Data Protection Principles

Financial companies need to collect and share sensitive information to run their everyday business. Members of SIFMA’s Data Protection Working Group have developed a set of principles for the protection of sensitive data that aligns to the Cyber Risk Institute’s Financial Services Cybersecurity Profile and the NIST Cybersecurity Framework.

• Data collection: Limit the collection of sensitive data to that which is directly relevant and

  necessary to accomplish a specified purpose

• Data usage: Implement preventative and detective controls limiting access to sensitive

  data to authorized users only

• Data sharing: Develop policies to protect information when it needs to be shared with

  external entities

• Data Disposal: Securely eradicate, dispose, or destroy sensitive data when appropriate
• Overarching Best Practices: Implement controls and policies to maintain a robust

  information security environment

Download Principles