Data security and privacy have been the main focus of the financial sectors or they will be held accountable for data breach and pay a handsome fine.
Financial sectors consist of companies that provide services financially to both retail and commercial customers. These firms include real estate, investment funds, insurance companies, and banks and should closely guard data security and privacy.
This section of the economy is one of the most significant features of several of the planet’s developed austerity. In fact, it is one of the biggest entities of the Standard & Poor’s 500 (S&P 500). Notable banking institutions comprise the financial sector such as Bank of America Corporation, Wells Fargo & Company, Citigroup Inc, and JPMorgan Chase & Co. Joining the bandwagon of dominant companies are mortgage finance, consumer finance, capital markets, mortgage finance, real estate investment trusts (REITs) and insurance companies such as Chubb Limited and American International Group.
According to the recent research conducted by Protiviti, a global consulting firm, there has been a sweeping transition in the urgency of finance leading magnates in banks, corporations and other financial institutions whose key challenge was to deal with varying regulatory challenges and concerns relating to tax.
The study shows that Chief Financial Officers (CFOs) and corporate finance executives make data security and privacy its topmost priority. The development depicts the burgeoning apprehension over the likelihood of data breaches that could result in billion dollar losses aside from inflicting a severe blow to the companies’ reputation.
CFOs on their part must better keep an eye on data security. For them to get more associated with data security and privacy, they must remain informed, prepare prior to investments, prepare prior to divestments, bear in mind data compromise, adopt compliance, and establish a culture.
Based on the Information Age report, the diminishing returns acquired globally by both banks and financial institution as a result of data theft and fraud are approximated to be around $957 million of last year.
“Companies need to be one step ahead of hackers and other cybercriminals now, with the increasing frequency in the cases of data thefts and frauds. Also, with companies increasingly using shared resources, even from remote locations, putting in place fool-proof data fraud detection tools in place have become much more important now than ever,” said Akzo Nobel India CFO, R Guha.
Data privacy has been illustrated as a person’s capability to regulate the gathering, utilization, and exposure of personal data. Data security is specified as security standards to shield collected information. It keeps the discretion, reliability as well as obtainability of information in the individual’s retention, protection, or authority.
Together, data security and privacy are necessary for regulatory conformity. Negligence to focus on it can lead to settling huge fines and penalties. Most importantly, such failure could culminate in a possible massive depletions in consumer loyalty and brand value.
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