A large financial institution is preparing to revise its security protocols to enhance the protection of client data. The institution has multiple international offices and must comply with various regional encryption standards. Which of the following should be the primary consideration when updating the company-wide encryption standard?
Implement the least strict regional encryption standard to minimize complications in international operations.
Develop a new encryption standard internally that is different from all regional standards but meets the minimum required security level.
Adopt the strictest regional encryption standard as the company-wide standard to ensure compliance across all locations.
Follow only the regional encryption standards of the country where the financial institution's headquarters is located.
The goal is to meet or exceed every region's regulatory requirements with one consistent control set. Adopting the strictest applicable encryption standard ensures global compliance and establishes the highest security baseline enterprise-wide. Creating an entirely new internal standard that only meets minimum requirements, following headquarters-only rules, or choosing the least-restrictive regional standard would leave some locations out of compliance and increase legal and operational risk.
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What are regional encryption standards?
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Why is adopting the strictest encryption standard necessary?
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What challenges arise from different encryption standards in international operations?