Financial Services & Insurance
Financial services and insurance organizations and the data they manage have been high value targets for threat actors for decades. Tremendous efforts have been made by financial services cybersecurity teams and insurance cyber security teams to fortify their defenses to protect their business and their customers from sophisticated cyber attacks. However, legacy cybersecurity technologies and processes are designed to defend the perimeter and end-points, not the sensitive data the threat actors want to attain. All financial services and insurance industry cybersecurity teams need to establish new data security tools and practices to protect their most critical asset, their data.
The Financial Services & Insurance Data Security Challenge: Protecting Customer and Financial Data
Compliance and Data Privacy
Most financial services and insurance organizations operate across multiple jurisdictions and borders, and are challenged to maintain applicable compliance programs such as PCI DSS, FFIEC, FINRA, NCUA-CAP, GLBA, SOX, SOC 1, etc.
They also need to be in pace and compliance with various evolving privacy law requirements – GDPR, CCPA, LGDP and more.
Transition to Hybrid Cloud
While these organizations transition to a hybrid cloud environment, the dormant data accumulated from legacy systems create massive risk. This risk is continuously exploited by threat actors and is reflected in the 36% increased average cost per breach of $5.85M that the industry experienced in 2021.
Additionally, a new wave of competition from small, nimble, FinTech competitors is forcing financial services organizations to accelerate the adoption of differentiated digital banking experiences while maintaining compliance and security.
Data Security Best Practices with Cloud Adoption
- Sustain and maintain pace with evolving regulatory requirements while differentiating services from competition.
- Mitigate insider threats and third-party vendor risks through the detection and rapid response to anomalies.
- Gain visibility and effectively manage data security posture, e.g., detecting dormant data, while transitioning to hybrid cloud operation.
Learn How Symmetry Systems DataGuard Can Help!
DataGuard is a data security posture management (DSPM) solution that extends the zero trust philosophy to hybrid cloud data stores.
Financial services and insurance cybersecurity teams use DataGuard to develop a complete understanding of what data they have, where it is located, who has access to it, how it is secured and in what manner it has been used. DataGuard enables businesses to visualize their data security posture and associated data risks across AWS, GCP, Azure, and on-premise environments – without data having to leave their environment.
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