March 14, 2018//Ellen NeveuxLast Updated: April 22, 2021
Rapidly developing technology means consumers in the finance industry look for fast, personalized service. These new opportunities drive business development—but they also drive the risk of data loss and non-compliance.
In late 2017, consumer credit agency and data aggregator, Equifax, revealed a severe data loss caused by sloppy security measures. The hack led to the loss of sensitive information of more than 145 million people. Even visiting the site after the breach was revealed was a risk. A third-party vendor used by Equifax to collect performance data on the website was hacked “to serve malicious content.” By March of this year, Equifax increased its estimate of the number of people impacted by data loss to almost 148 million.
Equifax faces multiple legal actions, extensive reputational damage, and an uncertain future with regulatory agencies. Undiscovered for several months, Equifax failed to update its enterprise platform, allowing hackers to exploit a known vulnerability.
The protection of sensitive financial data is critical for banks, credit unions, investment interests, and others in regulated industries. Because personal financial and investment information is of high value to bad actors, financial IT vendors need access to your network to address ongoing threat risk and ensure compliance and institutional accountability.
Secure remote access reduces the risk of data breach and information loss
Traditional finance is being disrupted by newcomers that offer high-level, rapid financial services. To remain economically competitive, the finance industry must continuously adapt their technology to offer new services—and remain compliant. To do that, financial IT needs access to networks to stay ahead of threats and ensure a fluid working environment.
Staying competitive and compliant is possible through the use of a secure remote access platform. The features of your platform should include:
The risk of data loss and non-compliance increases with the adoption of new technology or experimentation with new consumer services. A platform that delivers secure remote access helps you remain competitive without risking the liability and other damage of a devastating data breach.
Find out more about ensuring compliance in regulated industries by downloading an informative whitepaper from SecureLink.
Our sole focus is secure third-party remote access. For highly regulated enterprise organizations, SecureLink Enterprise has pioneered a secure remote access platform. SecureLink for enterprise allows an organization to identify, control, and audit third-party vendors. For vendors, SecureLink is the gold standard remote access support platform because it is easy, efficient, and ensures compliance and reduces liability when supporting customers.