Your employees regularly share sensitive financial information internally and with vendors, partners, external agencies, contractors, advisors, and other outsourcers. Once this information leaves your control, third parties can share it with anyone, possibly compromising your and your customer’s confidentially. This also becomes a problem if a trusted insider accidentally shares sensitive information with an unauthorized person.
Financial service providers must comply with FINRA, SEC, CFPB and numerous other regulatory agency rules that require institutions to protect consumer and financial information. How the institution protects this information is left to the institution and is not always effective. If you lose sensitive customer information you may be subject to fines for violating regulations, not to mention losing customers because they can’t trust you to maintain their confidentiality.
Since financial information is the lifeblood of most businesses, it’s important to share it with those authorized to access it. At the same time, you need to ensure that it isn’t accessible by someone not authorized to see it. When sharing information outside your organization you need to extend your internal security to your partners so that customer information is protected regardless of where it goes and who has it.
Protect customer information as you share it externally by encrypting the files and applying persistent security policies that protect them regardless of where they are or their format. You can share sensitive files through email, USB drive, external portal or any cloud file sharing site and ensure they are always protected.
You can verify a recipient’s identity through a simple and secure email authentication process that can also tie access to a specific device. File access is tracked in real time for precise auditing. For anyone that deals with regulations, you know you must show an audit to prove you are in complete control of your information. Protecting your customer’s information ensures you meet financial regulations and safeguard customer confidentiality.
Here are some advantages of providing a data-centric security approach to sharing your sensitive information:
Encrypt customer information to meet consumer and new data protection legislation
Securely share files with credit analysts and collection agencies
Control who can View, Edit, Print and take a Screen Capture of the file content
Limit access time and the number of devices, including mobile
Revoke access to shared files immediately
Trace and control user/file activities in real-time
Protecting your customer’s information as you share it with external organizations ensures you meet consumer and financial regulations and safeguard customer confidentiality. Reduce your risk of violations and give your customers the piece of mind that you can maintain their personal information securely.
Photo credit GotCredit