Since the TJ Maxx breach nearly a decade ago, it seems that every month there’s a new flavor of hacking making its way to the evening news. As organizations struggle to protect what they value most—the personal information of their customers—financial institutions are no different. From the theft of credit card information and personal banking information to critical business information leakage, the threats to financial institutions are constant and are not going away any time soon.
Data is also a valued asset for financial institutions; it provides financial leaders with invaluable insights into business optimization, customer experience, enterprise productivity and more. However, the explosion of big data has made it particularly difficult to protect customer data. According to HPC Wire “Cybersecurity threats are on the rise as financial institutions around the globe access and share information from a number of vulnerable endpoints.”
By now, financial institutions already have firewalls and endpoint protection implemented to help protect customer data. While such security solutions help prevent penetration from outside sources, they also need to be concerned about the flow of data, and that’s where implementing data controls can help.
Data Validation Rules
The key to protecting customer data is detecting system vulnerabilities before a data breach occurs or at the beginning stages before it proliferates across multiple systems and files. Data validation rules can be a financial institution’s early warning system on internal business processes to indicate data anomalies.
Conducting automated data checks on data reasonability (out of range), data conformity, and data accuracy are methods to address data quality, but can also be leveraged to detect unusual activity that can be flagged as abnormal. There is often a trail leading up to an incident where a financial institution’s data has been compromised and automated data validation is one additional layer of defense beyond traditional firewalls and data security.
To implement data controls, financial institutions need a comprehensive platform that uses end-to-end data validation to ensure information privacy and security.
Identifying a Solution
In order to protect customer’s data, financial institutions need to implement multiple layers of security practices. The security program should leverage end-to-end data validation rules that stem from data integrity and provide transparency to ensure information privacy and data security. Using the right solution, financial institutions can ensure integrity from source system to any destination, profile and identify critical data, as well as classify, document and govern their most important data assets.
To learn more about how an all-inclusive platform with data governance, validation and analytics can help protect financial data, download the data sheet below.
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