Key Considerations for Updating IT Security Policy

D.

When a financial services organization receives a banking license, it becomes subject to a set of specific legislative and regulatory requirements that are enforced by governmental bodies. As a result, the organization must ensure that its IT security policy is updated to reflect these requirements. The policy should be reviewed at regular intervals to ensure that it is up-to-date and consistent with current regulatory requirements.

Of the answer choices provided, option D is the most important consideration for the organization to ensure when updating its IT security policy. The IT security policy should reflect legislative and regulatory requirements that are applicable to the organization. This means that the organization must be aware of the legal and regulatory requirements that it is subject to and ensure that its IT security policy is consistent with these requirements.

Option A is also important because the policy must be approved by the board and executive management to ensure that it is aligned with the organization's overall strategy and goals. However, without considering regulatory requirements, the policy may not meet the minimum standards required by the law.

Option B is important to ensure that the policy is reviewed regularly and remains relevant. However, this alone is not sufficient to ensure that the policy is consistent with legislative and regulatory requirements.

Option C is also important because the IT security policy should be consistent with relevant human resources policies, such as hiring practices and employee training programs. However, this is not the most critical consideration when updating the IT security policy after receiving a banking license.

In summary, when updating its IT security policy after receiving a banking license, the financial services organization must ensure that the policy reflects legislative and regulatory requirements, and is also approved by the board and executive management. The policy should be reviewed at regular intervals to ensure that it remains up-to-date and relevant.