Sharing sensitive information like customer data, audit reports, board communications through emails and shared drives is very common in the banking industry. Different sensitive data like PII, Account Information, Operational Reports travels across business units, vendors, partners, and outsourced agencies. A typical large bank or credit card company collaborates with more than 20,000 third parties and partners. Outsourced processes generally include I.T. support, call centers, collections, printing, card personalization, embossing, and much more. These scenarios pose a significant compliance risk if data is breached or misused outside the bank’s perimeter.
Studies have shown that banks and financial institutions are 300 times more likely to be targeted by cyber attackers than any other sector. Also, banks pay the highest cost of a data breach – $18.3 Million per annum per company.
Download this infographic to learn more about:
- Different data-related risks faced by banks
- Statistics related to insufficient data security in banks
- Various business scenarios in the banking sector facing external collaboration
- Optimum solutions for holistic data security