Financial Services Organizations Need to Move Beyond Compliance

By: Absolute Editorial Team | 5/26/2016

According to the newly released 2016 Vormetric Data Threat Report, 90% of IT security pros in Financial Services feel vulnerable to a data breach. In addition, 44% of Financial Services organizations experienced a data breach, with 19% in the past year. Coming off the heels of the Ponemon report indicating 90% of healthcare organizations had experienced a data breach in the past 2 years, these new figures paint a much less dire situation for financial services organizations. And yet, as we've previously shared, financial services organizations are facing more scrutiny than ever before, with oversight and enforcements coming down from both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

The report surveyed 1,100 senior security executives in financial securities organizations around the world, and as it stands, all is not rosy in financial services. The report indicates data breaches are on the rise in financial services organizations, in part due to two primary misplaced assumptions around data security: that compliant equals secure and that perimeter defences are a top priority. While 66% of respondents believe that meeting compliance requirements is “very” or extremely effective at preventing data breaches, such an approach fails to be responsive or customized enough to thwart the true threats of today.

There are indications that financial services organizations are moving in the right direction, increasing their spending to protect sensitive data and looking to implement more data-centric approaches to security. At Absolute, we also believe that a data-centric approach removes the network vs perimeter thinking which often leads to gaps in security planning and instead focuses on protecting data with a layered defense-in-depth approach, no matter where that data lives or moves. Of course, the first step in that plan is knowing where data lives, and that’s where we can help. Learn more about the new Endpoint Data Discovery (EDD) toolkit in Absolute DDS can help you monitor and protect sensitive data on the move.

For more on protecting data in financial services, we invite you to read our In a recent whitepaper, How Financial Services Firms Can Bolster Security by Leveraging Persistence Technology on the Endpoint, or view the slideshow below, How to Improve Data Security in the Financial Sector.

Financial Services