exposes the organization to the potential for a costly data breach and reputation damage.
The environmental issues are equally significant for every organization. E-waste only comprises 3% of the waste stream to landfills, yet accounts for 70% of the toxic substances found in landfills, including lead and mercury. Worse yet, much of the domestically generated e-waste is shipped to developing countries where it is processed unsafely exposing communities, especially children, to extremely high levels of hazardous substances. An institutional brand tied to discovery of its electronics in developing countries could be catastrophic.
Protect your Organization
The issue is twofold: A BFSI organization must meet the challenge of both protecting customer data contained in end-of-life equipment while also ensuring both data and non-data bearing electronics equipment are properly recycled to comply with all applicable regulations and to protect the reputation of the institution.
ERI is the largest fully integrated IT and electronics asset disposition service provider in the U.S. and focused on data destruction and cybersecurity – ERI is the only company in the world with NAID AAA, R2, and e-Stewards certifications. NAID is the only recognized certification focused exclusively on data security and data destruction; R2 and e-Stewards address both data security and environmental controls. Holding all three certifications means we are subject to audit more than our BFSI clients with 15 to 20 audits every year, including unannounced audits.
BFSI clients need wide geographic coverage typically due to a wide geographic dispersion of locations. We can service clients throughout the country through our eight locations. Further, ERI can process more than typical IT assets such as ATMs, VOIP phone systems, and a wide range of mobile devices.
ERI specializes in BFSI – Data center decommissioning, corporate IT asset refreshes, mobile devices, network equipment, serialized box programs, onsite shredding, asset resale and more – we know BFSI.
We 100% guarantee you and your customer’s data will be wiped from any IT and electronic assets if you use ERI. Further, there is a 100% guarantee that your assets won’t end up in a landfill anywhere in the world preventing public damage to your reputation.
ERI provides comprehensive data destruction and electronics recycling services with a defensible “audit trail.” This enables you to demonstrate compliance with all requirements for data destruction under the applicable FISMA, GLBA, FACTA, and PCI requirements as well as for environmental compliance.