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Did you know that finance firms lose almost $6 million per data breach? While this can be alarming, the good news is that finance organizations are actually ahead of the curve when it comes to detecting and containing data breaches.
However, this doesn’t mean you should let your guard down. If you’re in finance, then it’s your responsibility to keep up with big data security to keep your customers safe. Otherwise, not only can you lose money, but also consumer trust.
Read on for more information on big data security for the finance industry.
Network Security
Data security starts with securing your networks. Use firewalls, intrusion detection systems, antivirus software, and other security measures.
You should also consider using virtual private networks (VPNs) and secure connections to protect data as it travels between different systems and locations.
Data Classification and Encryption
Most likely, your institution deals with various types of data, including:
- Customer information
- Transaction records
- Proprietary algorithms
These will range in sensitivity, so you’ll need to classify them as such. Then, assign security levels based on that. Ensure that data stored in databases and during transmission between systems is encrypted.
Access Controls
You’ll want to limit access to sensitive data, and you can do so by implementing robust access controls. Use role-based access control (RBAC) to ensure that only authorized personnel can access specific types of data.
In addition, you should regularly review and update access permissions to align with organizational changes and employee roles.
Authentication Mechanisms
Implement multi-factor authentication (MFA) to add extra layers of security. This helps prevent unauthorized access, even if your login credentials are compromised.
Like with access controls, regularly update and strengthen authentication protocols to mitigate the risk of credential-based attacks.
Monitoring and Auditing
You should implement real-time monitoring systems to detect and respond to suspicious activities promptly. Plus, you should conduct regular audits of system logs and user activities to identify any anomalies or potential security breaches.
If this is difficult to do for your current IT team, then you should secure data with finance IT services. These professionals will keep your data safe while making sure you’re compliant too.
Incidence Response Plan
You can do everything in your power to prevent data breaches, but they may still happen. If/when this happens, you want to be prepared with a solid incidence response plan.
This plan should address security breaches promptly and effectively. Once you’ve formulated a plan, conduct regular drills to ensure that the response team is well-prepared to handle various security incidents.
Practice Good Big Data Security
Excellent big data security is necessary if you want to survive in any industry. Criminals will always look for ways to steal your sensitive information, so you’ll need to stay on your toes.
Don’t skimp on data security, and make sure to set aside a good portion of your budget for it. After all, what they say is true: an ounce of prevention is worth a pound of cure.
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