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All businesses handle sensitive information at some point in their day-to-day operations, whether in maintaining payroll details for personnel or securely storing intellectual property. But banks, investment firms, and other financial institutions handle sensitive information in nearly all aspects of their work. Keeping client financial records secure isn’t just a core part of the service financial institutions offer – it’s a legal mandate with severe consequences for any mishandling of private data.
These mandates are compounded by the fact that financial institutions are “leading targets of cyber-attacks,” according to the Center for Strategic and International Studies, which further explains that banks are a figurative smorgasbord for cybercriminals, offering “multiple avenues for profit through extortion, theft, and fraud.” The financial data held by banks, investment firms, and credit unions are especially valuable, as criminals can make quick work of bank account numbers, credit card information, and transaction details to steal funds or hold accounts for ransom.
When cybercriminals do strike, the results of an attack are costly, averaging $5.97 million USD – the highest of any industry outside of healthcare. With the potential for identity theft, financial fraud, and even corporate espionage, financial institutions must keep their data loss prevention strategies well-equipped and up-to-date. But keeping financial data secure “at rest” is only part of the challenge, as it’s often necessary to transmit data between people and computers, whether across offices or oceans.
