Protect What Matters Most – Customer Financial Data
Guarding client confidentiality while meeting the data compliance requirements of multiple finance regulations.
Banks, credit unions, credit card brands, and other financial service firms handle more than monetary transactions. They also retain personally identifiable information (PII) and organizational data on their clients, such as bank account, credit card, and Social Security numbers, as well as usernames, passwords, and more. Financial information attracts cybercriminals with multiple payoff opportunities, including direct withdrawal access to various accounts and the sale of this information on the dark web, hence why financial institutions are hit with cyberattacks at 300 times the rate of any other industry.
Because of the enormous volume and value of data being processed, the financial services industry is subject to several federal regulations, namely the Sarbanes-Oxley Act (SOX), Gramm-Leach-Bliley Act (GLBA), and Payment Card Industry Data Security Standard (PCI-DSS). To comply with these laws and combat relentless cyberattacks from threat actors who will try any means necessary to infiltrate networks, financial institutions must rely on proactive measures and technologies.
Spirion reduces the risk associated with sensitive personal information and consumer financial data. Accurate visibility into sprawling data repositories enables financial institutions to minimize risk exposure, improve efficiencies, and inform compliant decision-making. Once they know where their most regulated data resides, they can effectively protect it, set broader security strategies, and gradually incorporate additional controls to strengthen defenses and uphold compliance.
Identify sensitive data, classify different data types by their level of sensitivity, and protect personal data to prevent compromise and misuse.
Enhance security posture by making informed decisions based on business insights.
Facilitate compliance with GDPR, CCPA, GLBA, PCI-DSS, and other relevant data protection laws and regulations.
The average cost of financial services data breaches in 2021.
IBM Cost of a Data Breach Report 2021
The amount of banks and insurance firms that reported experiencing a rise in cybercrime between 2020 to 2021.
Businesswire
The number of unfilled cybersecurity jobs on the market.
Cybercrime Magazine’s 2019/2020 Official Annual Cybersecurity Jobs Report
Securing electronically stored data from fraudulent activity
What if you could automatically and persistently discover, classify, understand, control, and protect sensitive customer financial data in a way that ensured regulatory compliance but also allowed for business agility? With Spirion, you can.
As data proliferates, data discovery becomes exponentially more difficult. Most organizations have terabytes and petabytes of data spread across servers, laptops, and other endpoint devices. Solving the problem requires a Privacy-Grade™ discovery solution with enough breadth to search all locations and depth to find any data type.
Once you have discovered all of your data, the automated application of persistent labels, tags, and visual markers helps both humans and computers determine its sensitivity and treat it consistently. Classification ensures that only appropriate parties can access sensitive data as it moves through the organization and supports information sharing with other data protection controls.
After Discovery and Classification are complete, each team can gain a better understanding of its data footprint. A full picture of your data inventory allows you to operationalize data, foster organizational productivity, conduct historical reviews and analysis, ensure competitiveness, and maintain data privacy.
To secure unprotected data, you need to control who can see it, when they can see it, and what they can do with it during any data lifecycle action – from creation to disposal. Control includes file shredding, redaction, quarantine, reduction of access rights, third-party controls, and role management at the job-role or server administration level.
Consumers can demand the right to know and the right to be forgotten. Contracts with vendors often require data privacy safeguards. Auditors and industry-specific regulators have their own rules about how consumer data is collected, stored, and used. With regulations on the rise, proactive protection is more critical than ever.
Protect sensitive information with a solution that is customizable to your organizational needs. When your job is to protect sensitive data, you need the flexibility to choose solutions that support your security and privacy initiatives.
Not knowing where sensitive client financial data resides and failing to take the right security precautions can be a costly mistake for your organization. Find out how Data privacy is treated in your sector.
