Data Security in Financial Services

Financial services have always placed high importance on data protection, but this is especially true now as the sector undergoes a significant digital transition brought on by shifting consumer behavior, increased competition, and technical advancements. Increased implementation of new tech is being driven by the trend toward a modern, entirely digital consumer experience, which will provide higher skills and flexibility. Yet, the dangers and expenses associated with digital change are heightened by the twin concerns of cyber threats and a more strict regulatory framework. By enhancing and automating data security across their hybrid IT infrastructures, Thales can assist financial service companies in reducing risks, managing expenses, and accelerating the digital revolution.

Using Comsorn to manage financial data security

 

Comsorn offers a comprehensive solution for email continuation, archiving, and protection. Comsorn’s services, which are provided as a SaaS-based service, let businesses handle the security of financial information right away without having to spend money on email architecture.

 

Financial services companies can increase the security of their financial information by using Comsorn to:

 

• Defend against security dangers brought about by email. In addition to blocking spam, spyware, and viruses, Comsorn also stops focused attacks, dangerous URLs, armed files, and other advanced assaults.

 

• Prevent data leaks. Comsorn uses content control technologies to stop malicious and unintentional leaks. 
• Safely send huge files and emails. Without having to be familiar with encryption techniques, Comsorn enables users to send secure emails and huge media files (up to 2 GB) directly from their email accounts. 
• Improve email archiving processes. With a cloud-based repository, blazing-fast search capabilities, and case administration and e-discovery solutions, for instance, Comsorn makes email archiving and preservation policies simpler. This helps with regulatory and FINRA compliance responsibilities. 
• Keep the flow of emails. When the main email servers are down, Comsorn enables users to access archives and keep using email.

 

Advantages of Comsorn’s financial data security services

 

Financial institutions are able to:

 

• Quickly and simply implement technologies for email archiving and financial information secure.

 

• A 100% cloud SaaS solution reduces the expense of monitoring financial data integrity.

 

• Streamline installation, reporting, and debugging by using solutions for security, resilience, and archiving that can be controlled from a specific platform.

 

• Reduce inquiries to the IT help desk by giving users quick search features and anytime, anyplace exposure to current and old email.

 

Compliance, Banking, and Changing User Attitudes

 

Contemporary financial service suppliers have the technological know-how to inspire enough trust in their clients to be seen as a credible option to conventional banks.

Confidentiality and information protection are not only a crucial economic benefit but also a must for continuing in the financial services industry. Therefore, as either data administrators or database administrators, adhering to national, regional, and sector-specific legislative codes and standards for private and financial information is essential.

 

Additionally, there is a user mind change component to it.

 

Guiding Principles for Data Security in Financial Services

Each cyber security regulation and data security law imposes unique and challenging demands. These standards can appear challenging to meet. However, every business should prioritize increasing the protection of crucial data management technologies. In order to attain complete adherence, firms are urged to adhere to five straightforward yet powerful practices:

 

Separate personal information from critical private information

As time goes on, businesses will require more compelling justifications for processing “critical private information” as opposed to “ordinary” personal information. Therefore, it is essential for both businesses and authorities to draw clear differences between the two. Creating an open line of communication with the appropriate legal bodies will help CFOs to define these differences.

 

Conduct recurring risk analyses

Regular risk evaluations help businesses identify the weak points and weaknesses in their IT systems. For instance, phishing assaults are the origin of over 90% of all attacks on the banking sector. Therefore, businesses in the financial industry need to be especially aware of phishing assaults.

 

Introduce data privacy standards

Businesses must use a systematic strategy in order to ensure conformity with key data security requirements. That implies –

 

• Developing and putting into practice solid governance frameworks to spell out information privacy policies inside their companies.

 

• Reviewing, creating, and putting into practice goal operational models

 

• Assessing the capability of the business’s current data networks and implementing more modern data security methods.

 

Observe user behavior

A fundamental requirement of many cybersecurity regulations is the necessity for ongoing user behavior monitoring (e.g., PCI-DSS, SOX, etc.). It may be used by companies to spot and halt risky behavior. Companies are also more likely to spot early signs of assaults or stop them in their tracks with continuing activity monitoring. Approved individuals should be more closely monitored in every network. Using User-Entity Behavior Analytics (UEBA) technology, different levels of monitoring may be used on different user categories.

 

Encryption

The GDPR, PCI-DSS, and ISO regulations all call for data encryption and mandate it as well. Information that has been obtained can only be exploited if it is not protected. Businesses must devise strategies to safeguard customer information from all possible viewpoints. Client data needs to be protected including during transmission data and when it is sitting still.

 

Taking Care of Third-Party Risk

Third-party risk management is the process of lowering the chance of information leaks by closely supervising external vendors, freelancers, etc. Financial organizations and banks can take these easy actions to reduce third-party dangers:

 

• Restrict the rights that vendors or freelancers have to sensitive consumer information.

 

• A number of foreign bodies should be allowed access.

 

• Pay particular attention to anyone outside the system who has permission.

 

• Guaranteeing that all relevant cybersecurity and information security regulations are followed by third parties.

 

Financial institutions can achieve these objectives by adopting a zero-trust policy when giving access to vital resources. Implementing multi-factor authentication (MFA) systems across the whole system is the best way to start this approach.

 

Create incident reaction plans.

There should be a comprehensive cybersecurity strategy in place for every economic company. A key element of these regulations must be incident response plans. Companies need to have a clearly defined strategy in case there are security breaches. These suggestions should have

 

• Plans of action with specifics for specific cybersecurity occurrences.

 

• Give a detailed definition of a cybersecurity incident.

 

• The first steps the company should take in the case of an attack.

 

• Ways to restore lost information.

 

• How to lessen the impact of the assault on as many networks as possible.

 

• Which organizations you ought to alert concerning cybersecurity risks?

 

• For reacting to cyber incidents, there are deadlines.

 

Final Reflections

It stands to reason that so many financial firms are boosting their web platforms’ UX (user experience) by utilizing cloud technologies. Simultaneous to this, important legal revisions are being prompted by growing cybersecurity threats. In the middle of all these changes, financial firms find it challenging to give the growing cybersecurity challenges the focus they require. For this purpose, the international financial industry needs independent technologies like Comsorn.

 

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