Published 06. Aug. 2019
EY Is Building Capability For Large Nordic Bank To Protect Against Data Leakage
Financial institutions find new ways to monitor and protect data that matters as EY develops and implements solutions to prevent data leakage and reduce risks throughout the organization.
The Challenge to Secure Financial Data
When one of the largest Nordic banks struggled with quantifying and controlling potential data leakage, they needed a swift and comprehensive solution to plug their data leaks. In the financial industry, the protection of confidentiality and integrity for data presents multiple types of challenges. The bank has customer, corporate, financial, and transactional data to secure in several stages across both internal and external systems.
Confidential and personal data can take many forms and exist anywhere in an organization. The challenge that EY faced included identification of the data most critical to protect as well as the egress point or exposure points, at the same time targeting the ones with immediate value for the bank. To create a roll-out plan addressing the most critical data and risks were key, together with a capacity to expand from there to full coverage.
Solution: Implementation of a Strong Data Loss Prevention System
While the bank had a strong cybersecurity organization in place, it still lacked the type of comprehensive coverage needed to eliminate the risk of data leaks. EY began the solution-finding process by examining current practices and processes. They combined this understanding with the tamed level of data protection when choosing an alliance partner that supplies the latest and innovative solutions.
This resulted in a bespoke solution that reduced risks of data leakage and provided an ability to quantifying risks in the most critical areas in the bank’s organization. In addition, the solution enabled data collection, analysis, and monitoring which enriched the incident management process.
All these features future-proofed the bank’s ability to protect its customers and employee’s integrity. In a world gone increasingly digital, where many consumers use digital methods to pay bills, access their balances, transfer funds, and invest, enhanced innovation is needed. This requires solutions that protect every swiped or clicked transaction, together with a high level of security and confidence to the consumer.
Quantified and Controlled risk of Data Exposure
Through the innovation of data leakage solutions, EY delivered the optimum solution to one of Nordic’s largest banks to decrease the risk of leaking data that matters and facilitate regulatory compliance. By innovating and updating possibilities to secure and reconfiguring the management of data protection, financial institutions can drastically improve their security posture.
What is the last word for this Nordic bank eager to invest in state-of-the-art data leakage prevention systems by using EY’s services? By implementing a more comprehensive data leakage solution, the bank achieves visibility of its critical data with an increased ability to quantify the risk of data leakage.
In the digital era where information is the most valuable asset, banks need to improve their protection of data to increase customer and employee trust. For this bank, and others who choose EY as their partner, the future of secure banking is here.