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Why Financial Institutions Can Not Allow Data Breaches

Why Financial Institutions Can Not Allow Data Breaches

The global banking sector is considerably healthier now than it was 10 years ago, at the start of the global financial crisis. The largest banks in the world have significantly improved their capital position in the years since the crisis. Furthermore, competition in the banking sector has become tough. While FinTech are primarily conquering the young target group with innovative business models, established banks must make an effort to maintain their market position. However, they also have a great advantage over the newcomers: the trust that has grown over many years of their customers.

 

Consumers feel safe at recognized banks. This is shown by the banking customers experience report. As a result, banks and savings banks occupy the top spot when it comes to customer confidence in data protection. Three quarters of respondents (72 percent) believe that their data is safe with their bank. In second place are health insurance companies with only 40 percent.

 

In contrast, however, there are other numbers. According to the Ponemon Institute’s study, sponsored by IBM “Cost of Data breach 2018” the financial industry is most often affected by data breaches or data theft. Given the nature of data held by financial institutions, including banks, credit unions, credit card companies and brokerage firms, it’s no surprise they are the most at risk of cyberattacks. The cost per lost dataset is $ 206, the second-highest in the industry, fallowing by the healthcare sector. Overall, the cost of a data breach increased from $ 3.62 million in the previous year to $ 3.86 million. In such data breach, the most importance is the loss of reputation caused by such an incident.

 

The biggest risk is data beyond the productive environment

Banks cannot afford to lose the trust of their customers. Because this is precisely their competitive advantage over the FinTech. The term “FinTech,” which is the short form of the phrase financial technology, represents companies that combine financial services with modern, innovative technologies. FinTechs generally aim to attract customers with products and services that are more user-friendly, efficient, transparent, and automated than those currently available in traditional banks.

 

Therefore, traditional banks should do everything possible to reduce the risk of data breaches and to close any weak points. Looking at past data protection incidents in the financial sector it seems that most of the time the productive data was not affected. Productive systems are usually well protected against hacker attacks with the latest technology. What is at risk is data that is copied from the production environment and circulates around the house – for example, for development or data analytics. These account for about 80% of the data in the company. In large companies, thousands of employees access the data. In this environment, data protection officer must ensure that sensitive information does not fall into the wrong hands.

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This is how DataOps provides more security

DataOps (data operations) is a new approach to data management which brings together data workers, the individuals who collect, clean and prepare data, with data analysts to help enterprises make data-driven decisions at the moment of opportunity.

A DataOps platform can be helpful in increasing the security of data inside the organization. It enables central data management and creates virtual copies of the productive data so that they can be distributed quickly and above all safely in the company. For example, central policies can be used to specify how the data should be protected. With role-based access rights, administrators control who can use which data and how.

 

An important method to protect sensitive data is also by masking it. This information is anonymized, so that no conclusions on the respective persons are possible. For developers and data scientists, the data is still meaningful enough. The General Data Protection Regulation also expressly mentions anonymization as a suitable means of data protection. With a DataOps platform, masking can be automated before the data is copied and redistributed from the production environment.

 

Conclusion

Data breaches can have lasting harmful effects for any business, regardless of its industry. The financial impact of a loss of brand reputation and trust after a cybersecurity incident can be significant across all industries. And when it comes to the cybersecurity threats financial institutions face every day, there is only one guarantee: hackers will continue to find new ways to infiltrate your organization’s network.

 

Data protection and data security are playing an important role. Still, established banks and savings banks enjoy great trust from their customers. But this advantage over Fintechs can quickly disappear due to data breakdowns and the associated loss of reputation. Particularly vulnerable are data beyond the productive environment. With masking, centralized policies and access rights management, a DataOps platform can help to better secure them.

Data Privacy Policy: Consumers Trust In Organizations Diminished

The results of Veritas Technologies’ global research have revealed that consumers around the globe are less and less confident about data privacy policies held by companies and have issues with trusting the organizations to protect their personal information. With each new data leak and successful hacker attack their uncertainty grows, at a point where 38% of worldwide consumers are persuaded that most businesses don’t know how to protect their customer’s data.

 

Results also highlight that consumers want to penalize companies that are bad at protecting their data. On the other hand, companies that place a high value on data protection should be rewarded.

Consumers Trust iIn Organizations Diminished

 

In today’s competitive world, most worldwide companies need data to effectively target consumers with the right goods and services to deliver a better experience. But with the introduction of New strict compliance rules such as the EU GDPR, consumers will have more power over their data in the future. Many consumers will impose companies to better protect their personal data as they need reassurance when it comes to what personal data are companies holding, how it is used and how it is shared.

 

The new norm

 

data privacy gdpr

 

The study, commissioned by Veritas and conducted by 3GEM, surveyed 12,500 people in 14 countries including UAE. Results show that 92% of respondents are concerned about exposing personal data, 40% of respondents have no visibility into how their data is used and 83% are not satisfied with companies not knowing how to protect their data.

 

With the GDPR regulations, 65% of respondents says that they’ll request an access on their personal data that companies are holding and 71% will even ask them to delete their data.

 

Almost three quarters, 71%, of respondents say they will stop buying from a company that does not adequately protect their data. And nearly every second, 43%, would abandon its loyalty to a particular brand and switch towards a direct competitor. It can even be a worse scenario for companies because 79% say they would recommend their surroundings to boycott the organization in case of data breach and 87% claim they would report the business to regulators. 69% of respondents say they would post negative comments online about the business.

 

However, the survey also shows that good data protection pays off. So, consumers want to reward companies that protect well their data. Four in five respondents, 80%, say they would spend more money on companies they trust to guard their data. More than a quarter, 30%, of consumers are willing to spend up to 25% more on companies that take privacy seriously.

 

“Trust in consumers has been eroded by many data breaches and global scandals as companies have revealed a lack of understanding of data privacy protection,” said Tamzin Evershed, Senior Director and Global Data Protection Officer at Veritas. Consumers demand more transparency from companies and demand accountability from them. Under this new norm, consumers will reward those organizations that carefully manage data while punishing those who do not. Businesses need to prove themselves as reliable data managers in order to retain the trust of their customers.

 

Growing concerns about the collection of personal data

 

As consumer interest is rapidly growing in how personal data is used and shared by companies, the study shows that consumers are no longer prepared to share the following types of personal information:

 

  • Details about personal finance including income, mortgage (49%)
  • Details on health and medical records (24 percent)
  • Age and gender (29%)
  • Location (36%)
  • Online habits (35%)
  • Religious preferences (38 percent)

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In addition, consumer doubts about how their data is shared with companies and third parties. Nine out of ten respondents (89%) said they were worried about protecting their personal information. Almost half of the respondents (44%) say they have no idea how companies use or share their data. After all, 30 % fear that their personal information will be stolen.

 

“In light of recent events and changes in the law, consumers need much more reassurance when it comes to what personal data companies hold on them, and how it is shared and used,” said Tamzin Evershed, Senior Director and Global Data Protection Officer at Veritas.

 

“This could have significant implications for businesses that rely on collecting consumer data to provide intelligent and targeted services, such as location-based apps. The most successful companies will be those that are able to demonstrate that they are managing and protecting personal data in a compliant way across the board.”

 

GDPR – What impact will the new #DataRegulation have on the Hotel Industry?

DATASECURITY

Indispensable for reservations and booking, hotels handle large amounts of personal data that need special protection. The hotel must ensure customers are aware of the particular uses of their data. GDPR legislation brings in a large number of transformations. Here below is a brief overview of the challenges that will have to be faced by the various players in the sector.

 

In 2014, the computer security company Kaspersky revealed to the general public the hacking campaign “Dark-hotel” developed in luxury hotels. By penetrating Wi-Fi networks, sensitive data has been robbed via devices of senior executives while they were on a business trip. More recently, in January 2017, an Australian hotel was hit by ransomware. With the possession of the electronic key system, the hackers had locked hotel’s customers in their rooms, forced to pay $ 1,500 in bitcoins on the Dark-web, a price for opening the room’s door.

 

In addition to all other industries, the hotel industry is exposed, as well, to a major challenge: ensuring the security of personal data while dealing with cybercrime. In this perspective, the European Union has adopted the General Regulation on the Protection of Personal Data (RGPD) which is mandatory form from May 25, 2018.

* GDPR is a regulation to strengthen and unify data protection for individuals within the European Union.

 

It redefines the protection of individuals by protecting their personal data with a number of major provisions. Fully concerned, the hotel industry has only two months to anticipate these new obligations in order to strengthen their data protection system.

 

Hoteliers must take responsibility

 

Today, the concerned actors are not aware of the risks essential to personal data and the strict responsibilities upon them. Indeed, the hoteliers have in their hands a colossal amount of personal data that customers entrust fairly easily to the detour of a few clicks.

Customers are invited to book by sharing several private data (full name, postal address, email, credit card information, date of birth). Once the reservation is made, a contract of trust is established between the customer who shared his personal data and the hotel which has the heavy responsibility to protect them.

 

In this logic of responsibility, this need for data protection and integrity naturally extends to service providers, partners and subcontractors (Booking Center, Concierge Services, etc.) to whom the obligations regarding security and confidentiality will have to be met, to be strengthened and clarified. It is easy to understand the impact that any flaw in the concierge service would generate by disclosing the habits and sensitive data of its customers and distinguished guests.

 

According to travel statistics, 93% of customers goes online to find and book a hotel. Taking the example of the Booking.com platform, the industry leader, the client communicates all its personal information which will then be transmitted directly to the hotel. In 13% of cases, this data will be sent by fax which, poorly preserved, can generate a risk for the individual in case of fraudulent use.

 

The penalties for not complying with GDPR are large, at a financial cost of up to €20 million or 4% of worldwide annual turnover (whichever is greater), not to mention the potential reputational cost to a business in the hospitality industry. Even more prejudicial, the contract of trust with customers would be particularly weakened with a reputational risk with serious consequences for the hotel.

 
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Six urgent measures to take

 

It is security that must adapt to the customers and not the other way around. Securing data is a major issue that hotels must prepare to ensure a level of security adapted to maintain and strengthen this relationship of trust between customers and hoteliers.

For that, several challenges will have to be raised by the various actors of the sector:

 

Data mapping: Hotels need to complete a data mapping process to become aware of what data is captured, where its stored, and how it is used before it can begin the process of how to protect and monitor it moving forward. A data mapping process helps to react effectively in case of violation.

 

IT and Security assessment: After data mapping process, the hotel’s hardware and software applications should be reviewed along with hard copy files. A series of encryption codes, pseudonymization techniques, passwords or limitations on access may need to be implemented to protect access and the integrity of the data.

 

Data protection officer: Designate the data protection officer, guarantor of the data protection structure with the responsibility to review the access, archiving, transfer and data protection processes. Data protection officers are responsible for overseeing data protection strategy and implementation to ensure compliance with GDPR requirements.

 

Cleaning up data records: Deleting isn’t required but validating the data that is a must. In this process, a hotelier must reach out to customers to inform them of the new policies and to verify their data and its uses. Document all standard operating procedures and invest in training of all relevant staff members to ensure they have a thorough understanding of the new procedures and the implications of the regulation. Analyze the risks of impacts by assessing the risk of disclosure of personal data by system.

 

Raise awareness and train internal staff: Maintaining GDPR awareness with staff is an ongoing process. Management should provide regular refresher training for all staff to ensure an awareness culture exists to protect against possible breaches.

 

Third party partners: Review contracts with existing partners, contractors and subcontractors to ensure integrity throughout the data cycle. A major change due to GDPR is that data processors are captured by the regulations as well as data controllers.

 

Taking the example of the “ransomware” of the Austrian hotel, It is a call for accountability and awareness for the hospitality industry that requires concrete actions to meet the challenges. This will fully fulfill the contract of trust to the customer by ensuring protection of their data.

#GDPR – Reform of EU Data Protection: 5 months left to be Fully Prepared

#GDPR - Reform of EU Data Protection- 5 months left to be Fully Prepared

Companies only have a few months left to prepare for the new European #DataProtection Regulation. On 25 May 2018, all companies managing personal data of citizens of the European Union will be required to comply with the new regulations and requirements of the General Data Protection Regulation (GDPR).

This regulation will impose significant new obligations on companies that manage personal data, as well as severe penalties for those who’ll violate these rules, including fines of up to 4% of global turnover or € 20 million highest amount being withheld.

Few months left before the entry into force of the Regulation, yet many companies have not started preparations and will have to develop and implement a compliance strategy. To facilitate their journey, we’ve listed, here below, eight rules to follow.

 

Understand your Data

 

The first step to comply with the GDPR is to understand how personal data is stored, processed, shared and used within the company. Through careful auditing, you will need to compare existing practices with the requirements of the new regulations and identify the changes needed to ensure your business in the way that best suits you. Remember that the obligations of the GDPR do not only apply to the strategies and measures put in place by your company but also extend to the providers who process personal data on your behalf.

 

Determine who is responsible for data protection

 

If some companies will have to appoint a data protection officer, everyone working within the company will have to adopt a data protection compliance program. Data protection officer may need to strengthen his strategies in this area and train his staff.

Please note that not all companies will necessarily have to appoint a Data Protection Officer, but good practice suggests that such a delegate is essential for companies that engage in two types of activities: large-scale processing of specific categories of data and large-scale monitoring of data, such as behavioral advertising targeting.

 

Ensure a legal basis for Data processing

 

Your company will want to examine the legal basis on which your strategy for handling various types of personal data is based. If it is based on consent, you will need to identify the method used to obtain that consent and will have to clearly demonstrate how and when that consent is given. Relying on consent means that data subject can withdraw his/her consent at any time and that data controller must then stop any data processing activity about this data subject.

 

Understand the rights of the people concerned

 

In accordance with the GDPR, any person whose data you process is given new rights, including the right of access to personal data, the right to correct and delete such data, or the right to portability of personal data.

Can your business easily locate, delete, and move customer data? Is it able to respond quickly to requests for personal data? Does your company, and the third parties that work for it, keep track of where these data are stored, how they are processed, and who they were shared with?

 

Ensure confidentiality from conception

 

As part of the GDPR, companies are required to implement a confidentiality strategy from the design stage when developing a new project, process, or product. The goal is to ensure the confidentiality of a data’s project as soon as it is launched, rather than implementing retrospective confidentiality measures, with the aim of reducing the risk of violation.

Have you limited access to personal data to those who need it in your business? A data protection impact assessment is sometimes necessary before processing personal data.

 

Be prepared for violation

 

Your company will need to implement appropriate policies and processes to handle data breaches. Make sure you know which authorities you will need to report any data breaches, as well as the deadlines. Any breach may result in a fine. Put in place clear policies and well-practiced procedures to ensure that you can react quickly to any data breach and notify in time where required.

 

Communicate the main information

 

In accordance with the GDPR, you will be required to provide the data subject with the legal basis for the processing of their data and to ensure that they are aware of the authorities from which they may lodge a complaint in the case of any problem. Make sure your online privacy policy is up to date.

 

Collaborate with your suppliers

 

GDPR compliance requires an end-to-end strategy that contains vendors processing personal data on your behalf. The use of a third party for data processing does not exempt companies from the obligations incumbent on them under the GDPR.

 

With any international data transfers, including intra-group transfers, it will be important to ensure that you have a legitimate basis for transferring personal data to jurisdictions that are not recognized as having adequate data protection regulation. Verify that the third-party data processor on your behalf has established strict data protection standards, has extensive experience in the field of large-scale data security management, and it has tools to help improve data governance and reduce the risk of breach.

 

Ensure your vendor meets globally recognized standards for security and data protection, including ISO 27018 – Code of Practice for Protecting Personal Data in the Cloud. Ask your vendor to provide you with all information about the network and data security who resides there (for example, its encryption policies and controls in place at the application level), its security policies, as well as its training, risk analysis, and testing strategies.

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Critical challenges of #DataProtection and #CyberSecurity within your Organization

#DataProtection and #CyberSecurityData breaches are a constant threat to all organizations. And the risk keeps growing: By 2016, the total number of exposed identities by data violations has increased by 23%, with a record of 100,000 incidents, of which 3,141 were confirmed data breaches.  The data now is corrupted/compromised in a few minutes and their exfiltration takes only some days.

 

The worst part is that detecting a violation can take months, with an average discovery of 201 days. Unable to respond quickly, organizations face the risk of exposing valuable data and confidential information. The recovery process can be incredibly costly, and the damage in terms of reputation is incalculable.

 

Why companies must stay alert?

Why companies must stay alert?

The increasingly digital revolution requires companies to constantly be on their guard in order to detect attacks and respond to potential incidents. However, after several years of constant vigilance, many companies are wondering if their investments will one day be sufficient. Some of them even think that they’ve solved the problem with devices to counter conventional attacks (such as phishing, for ex) or to fill in the most important flaws (the identity and access management system, for ex). In reality, that’s not the only thing they must do in order to protect their valuable data.

 

While most companies have laid the foundations for proper cybersecurity, most of them haven’t realized that these measures are only the beginnings of a much wider and proactive policy, and the digital world needs continuous investments on security matters. An enterprise may consider that it has implemented sufficient cybersecurity measures when it will be able to remain permanently within the limits of its risk appetite.

 

Demonstrating the contribution of cybersecurity investments can be challenging. Nevertheless, when a company reaches a high level of maturity in this area, it becomes easier to justify ongoing vigilance by demonstrating the contribution and value of investments: whenever the Security Operations Center identifies a potential attack, the evaluation of the costs generated by the different attack scenarios (particularly the least favorable one) justifies the made investments.

 

How organizations can unfold threats and vulnerabilities?

  • All vulnerability and incident data are retrieved in a single system. By the automation of simple security tasks and correlating intelligence data against threats with security incidents, analysts have all the information they need to protect your business.
  • Through the integration with the CMDB, analysts can quickly identify affected systems, their locations, and their vulnerability to multiple attacks.
  • Workflows are essential to ensure compliance with your security runbook. Predefined processes allow 1st level personnel to perform real security work, while more experienced security professionals can focus on tracking complex threats.
  • By managing an overload alert via applying priorities based on their potential impact on your organization. Analysts need to know precisely which systems are affected, as well as any subsequent consequences for related systems.
  • By improving controls and processes to identify, protect, detect, respond and recover data
  • By creating cyber security awareness within your employees

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How organizations can improve their CyberSecurity?

A company must establish a solid foundation of cybersecurity to protect its present environment. For example by carrying out a safety assessment and building a roadmap; review and update security policies, procedures and standards; establishing a security operations center; testing business continuity plans and incident response procedures; designing and implementing cybersecurity mechanisms.

 

As a business holder, you must consider that your basic safety measures will become less effective over time, so don’t forget to focuses on the changing nature of business environment. At certain point you must highlight the actions needed to enable your company to keep up with the demands and developments of the market. It can be by designing a transformation program to improve cybersecurity maturity, using external assistance, in order to accelerate its implementation. You can decide what will be maintained internally and what will be outsourced and define a RACI matrix for Cybersecurity.

 

Last but not the least, the company must proactively develop tactics to detect and neutralize potential cyber-attacks. It must focus on the future environment and have more confidence in its ability to manage predictable and unexpected threats/attacks. Few companies are at this level, and today it is necessary for them to design and implement a cyber threat strategy (Cyber Threat Intelligence), define and integrate a global cybersecurity ecosystem, a cyber-economic approach, Usage of data analysis techniques for investigations, as well as monitoring cyber threats and preparation for the worst by developing a comprehensive intrusion response strategy.

 

Sources :

Verizon’s 2016 Data Breach Investigations Report

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