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Under the Microscope- Enterprise Security System: A Good Investment for Financial Institutions
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For financial services organizations, "sensitive information" encompasses a wide range of data, from personal and financial information relating to customers and employees, to strategic plans and intellectual property. A data breach, therefore, can not only lead to fines and other penalties imposed by regulators, it can also lead to lost business due to customer defection, diminished reputation, and the need to transfer resources from revenue generating activities to damage control.
The flip side of this is that effective data security, aside from being an essential business process, can also be a valuable business enabler, preserving and promoting growth. It's also extremely challenging to do, the primary reason being that sensitive data exists in various forms throughout the organization: in applications and databases, on servers and storage tapes, and on desktops and other endpoints, where it can be transformed and transmitted by employees, customers, partners, and third-party services providers.
For too long, vendors have been providing- and financial services organizations have been deploying- point solutions that are limited in scope and strategy. They may deliver a measure of security for files but they don't provide protection for the business as a whole. Ultimately, securing data effectively is not about firewalls or passwords; rather it's an information management process that takes a comprehensive, strategic view of your most important asset- your data- and helps you exploit its value more efficiently while ensuring it remains a competitive advantage rather than a potential liability.