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Data Security: Risk & Prevention for Financial Services in 2014

Data Security Risk & Prevention for Financials Firms in 2014 Mobile, Cloud, social media, and IP-based comms are just some of the factors behind the big data industry getting bigger. But, as data grows, so do the associated risks. Data protection, risk management and cyber security are emerging threats growing parallel to big data, impacting businesses around the world, across all industries. For Financial Services firms in particular, data security is a prevalent issue. Counting the cost of a breach is not always easy. There is a need to look at data security holistically. A business can run the most secure IT network, but if corporate culture does not support cyber security, then the risk of a breach remains. Our latest infographic brings you all you need to know about data security and the prevention measures we advise all Sentronex clients to take. 87% of small businesses (<50) suffered a security breach in 2013 costing up to £65k 93% of large businesses (+250) suffered a security breach in 2013 costing up to £850k. It can happen to anyone Yet, only 5% to 10% of an average regulated firm's IT budgetgoes on data security The highest % of data security breaches are found in Anancial businesses @ 37% The risk of cyber attacks and data security is on the rise in 2014 in the financial services industry "Hacktivists in 2013 were more involved than ever in the shutdown of the stock exchange." Who does this affect? INFO The threat is moving from large banks to midtier instituti ons and smaller firms. In fact, smaller organi sations are now more vuln aerable than ever as th ey typically lack the appropriate security measures to combat hacktavists and Startups Mid-tier Banks & SMES data security breaches. biggest risk INTERNAL EXTERNAL What are the Staff taking data Virus or malware main reasons Loss of unecrypted data Hacking attack for data breach? Social media misuse Third party data loss Non-secure disposal Technology changes How long until you know that your firm's data has been breached? Who spots a breach first? -12 Typically, MONTHS a 3rd Party Data is your biggest asset Financial Services firms have amassed Petabytes of information on Customers, Companies, Industry etc;where DATA GOLDMINE 1 PETABYTE -20 . 10101010 10101001010010101 MILLION 1010101 Why is your data so valuable? Reputation & The Bottomline Intellectual Brand Image & Share Price Loss of Compliance Failure Property Customers What happens if you suffer a data breach? £500,000- Max fine to businesses under DPA for loss of information This is expected to change in 2015, when fines will be based on 2% of worldwide DATA BREACH due to negligence by ICO gross revenue This is in addition to fines potentially issued by the FCA What can you do to prevent data breaches? Create a Security Framework 1. Put Someone in Charge Ensure someone within your organisation is responsible for 3rd party contracts and that data security and a 'Right to Au dit' are embedded within contracts. Data Inventory & Risk Analysis Know where your 'crown jewels'are located. Consider wh at type of data is processed on person al devices & how dat a is stored. Invest in asset management tools. 2. Policies & Procedures 3. Implement remate access, BYOD, access rights, leavers and joiners & accept able use policies. Use data loss preventi on tools and strang auth entication on devices. Staff Training & Awareness It is imperative that all staff are trained on the above policies an d have the appropriate data secu rity understanding. This also includes 3rd party staff training. 4. Strong Technology Safeguards 5. Protect networks against internal and external cattacks with firewalls, penetrati on testing and intrusion detection sy stems. Have a centrali sed data store - are all devices en crypted? Backup, Recovery & Deletion Consider what types of data is processed on personal devices. How/wh en should data be stored on devices/servers and when should data be deleted from these devices. Have a recovery plan. 6. Data Seeding 1. Use secure distribution methods for sen ding data an d add unique seeds (dummy tracking data) when tran sfering data, so that you can identify data loss promptly when it occurs. REVIEW The Future Outlook Job Creation 1t Increased need for data security is expected to create 78,000 jobs over the next 4 years (UK). Saas Reinvented 2014 will see a growth in Security-as-a-Service. Increased Importance TO 3 Data security is now becoming a common agenda item at board meetings and not just compliance. It must be aligned to the business. Technology Reliance The industry's reliance on tech systems for all business aspects raises concerns over privacy, data security & cyber risk. 4 Learn more at sentronex.com SENTRONEX Sentro nex is an award-winning provider of the following services: IT Support, Disaster Recovery, Financial IT Consultany, Hosting, Cloud Services & Connectivity. We look after an impressive range of London-based clients from both the buy and sell-side who trust us to manage their IT services. Sances Sentronex Limited 1. kwedmertNewa - Cber securty thech kofinancid fima an the upaving in 2014 2 PWC- - 2013Wamaon Security Breaches Survey 3 PWC - The Glbal Skde d lamcon Secury, Suvey 2014 42 Southwark Street | London | SE1 1UN -Hanesing he Pave di BqDaa- Guides to Bg Daa fa Finarcid Sevice 4. Red Buanea - Cyber Securly in 2014 5 Ddako - FacingUp To Daa loes - Securily Reearch 2013 á IT Govenance - Cwer Securiy Rik Aazemert 7. Paneman hate - 2013 Cot df Dda Beach Sudy Giabal Andyan a Veraon - The 2013 Daa Breach Iwetigalona Repat sales@sentronex.com +44(0) 20 7397 7400 sentronex.com Copyright © Sentronex March 2014

Data Security: Risk & Prevention for Financial Services in 2014

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Financial IT services provider Sentronex reveals latest infographic detailing the issues, concerns and preventative measures available to regulated firms in order to mitigate the risks attached to dat...

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Sentronex

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Technology
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