Data Resiliency Solutions for Financial services



Data Resiliency Solutions for Financial services | Vaultastic

Problem statements of FS organisations:

  1. Is preserving large volumes of data, long-term, becoming expensive for your organization?
  2. Is the preparation for litigation, early-case assessment, and investigations a recurrent challenge for your organization?
  3. Are you wondering how to securely preserve ex-employee data, which may be required anytime in the future for investigations?
  4. Is your data admissible as electronic evidence in a legal proceeding?
  5. Is your (traditional) data management solution complying with the stringent requirements of industry regulators like IRDAI, RBI, and SEBI?
  6. Can you respond to a DSAR easily, in minutes/hours or does it take you days and a lot of effort?
  7. Can your business withstand the fallout of a successful data breach?

What the regulator expects from an FSI

The Regulator wants you to deliver a Reliable, Always on, and Secure service to your customers and keep all static and transactional data, safe, and secure for an extended period in an easily discoverable form and all within the boundaries of the country.

And they will hold you Accountable for Complying with their Regulations using Audits, Reporting, and Penalties as the main tools.

Data Protection for Financial Services Institutions

Financial data is the primary target of cyberattacks

The rapid digitization of the banking and financial industries is driving reliance on modern tools for business communication.

And email has become a dominant form of communication between financial services organizations and their customers and partners.

This shift creates large volumes of unstructured business communication data making retention and oversight initiatives more complex for regulated financial services organizations.

And with financial data as the prime target of hackers, the growing sophistication and number of cyberattacks is not helping.

High stakes for Financial services organizations

Being the most targeted and also the most heavily regulated, Financial services organizations run the risk of a very high business impact in case of a violation.

Theft or loss of critical customer data

A bulk of the business communication of financial services companies is likely to carry sensitive and private information belonging to the customers they serve. These could include PII (Personally identifiable information), transaction documents, account reports, notifications and more. Accidental or intentional erasure of data by exiting employees and focussed cyberattacks increase the risk of data loss.

Loss of Reputation and Trust

The brands of financial services institutions are built on the strength of their security systems, and robustness of their data management platforms. An inability to comply with audits or unsupervised customer communication or a successful data breach can raise questions about their reputation for customers and prospects.

More stringent compliance demands

With the fast-increasing digitization of the financial services businesses, regulators have become more demanding about adherence to guidelines around long-term data retention, data security, and data access.

Thus, complying with industry regulations and reducing penalties, litigation and reputation risks associated with data or privacy violations is a top priority for financial service companies.

Long-term data protection is challenging

  1. Increasingly stringent regulations need you to retain data for several years.
    However, storing and managing large volumes of data is a challenge with traditional unoptimized systems.

  2. Litigations and Audits need you to produce data in hours and not weeks/months
    Data fragmentation across various storage mediums makes it a major challenge to find old data quickly.

  3. Data to be used as evidence in legal proceedings needs to be stored immutably with an audited chain of custody.
    Easier said than done with traditional systems, which lack the sophistication to achieve this.

  4. Data leakage or policy violations in customer communications can impact trust
    Your traditional backup/archival software most likely lacks a supervision layer that uncovers policy breaches. Also, data residing in employee mailboxes and devices makes it harder to prevent loss.

  5. Ex-employee data may be required even years into the future to investigate scams, and frauds.
    Preserving former employee data, long-term, in a cost-effective manner is a major challenge facing financial services institutions.

Key Facts:

71% of all data breaches are financially motivated.

(Verizon)

The cost of cyberattacks is highest in the banking industry, reaching $18.3 million annually per company.

(Accenture)

66% of businesses that fall victim to data breaches aren’t confident they can recover.

(Fortune)

88% of businesses experience data loss & email is the main culprit

60% of business-critical data is getting captured in email boxes

65% organizations ordered to produce employee email for legal action

Vaultastic can ease Enterprise Risk Management and Compliance for Financial services institutions

Vaultastic’s cloud email archiving platform helps companies preserve email data in tamper-proof vaults for extended periods and ensure that the data is online, search-ready, and discoverable on demand. Vaultastic uses a tiered storage architecture to optimize costs of long-term retention of high volume data.

Industry regulations compliant

Vaultastic’s security framework is designed to adhere to the cybersecurity standards set forth by the regulatory bodies IRDAI, RBI and SEBI. This ensures that Financial services institutions using Vaultastic to protect data can be rest assured of regulatory compliance.

Data Residency

Vaultastic offers a choice of regions for storing your data, ensuring compliance with data residency regulations of governments and industry bodies.

Save on e-discovery time

Vaultastic’s deep e-discovery application makes finding, reviewing, and exporting content fast and efficient. This enables you to reduce risk and litigation costs.

There is also an upside for Financial services organizations

upside for Financial services organisations

Delivering to all stakeholders in a Financial Services Institution

CEO

Maintaining reputation, trust, and staying compliant are top priorities for the CEO

CIO/CISO

Reduce the risk of non-compliance and data loss are key deliverables of this role

CFO

Optimizing costs over traditional/on-premise methods, with no compromise on meeting the business objectives, is a key mandate for CFOs

CRO/Compliance team

Proactive indication of potential policy violations or breaches is a key mandate to the risk teams.

Business teams

Supervising customer-related communication to ensure brand and trust is not compromised is a key aspect to ensure retention and growth.

End-users

Access to their own historical data is key to boosting the productivity of the users and the IT teams.

Want an in-depth discussion?
Want an in-depth discussion?
Our archival experts are ready to talk to you, one on one to suggest archival best practices, to help you manage email storage better, learn how to make use of all the archived business email for business intelligence and stay ready for regulation compliance.
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