Financial Sector

Data Security for the Financial Sector

IT Security for the Financial Sector

As of May 25th 2018, it is vital that organisations are prepared for the regulatory changes involved with the implantation of the GDPR. With regulations changing on how personal data should be handled and processed, it is vital for industries across all verticals to understand that data breaches can be have major implications.

Aside from having to deal with the aftermath of a damaged reputation, the large fines and the labour required to rectify your data security downfalls, it is clear that putting your data security second is not advisable.

For financial institutions in particular, FSA/FCA are a major driving force behind the need to better protect an organisation’s data – both corporate, as well as customer. Companies can ensure the protection of their data and integrate preventative measures in the occurrence of a targeted data breach.

Protection against data hackers

There are a number of steps that financial institutions can take in the fight against malicious data hackers and data loss – starting with encryption.

A lot of companies assume that if hackers aren’t trying to actually access financial data, it means that their data is safe. Unfortunately, this way of thinking is a common misconception. Financial information that is stored on a device (such as a laptop or tablet) is often overlooked because users think their data is protected. Unfortunately, hackers can still get into a system and access private information. The only way to avoid data theft is by encrypting data while it is at-rest. Encrypting data from the start means that even the best hacker will not be able to get into your system.

Managed data security policies

When it comes to encryption, financial institutions must make sure that they have a policy in place that is not only mandatory, but also managed.

Financial organisations are continually making adjustments to their security standards. It is important that adjustments can be easily controlled. MFG Managed Encryption takes the headache away for financial organisations trying to maintain an encryption solution themselves. MFG Managed Encryption employs a minimum 128-bit security keys. Once encryption is rolled out through the organisation, covering all end-points, only those with password controlled access can view files held on a device. Consistent and on-going audits are handled by MFG to make sure that the highest level of data security and the most up to date encryption policies are being enforced.

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Safeguard your client's information

No financial institution wants to deal with the reputation damages resulting from a data breach, particularly with how painful and long-lasting the repercussions can often be.

When confidential information is lost – or even worse, stolen – all parties involved, whether that be the employees within the organisation or their customers want the assurance that their private financial information is still well out of harm’s way.

With MFG Managed Encryption, financial organisations can rest peacefully thanks to a strict data security policy enforced and managed remotely by MFG.

What our clients say...

“The security of our client and corporate data is critical to our business and we required a solution which gave us total confidence that our data was protected. The Managed Encryption service from MFG has delivered a complete solution to ensure our data remains safe and secure across our national business. The team at MFG have been fantastic, very knowledgable and supported us throughout the entire deployment. I would highly recommend MFG. “

James Stevenson, Operations Director – Succession Group

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Is your Business GDPR Compliant?

The GDPR (General Data Protection Regulation) is encouraging businesses to implement security procedures so that end-user data is protected. Businesses or organisations failing to be compliant could face a hefty fine. MFG can help by providing a fully Managed Encryption service.

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