Financial institutions face a laundry list of compliance obligations when it comes to business data. Meeting these obligations is far from assured in the age of cloud services, employees working from home and rapid digital change, however.
A bevy of regulations raise the data security stakes for financial institutions. Specific regulations vary according to jurisdiction and market, but many firms must contend with the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Protection Act (CCPA), General Data Protection Regulation (GDPR) and industry-led regulations such as the Payment Card Industry Data Security Standard (PCI-DSS).
The door has been opened. Even when work life returns to normal and the pandemic is nothing more than a historical documentary on Netflix, work probably won’t look exactly like it did circa 2019. The #WFH tag will disappear, but working from home likely is here to stay.
Data compliance is a task that all companies face in light of increasing privacy regulations. For firms in the financial, medical and other more heavily regulated industries, though, the burden of managing data in specific and narrowly prescribed ways is even more pressing.
If you’re a security professional, you already know that human error is the biggest problem for corporate security; roughly 95 percent of security breaches are from human error.
Hacking attacks and cyber espionage capture the headlines, but the real danger for organizations, whether financial firms or retailers, is the spreadsheet casually left on an insecure personal computer, the password on a sticky note, the email clicked that should have gone unopened.
Each day, your organization creates thousands if not millions of files and records containing corporate data. Some of this data could escape into the wild and nobody would particularly care. But some of this data created each day could lead to regulatory fines, the release of corporate secrets, or even a public relations scandal that could hurt or destroy the company if it fell into the wrong hands.