There’s a good reason that roughly 68 percent of business leaders feel the cybersecurity risks for their company are increasing, according to recent research by Accenture. They are increasing.
From phishing to incidental data exposure as a result of human error, data breaches are becoming increasingly common among organizations of all types. In the first half of 2020 alone, more than 36 billion corporate records were exposed by mistake, according to RiskBased Security.
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).
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.