The financial services industry is one where the security of customers and client’s private information is of the utmost importance. Financial services are often targeted by thieves and fraudsters, trying to access the financial details that are being stored on their property or online. It is vitally important that companies within the financial services industry take data protection seriously, to protect their customers and clients. With the introduction of the General Data Protection Regulation, stricter rules and punishments have been introduced surrounding the storage and destruction of sensitive information. This recognises the importance of privacy in the online era and brings about new laws that financial service companies need to follow. Here, we go over the practices and products that should be in place to reduce the risk of data loss.

Reducing the risk of data loss 

Physical data 

The day-to-day running of most businesses sees large amounts of paper documentation that may contain personal or sensitive information. This can be about customers, clients, business partners, or the business itself. For physical documents, measures should be put in place such as keeping all files in locked storage compartments with restricted access. Destruction of such documents can be helped with the use of professional shredding services. Shredding companies can come and deal with your documentation and shred it so no confidential data falls into the wrong hands. For more information, check out: https://ontimeshred.co.uk/our-services/paper-shredding/. 

Online data 

In modern times, much of a businesses’ data storage is found online. This presents a large potential risk for any business. To reduce the risk of online data loss, all software and computer operating systems should be up-to-date. This should include antivirus software and regular vulnerability and security scans. All staff should be consulted on online security measures and the techniques hackers and scammers may try to use to gain sensitive information. This should be coupled with a policy of least privilege so that limited access is given to confidential materials. Professional hacking companies can test your online security systems to a high level, offering an accurate assessment of your security capabilities.

With these products and practices in place, every company in the financial service industry can protect themselves, and their clients, against attack. In line with GDPR, sensitive information should be stored and destroyed appropriately. Ensuring that all physical and online data is stored and disposed of properly will mean that your company will be aligned with the new law. Having secure data storage systems will help your business to flourish as security is a major part of a financial service company’s image. Data security will protect your business just as much as it will protect your customers, clients and business partners.