First, there is the reputational damage that comes from leaked data. Then there is the cost of cleanup, which typically runs between $3.86 million and $8.64 million. Finally, there are regulatory repercussions from violation of the patchwork of rules that govern financial data, including the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Protection Act (CCPA), and others.
Sensitive data that is insecure is the stuff that keeps security and compliance professionals up at night. And the scary part is that it happens all the time. Roughly 73 percent of businesses admit that they have encountered sensitive data leaks in the past year, according to Microsoft research.
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).
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.
The Covid-19 coronavirus pandemic has radically changed business. Not only has it altered customer behavior, upended business plans and disrupted supply chains, it also has moved work to the home.
An Owl Labs study found that roughly 70 percent of full-time employees now work from home in the U.S., at least temporarily.
Corporate data no longer lives in the safe confines of IT-managed data centers. It now often lives at home with remote workers. This is a huge problem for businesses.
Telecommuting and work from home has existed for decades, but the Covid-19 pandemic has accelerated the trend. Almost 70 percent of full-time workers in the U.S. now work from home, according to research from Owl Labs, and half of workers won’t return to jobs that don’t offer remote work after the pandemic has passed.