Banks collect and store mountains of data about transactions, customer accounts and trades, and the majority of that data is highly sensitive. Last December when Barclays failed to properly back up electronic records, emails and instant messages, it faced a $3.75M fine. A failure to back up financial data violates U.S. regulations and has a severe impact on a company’s reputation and database.
In the BYOD era, financial institutions face the same challenge as other industries when it comes to securing mobile data. Bill Carey, vice president of marketing and business development at Siber Systems, notes three solutions to the most common security threats for banks, according to InformationWeek: