UK financial services firms must do better to protect customer data

News by Danielle Correa

The growing cyber-threat landscape makes protecting sensitive customer and company information vital, and it will only increase with GDPR coming next May.

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Nearly all (96 percent) financial services organisations in the UK struggle to locate documents in the workplace.

M-Files, a solutions provider, warns that the financial services sector must become better at protecting information. Its new research suggests that many financial services organisations are struggling with basic information management issues that could put customer data at risk.

Sixty-two percent have had to recreate an already existing document because they were unable to find it on their corporate network.

Almost half (46 percent) stated that employees use file sharing apps and 27 percent reported that staff use their personal devices to access corporate information, which heightens the risk of security breaches.

A quarter (27 percent) of organisations experienced a mobile device-related data security breach last year. Meanwhile, 31 percent didn't know whether or not one had occurred.

Julian Cook, VP of UK business at M-Files said in a statement, “Financial institutions must become better at managing their information assets, as they face ever-increasing security threats from both inside and outside of the organisation. Those in the finance industry have a responsibility to their customers to ensure that the information they manage on their behalf is protected in a highly secure way, but evidence is widely available to suggest that many are struggling to do so.”

He adds, “There is a fine balance to be had between ensuring that documents are adequately secure but also ensuring that users have quick and easy access to the information they need to do their jobs, negating the need to turn to other, less secure options that put customer information at risk. These solutions can enable information to be managed and secured intuitively, reducing the risk of information becoming lost or misplaced and ensuring that compliance requirements are met.”

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