Seclore for Banking & Financial Services

Data Protection for Banks and the Financial Services Industry

The banking and financial services industry is a favored target of threat actors. Financial institutions are a treasure trove of personal data that can be used for identity theft to open up false credit cards or sold on the black market for gain. The personal information that financial institutions hold, especially in the United States, is highly sought-after for that reason.

Successful breaches, such as the one involving insurance company Genworth Financial in July 2023, result in the exposure of sensitive data for millions of people. This causes lawsuits, lost revenue, and even fines from major regulators depending on local rules.

Banks and financial institutions need to protect their customers’ sensitive data and also comply with data privacy and security regulations such as the General Data Protection Regulation (GDPR) in Europe, the Gramm Leach Bliley Act (GLBA) in the United States, and PCI DSS – the general data security standard for payment card industry data.

Ultimately, however, financial organizations need a way to comply with regulations while also providing a seamless experience for their customers. This has to involve data security that defends sensitive data and provides granular controls to ensure that personal information is accessible and safe.

Data protection

Seclore Secures Areas of Risk in the Financial Services

Area of Risk
Prevention
Client confidentiality breaches
Know and track who within the bank and third parties have access to sensitive PII data, as well as the ability to recall or revoke access on demand.
Financial exposure and reputational damage
Gain insights into and protect the integrity of the trade and counterparties associated with bilaterally uncleared OTC derivatives to prevent financial exposure and reputational damage.
Insider trading
Set controls and make material non-public information (MNPI) available and accessible to only authorized users on the buy & sell sides to prevent insider threats.
Leakage or theft of sensitive data by third-party vendors
Validate third-party vendor access and entitlement levels and mitigate unauthorized and unwanted access attempts.

Sensitive digital assets are shared with limited visibility, security, and control, exposing financial services firms to the risks of regulatory fines, reputational damage, lawsuits, market reaction, and high incident cost.

Get an overview of how Seclore provides data protection in the financial services industry.

Banking & Financial Regulations and Compliance

Seclore helps banks and financial institutions achieve and maintain compliance

Cyber Risk in Financial Services

A typical large bank or financial institution collaborates with over 20,000 third parties and partners. Studies have shown that cyber attackers are 300 times more likely to target banks and financial institutions than any other sector. Also, banks pay the second highest cost of a data breach – $18.3M per year per company.
Download the infographic for more information on data-related risks faced in the banking sector.
infographic

Seclore Secures Financial Services Organizations

creditcard
Seclore helps a global financial institution securely migrate millions of documents to Microsoft 365
Learn how Seclore allowed a global financial institution to seamlessly migrate to the cloud without compromising sensitive data or customer PII.
Trusted by Financial Service Enterprises
Browse all financial services customer stories.

A Guide to Financial Data Protection, Security, Compliance, and Regulations

In the highly regulated world of financial services, the risk of data breaches and non-compliance can have severe consequences for financial institutions and their customers.
Data-centric security is a key strategy and tactic for protecting sensitive data in the financial services sector. By prioritizing the security of data, financial services firms can better protect their customers’ information and comply with data protection regulations.
financial shake hands

Seclore Digital Asset Protection for Banking

Digital asset protection
Sharing sensitive information, such as customer data, is crucial for the banking industry. Emails and files containing private and highly regulated data travel across business units, vendors, partners, and outsourced agencies. The challenge with outsourcing and external collaboration is that the bank loses control once these third parties receive sensitive information.
Read the whitepaper to learn how banks can benefit by using Seclore enterprise digital rights management.

FAQ About Data-Centric Protection for Banks and the Financial Services Industry

Financial institutions have to comply with a patchwork of data privacy and security regulations depending on which country they do business in. Banks who wish to lend in the United States, for example, must comply with the Gramm Leach Bliley Act (GLBA), Sarbanes-Oxley, and FINRA. Doing business in the European Union requires compliance with the General Data Protection Regulation (GDPR).

There are also three major global regulations that every financial institution worldwide must comply with. These are the PCI DSS for payment card industry data, the ISO/IEC 27001 regulation that governs information security management systems, and SWIFT CSP for wire transfers and payments between banks worldwide.

Banks and financial institutions have a few different consequences for a data breach. There are the immediate recovery costs and lost time in terms of staff productivity, as well as the knock-on effect of lost revenue over the long term. Government regulators worldwide have the financial industry under intense scrutiny, which means that a mistake in data protection for banks and the financial services industry could result in fines.

Noncompliance with the Gramm Leach Bliley Act in the United States, for example, could result in a civil penalty of up to $10,000 per violation and imprisonment for up to five years. Every financial data breach brings increased regulatory oversight, so ensuring that sensitive data is protected properly is paramount to reduce the risk of a hefty fine should a breach occur.

Setting up a security perimeter around critical systems is best practice for internal data protection. The problem is that sensitive customer data needs to be accessible from anywhere at any time. Perimeter-based security isn’t enough in this environment.

This is the power of data-centric security like Seclore. Adding protection at the level of data ensures that protection is where it’s needed most in the financial services industry: right with PII and other personal financial information.

Additional Resources

Ready for more?

Learn More about Seclore for Financial Services