Ensuring the security of banking data, especially the potential implications when it falls into the wrong hands, is a permanent and pressing concern for the financial sector. Highly coveted personal data and the potential payout it represents to cybercriminals make the financial sector a prime target. Given the sheer number of service providers involved in each step of a banking transaction, the processes required to guarantee the security of banking data are further complicated. This complication clouds the accountability of banking systems and magnifies the scale of the threat.
Along with the new security challenges that the digital transition brings about — think applications, online payment, mobile access, and cloud-hosted services that need to be secured — banks and insurance firms must always demonstrate due diligence. They need to implement innovative and specialized tools that can guarantee the confidentiality, integrity, and traceability of their clients’ personal data.