Importance of Data Protection for Financial Services
Despite increased technology spend and emerging regulation, Financial Services remain one of the most breached industries. Due to the value of the personally identifiable information (PII) and financial information (PCI) on clients and the trading algorithms and formulas (IP), breaches will remain a major burden on the market.
Risks from the outside are increasing in volume and sophistication; internal breaches can be difficult to spot in the rapid and global financial services world.
Financial Services firms could incur nearly US$700 billion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets.
(Source: Securing the Digital Economy: Reinventing the Internet for Trust – Accenture Research, January 2019)
Key Challenges
- Regulatory Pressure
Compliance requirements such as GDPR, SOX, GLBA, and NYDFS demand that sensitive data be protected. - Consumer Expectations
To establish trust and meet customer’s needs, financial services firms need both digital innovation and data privacy controls. - Malware
Any form of malicious software that infects a business’ network, such as ransomware, keyloggers and spyware needs to be detected and remediated quickly. - Insider Threats
Employees, either by malice or mistake, can leak sensitive data exposing the organization to penalties and reputational damage. - External Threats
Cyber criminals compromise trusted service providers, payment partners, and contractors to gain backdoor access to sensitive data.
Digital Guardian’s Data Protection Platform Delivers
Visibility into What Data to Protect
Fortra™’s Digital Guardian® sees and correlates the most comprehensive set of system, user and data events enterprise wide. This enables you to identify both structured (PII, PCI) and unstructured data (trading models, M&A details). Digital Guardian automatically identifies and tags sensitive data, even before you develop formal policies.
Understanding of What Data is at Risk
Understanding when data is at risk requires visibility into user behavior, data access and movement. Digital Guardian combines DLP, EDR and UEBA to flag risky activity. Our platform secures sensitive data wherever it lives and wherever it is shared, performing equally across Windows, macOS or Linux operating environments.
Enforcement and Education with Flexible & Automated Controls
Digital Guardian ensures that sensitive data does not leave your organization. Our context and behavior-based rules range from logging to blocking prohibited actions, stopping insider and outsider threats immediately. Real-time prompts increase employee awareness and educate users on proper use of sensitive data.
Support for Evolving Compliance Regulations
The value of data in financial services firms has led to a growing list of compliance regulations including GDPR and the NYDFS Cybersecurity Regulation. You can find, tag, and protect all your regulated data with Digital Guardian and deliver full compliance reports to support internal and external audits.
Secure Your Sensitive Assets
Against Insider and Outsider Threats
Retail Banking
- Personally Identifiable Information (PII)
- Payment Card Industry Data Security Standard (PCI DSS)
Commercial Banking
- Personally Identifiable Information (PII)
- Payment Card Industry Data Security Standard (PCI DSS)
Investment Services
- Personally Identifiable Information (PII)
- Intellectual Property (IP): Deal management information, trading algorithms, financial modelling, IPO plans, M&A plans
Insurance
- Personally Identifiable Information (PII)
- Payment Card Industry Data Security Standard (PCI DSS)
- Protected Health Information (PHI)
- Intellectual Property (IP): actuarial models, patents