ABS Financial Solutions Scenario Analysis and Federal and State Compliance Laws

In the instance of ABS Financial Solutions, compliance laws had a big impact on how the company resolved its operational issue. The business required an enterprise-strength encryption solution that would supplement password protection by safeguarding data stored on the notebook PCs in order to protect sensitive credit union and member data. For upcoming mobile initiatives, the company also wanted its encryption solution for Windows-based notebook PCs to be readily manageable and accessible on other platforms, such as tablets and smartphones.

ABS Financial Solutions, however, had to strike a balance between robust encryption that complied with legal requirements and maintaining the productivity of its field representatives. This problem illustrates how compliance rules can have an effect on how businesses operate and how they decide what solutions to offer. In this situation, the business had to make a cautious choice between an encryption solution that complied with legal requirements and did not reduce the productivity of their mobile workers.

To select a solution, ABS Financial Solutions used a formal Request for Proposal (RFP) process that included written responses, demonstrations, and an extensive in-house evaluation of the finalists’ products. Reference calls were also made to substantiate vendor claims. The selected solution, ABS-TXR Mobility Guardian, was FIPS 140-2 validated and met regulatory compliance requirements while also being easy to administer and deploy, with minimal user impact.

Cost-benefit issues and considerations also played a role in ABS Financial Solutions' decision-making process. Although the cost of replacing lost or stolen notebook PCs was insignificant relative to the cost of non-compliance and brand damage caused by the malicious use of inadequately protected data, the company still had to consider the costs of implementing a new encryption solution. The selected solution was not only compliant with regulatory requirements, but also cost-effective and easy to manage.

Overall, cost-benefit analysis and compliance laws and regulations led to ABS Financial Solutions' solution to their company problem. The business had to carefully weigh the need for robust encryption with the productivity of its mobile workers while assuring regulatory compliance. All of these requirements were satisfied by the chosen solution, ABS-TXR Mobility Guardian, which will allow the business to securely mobilize staff in all areas of the enterprise while also safeguarding confidential data from loss or theft. Referrences: Jones & Bartlett Learning, "ABS Financial Solutions"