When looking for industries with digital transformation-related woes, the financial services sector is often the poster child. Gartner’s predicts that by 2030, 80% of heritage financial firms will have gone out of business or have been completely commoditized. Moreover, for those that do survive, the rate of data breaches within financial services has skyrocketed in recent years. Meanwhile, because of the highly sensitive data with which they operate, this sector is also one of the most regulated industries and faces serious financial and reputational consequences in the event of a data breach.
The problem for financial services organizations, however, is that the free flow of information between internal and external stakeholders is crucial to their daily operations, meaning locking down sensitive information isn't a realistic option. With that in mind, this guide outlines:
- Why sensitive financial information is still leaking
- Best business and technology practices for financial services organizations to protect sensitive data
- Why data-centric protection is more important now than ever before