FINANCIAL SERVICES SECTOR

DATA CLASSIFICATION

Financial Services

As financial service organizations accelerate their digital transformation, data security breaches are more common than ever and more expensive. Global studies show that the average total cost of a data breach is now USD3.8 million.

The Financial Services Sector (FSS) continues to operate in a challenging environment with ongoing regulatory scrutiny. In parallel, there is continuing disruption and change driven by emerging technology, new entrants, remote working and changing customer behaviours.

 

Typically the FSS has a much higher risk profile when it comes to unstructured data. Organisations that handle financial information are working under more complex regulations and facing more significant external threats that are ever more difficult to manage. Simultaneously, they are still having to adapt business models to manage technological disruption in the market whilst also building customer trust and engaging with the broader community.

 

Regulatory pressures continue to be central to FSS activities, including relationships with customers and suppliers. Many regulatory mandates, including GDPR and CCPA, put emphasis on how FSS collect, process and store customer information. A specific pain point for FSS is the retention of this data and both the opportunities and risks it presents.

Financial

BENEFITS

Proactive

Adopting a proactive, holistic approach to protecting sensitive data across all types of platforms

Accelerate Digital

Accelerate digital transformation into the cloud with integration to Microsoft AIP and other DLP platforms

Lowering total cost

Lowering the total cost of ownership by automatically discovering risks to sensitive data

Easily adapting

Easily adapting to changes in the IT landscape and support the full data protection journey

Data-centric Security

Business-critical data and intellectual property held in CAD tools and document management systems need a data-centric security approach to be effective

Supports Compliance

Supports compliance with SOX, Data Protection Act 1998, PCI-DSS, ISO27001, Basel II/III, Financial Conduct Authority (FCA)

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