Let’s say you’ve taken your financial services employees out on a work retreat. Looking for activity ideas that might increase your team’s chemistry, your eye falls to bungee jumping. When the nine of you arrive at the place, you’re presented with a waiver stating that you understand the risks and the fact that there’s a four out of nine chance that the line snaps. Of course, you don’t sign it. All of you high-tail it out of there and find the nearest mini-golf place. I, for one, wouldn’t be comfortable with 100 to one odds of an equipment failure, let alone five to four.
Did you know, though, that those are the same odds your office faces every day when it comes to a significant data security failure? It’s true: 41% of financial service organizations experience a data breach or fail a compliance audit. With such a high likelihood of your group confronting data security issues, you need to do everything you can to ensure all your ducks are in a row.
So how do you get from A to B? What are the companies in the 59% that haven’t been breached or failed compliance tests doing that the 41% aren’t? Well, some are just plain lucky. Others, though, laid down the groundwork and invested in strong security technology and personnel. They may have implemented routing security audits, established secure firewall protections, practiced proper encryption for their laptop and cloud data, or all three.