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In their day-to-day role, banks, insurance providers, brokers and credit unions have to process and exchange enormous amounts of data, most of which contains private and confidential information. This therefore requires security in order to protect it. As more and more of this information goes digital and needs to be communicated electronically, it is critical that financial services providers maintain the levels of privacy and security their customers and partners have come to expect.

A primary aspect of this is ensuring compliance with the Gramm-Leach-Bliley Act (GLBA).

Despite attempts to reduce the number of data breaches, financial services organizations continue to see some of the highest industry increases. The 2015 Breach Level Index report shows that since 2013, the number of data breaches in US financial services has increased by nearly 50%. At the same time, the scale and publicity surrounding breaches has increased dramatically. Examples include The US Federal Deposit Insurance Corporation (the Federal Government’s bank insurance agency) which admitted to having lost 160,000 personal banking records as a result of the inadvertent actions of seven departing employees.

One way to mitigate the risk of a breach is to use encryption technology. The Federal Trade Commission (FTC), the agency charged with policing and protecting consumer affairs, themselves state that the use of encryption should be a mandatory requirement when protecting sensitive data.

 

Egress Switch goes beyond traditional data security solutions to offer a platform of services designed to secure all forms of shared electronic information. This includes email and file encryption, secure online collaboration and secure managed file transfer. By offering a platform of flexible, highly integrated encryption solutions, Switch helps protect data from start to finish and as a result helps organizations prevent a breach and maintain GLBA compliance.

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