What is BS EN ISO 19092:2016?

BS EN ISO 19092:2016 is an international standard that provides guidelines and requirements for the management of information security in the financial services industry. It was developed by the International Organization for Standardization (ISO) and published by the British Standards Institution (BSI). This technical article aims to explain the key concepts and benefits of BS EN ISO 19092:2016 in a simple and easy-to-understand manner.

Key Concepts

The main objective of BS EN ISO 19092:2016 is to establish a framework for managing information security risks within financial organizations. It emphasizes the importance of protecting sensitive data, including customer information, transaction details, and intellectual property from unauthorized access, disclosure, alteration, or destruction. The standard focuses on three key aspects:

Confidentiality: Ensuring that information is accessible only to authorized individuals or entities.

Integrity: Protecting the accuracy and completeness of information throughout its lifecycle.

Availability: Ensuring that information and associated assets are available when needed.

Benefits of BS EN ISO 19092:2016

Implementing BS EN ISO 19092:2016 can bring several benefits to financial organizations. Here are some of the key advantages:

Enhanced Security: The standard helps organizations identify and mitigate potential security risks, thereby reducing the likelihood of data breaches and cyber attacks.

Compliance with Regulations: Implementing BS EN ISO 19092:2016 ensures compliance with various regulatory requirements related to information security, such as the General Data Protection Regulation (GDPR).

Improved Trust and Reputation: By following internationally recognized information security practices, financial organizations can enhance customer trust and brand reputation.

Efficient Risk Management: The standard provides a systematic approach to identify, assess, and manage information security risks effectively, enabling organizations to make informed decisions.

Implementation Considerations

While implementing BS EN ISO 19092:2016, financial organizations should consider the following:

Management Support: Top management commitment is crucial for the successful implementation of the standard.

Employee Awareness: Providing training and awareness programs to employees regarding information security policies and procedures.

Risk Assessment: Conducting regular risk assessments to identify vulnerabilities and develop appropriate controls.

Continuous Improvement: Regular monitoring, measurement, and review of the implemented information security management system to ensure its effectiveness and relevance.

In conclusion, BS EN ISO 19092:2016 provides financial organizations with a comprehensive framework for managing information security risks. Its implementation can lead to enhanced security, compliance with regulations, improved trust, and efficient risk management. By considering the key implementation considerations, organizations can establish robust and effective information security management systems, safeguarding sensitive data and ensuring the smooth operation of their services.