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Illuminating Hidden Risks: Managing Shadow Data for Security and Compliance in Finance

Financial organizations facing significant security and compliance risks from ungoverned shadow data on personal platforms are seeking solutions for visibility and persistent protection to prevent data breaches and regulatory violations such as GLBA and PCI DSS.

Illuminating Hidden Risks: Managing Shadow Data for Security and Compliance in Finance

Challenges

The pervasive issue of shadow data presents a major challenge for organizations in the financial industry. Financial advisors, analysts, and other employees, often seeking convenience or agility, may utilize personal cloud storage, local devices, or unsanctioned collaboration tools to handle sensitive financial data such as customer account information, transaction records, and confidential investment strategies.

This practice results in a significant portion of the organization’s critical data assets residing outside the purview of IT security and governance frameworks mandated by regulations like the Gramm-Leach-Bliley Act (GLBA) and the Payment Card Industry Data Security Standard (PCI DSS). This lack of visibility and control presents several critical risks.

  • Sensitive financial information stored on unsecured personal platforms is highly susceptible to data breaches and unauthorized access, potentially leading to severe financial losses, legal penalties, and reputational damage.
  • The inability to track and govern this data makes it exceedingly difficult to comply with the stringent requirements of GLBA and PCI DSS, including access controls, data encryption, audit trails, and data retention policies, raising the specter of significant fines and legal repercussions.
  • The inability to enforce consistent security policies across all data locations creates significant vulnerabilities and makes it impossible to track data movement or understand its usage.
  • This fragmented data landscape also hinders data analysis, risk assessment, and overall operational efficiency.

Solutions

To address the risks associated with shadow data, the financial organization implemented a comprehensive data-centric security strategy leveraging Fasoo’s suite of solutions. Initially, they deployed tools like Fasoo Data Radar and Fasoo Data Security Posture Management (DSPM) to scan across cloud environments, on-premises systems, and endpoint devices used by financial professionals and staff. This enabled the identification and classification of all sensitive financial data, including previously unknown shadow data, providing a comprehensive understanding of where this critical information resided.

Subsequently, the organization took the following steps:

  • Implemented Fasoo Enterprise DRM: This applied persistent encryption and granular access controls to all identified sensitive financial data, regardless of its location, ensuring protection even outside direct organizational control. Access was limited to authorized personnel based on their roles and responsibilities, preventing unauthorized copying, sharing, or modification.
  • Established Clear Policies: These policies dictated the use of approved collaboration platforms meeting GLBA and PCI DSS security requirements and strictly prohibited the use of unsanctioned cloud services for handling financial data.
  • Enforced Policies with Fasoo: Fasoo’s solutions helped enforce these policies and alerted IT security and compliance officers to any violations.
  • Utilized Fasoo DSPM for Continuous Visibility and Compliance: Fasoo DSPM provided continuous visibility into the data landscape, automated risk assessments specific to GLBA and PCI DSS compliance, and identified new instances of shadow financial data or policy deviations.
  • Invested in Security Awareness Training: Mandatory training was provided to all personnel handling financial data, emphasizing the risks of shadow data and the importance of adhering to corporate data security policies and utilizing approved, secure tools.
  • Implemented Regular Data Audits: Facilitated by Fasoo’s data discovery capabilities, regular audits were conducted to proactively identify and remediate instances of unmanaged financial data.
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Benefits

By implementing Fasoo’s comprehensive data-centric security solutions to combat shadow data containing sensitive financial information, the financial organization achieved significant benefits:

  • Reduced Risk of Regulatory Fines and Legal Penalties: Sensitive financial data is secured with persistent encryption and granular access controls provided by Fasoo Enterprise DRM, significantly minimizing the likelihood of unauthorized access and potential violations of GLBA and PCI DSS, thereby avoiding costly fines and legal liabilities.
  • Enhanced Protection of Customer Financial Information: By gaining visibility and control over all sensitive financial data, including shadow data identified by Fasoo DSPM and Data Radar, the organization strengthened its commitment to protecting customer privacy and financial assets, building trust, and maintaining a positive reputation.
  • Improved Data Governance and Compliance Posture: The organization established a more robust data governance framework aligned with GLBA and PCI DSS requirements by extending security policies and controls, enforced by Fasoo’s solutions, to all financial data, regardless of its location.
  • Strengthened Security of Financial Records and Systems: Proactively identifying and controlling shadow financial data with Fasoo DSPM and protecting it with Fasoo EDRM significantly strengthened the security of critical financial records and the systems that process them.
  • Improved Data Visibility and Accountability: The organization gained a clearer understanding of where sensitive financial data resided and who had access to it through Fasoo’s discovery and classification capabilities, enabling better risk assessment, data management, and accountability for safeguarding financial assets and customer information.
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