Over Financial Data
As financial service organizations gather 360-degree views of customer activity to accelerate real-time sales and marketing strategies, they’re sharing highly sensitive financial information with third parties—from business partners and service providers to contractors and suppliers—increasing the vulnerability of already sensitive data.
Meanwhile, cybercriminals have targeted financial services and insurance firms with increasingly large-scale and sophisticated attacks. Despite the financial and reputational impact of these attacks—as well as increasingly stringent compliance requirements mandated by regulators—many organizations do not have adequate strategies in place to prevent breaches and keep their data safe. Worse yet, firms are not managing threats from third parties or “insiders”—current or former employees and partners with privileged access to data.
Transitioning to digital channels and other technologies may benefit financial services, but also introduces new risks, leading financial institutions to focus on enhancing protection on behalf of customers. Cybersecurity threats have also moved from attacks on individual institutions to attacks on the larger financial system, demanding new strategies.
Threats from Inside
It’s not just third parties: Firms also need to manage threats from current or former employees and partners with privileged access to data.
Data security measures cannot get in the way of providing customer service, internal communication, or other important business needs.
Response and Recovery
Attacks are inevitable; financial organizations need a documented response and recovery plan to counteract the effects.
Find It to
A key component of protecting sensitive financial data is knowing what data you do and do not have—and where. Close the loop with PK Discovery, powered by the merger of Dataguise and PKWARE technologies, which locates every place sensitive personal data is stored to help organizations maintain visibility and control over data.
PK Masking, formerly Dataguise DGSecure, provides unique custom masking formats that address sophisticated protection for credit card, ABA bank routing, and account number fields. Protected values maintain rules and parameters required for consistency, foreign key relationships, and analytics.
for Records and
PKWARE’s PK Protect automated data security solution includes file, email, and format-preserving encryption, so financial service organizations can be confident that they have security technology that accurately controls access to sensitive data. Cybersecurity and personal data protection mandates are continually being revised as technology expands and improves. PK Privacy adds additional protection by identifying data that can and/or should be archived or deleted based on policy, age, or lack of use.