The protection of sensitive data in line with regulations, both for banks and other financial services organisations, is currently a big challenge. The way these organisations operate has changed dramatically in recent years, due mostly to the fact that financial institutions are not only heavily regulated by data privacy requirements, but they are also under mounting pressure to be open to consumers and businesses about how they are protecting their data from potential breaches.
The increasing expectations of consumers means that banks and financial institutions are trying to achieve a balancing act: how can they protect data privacy, while at the same time remaining transparent about how data is being protected? However, it doesn’t have to be a play-off between meeting these customer expectations and meeting cyber security and compliance requirements: banks and financial services organisations can utilise technology to the fullest extent while still protecting data.
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