Imagine the worst case scenario for your bank. Misplaced money, theft, fraud, there are plenty of ideas that come to mind, but does data security seem as important as the others? If you are thinking that it isn’t, then this article is for you. Banks are supposed to be bastions of monetary protection, ensuring that the people that place their trust in them and store their money there are well protected from losing it in any way. People choose banks based on reputation, like many other businesses. If you don’t give yourself that good reputation, nobody will invest in you. Banking and data security need to go hand in hand.

Compliance is something banks have to do for the government all the time, but what about data compliance? There are routines that should be enforced when it comes to your data, since banks store quite a bit of information about their clients. Social security numbers, credit card numbers, account numbers, these all need to be protected with the most airtight systems possible or you risk not only potential danger to your customers but noncompliance as well. Being non compliant means you just need to pay some penalty fees right? Yes and no. If you think the only downside is a little fine then you haven’t been in business long enough. People only go to banks they know they can trust. If you somehow had a data leak and people’s information was leaked anywhere outside, there would be major reputation losses besides monetary losses. If you can’t be trusted to protect a person’s social security number then nobody will trust you with money, let alone vital information like that. Everything you do is for the people that trust their money and wellbeing with you. Anything less is a disservice to them and to your business as a whole.

The big takeaway here is pretty obvious. If you stay compliant, you will continue to get customers. Banks are one of the foundations of of the monetary world and need to be as trustworthy as possible. You are protecting the money and the identification of thousands of people, so you need the right systems to protect all of them. Make sure that everything is up to standard and up to date, make sure everyone involved knows the risks of breaking the law, and make sure that everyone has the proper training. You run a business, not a charity. You do this as a service as well as a business, so keep it professional and everyone will respect you for it. With respect comes more customers, and the cycle continues. Break the chain and you’ll be paying more than a couple thousand dollars to the government, you’ll be losing people’s trust, and that could spell the end for your financial venture.