Data classification
Financial Data
Financial data includes bank account numbers, tax identification numbers, financial statements, and transaction records. It is regulated by multiple frameworks depending on jurisdiction and the nature of the organization.
Risk profile
Financial data is a high-value target for fraud and is subject to regulation under SOX (public companies), PCI DSS (payment cards), GLBA (US financial institutions), and various national banking regulations. Vendors handling financial data require rigorous due diligence and contractual data handling obligations.
Common questions
Does SOX apply to SaaS vendors?
SOX Section 404 requirements apply to public companies. Your SaaS vendors that host financial systems material to your financial reporting are in scope for your SOX controls assessment. They do not need to be SOX-certified themselves, but you need to assess their controls as part of your own SOX program.
Which of your vendors handle Financial Data?
TrustVendor tracks data class exposure across your entire vendor portfolio and computes residual risk per relationship.
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