The risk to your business
With data breaches in financial services on the increase, don't be the next business to hit the headlines for the wrong reasons.
Despite attempts to reduce the number of data breaches, financial services organizations continue to see some of the highest industry increases. The 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.