All modern financial institutions are heavily dependent on IT and web-based solutions for day to day operations. But these technologies, such as cloud storage, email attachments and so on, are inherently risky. The number of files leaked through these tools in the finance industry grows year over year and in 2016 will be in the millions. These leaks are expensive: the average cost to a firm per incident will be over $15 million.
The increasing likelihood of successful cyber-attacks and data leaks is, in part, why data security and document tracking are now compulsory parts of financial and insurance industry regulations. Compliance programs are no longer just a checklist for the IT team to cross items off of. The implications of a data breach or leak are now much more significant than they were before. Non-compliance may result in financial institutions facing costly litigation and devastating loss of reputation.
Vaultize’s enterprise file security and digital rights management (DRM) solution helps financial, banking and insurance enterprises meet compliance by mitigating security and data loss risks. Vaultize can help security-minded finance sector enterprises address the main pain points in meeting today’s compliance requirements, such as:
- Controlling and ensuring trusted access
- Operational monitoring
- Records management and versioning
- Audit and risk management
- Operational controls to ensure confidentiality
Staying on top of constantly changing requirements
Today’s compliance programs are changing more frequently than ever before, making it a difficult task for IT to stay up to date with every change. This is in turn costing firms a lot of resources and time as they’re forced to continuously train compliance officers and agents on the new rules. Meeting compliance requirements is also a very taxing endeavour because IT teams are often asked to provide precise and detailed data related to any security incident in a regular report to the governing agency. Doing so is not simply a matter of tracking and reporting transfers of data from one database to another—a lot of communication and information transfer in the finance sector occurs via a multitude of document formats, from PDF to Excel, and each carry their own nuances.
For a multitude of reasons, finance sector enterprises struggle to not only secure and track their sensitive documents, files and data, but also to meet government requirements related to the issue. The bottom line is that finance sector enterprises need all of the help they can get right now to stay ahead of the compliance curve. Having a comprehensive data security and DRM platform like Vaultize in place before a leak occurs or regulators come knocking is the best strategy to avoid disaster.
Track and control documents at all times
Once a document is shared with third party, Vaultize DRM tracks access to it and maintains a complete audit log of who accessed it, what they did and who they shared it with. This approach not only helps IT meet compliance requirements but also captures data useful for regulatory requirements or forensics tasks that will likely crop up in the future. Vaultize’s solution allows for features like “only view with watermark” that help ensure that data leaks are deterred at the first place. It even allows admins to retrieve and block access to the original file or document that was shared even if that document has been changed many times since. This is absolutely critical when it comes to meeting compliance and proving that a tidy record is being kept.
Managing trusted access
Meeting compliance requirements today means recording finer information about access, like who was in the possession of the data at what time, who received the data, from where was the data shared, where was it received and how was it used. All this information and more is available via a single click with the Vaultize platform. One major benefit of our instant tracking display is that it allows IT and admins to monitor and control access, but it also allows users to control the access to their documents. They can change or revoke permissions to a file or document at any point, ensuring that they can correct their own mistakes as needed.
A well rounded security solution for today’s finance enterprise
Vaultize’s single platform provides a well-rounded feature set to help any player in the finance sector meet and exceed compliance requirements while securing data and preventing costly and embarrassing loss. Most notably, Vaultize can:
- Allow admins to control access locations and IP addresses
- Provide tracking of and reporting on data shared outside the company’s networks
- Provide integrated versioning capabilities to maintain long records of files, documents and data
- Allow quick and easy extraction of information about all the events in a user’s history
- Provide an admin-controlled, policy-based approach to proactively controlling data transfer between individuals and organizations.
To learn more about how Vaultize can help you and your team meet and exceed industry compliance requirements and prevent costly and embarrassing breaches, please contact our solutions team.Also feel free to reach out to us with suggestions for blog post and webinar topics – we’re looking forward to hearing from you!