The Compliance Challenge
Customer, financial and business data is one of the most valuable - and vulnerable commodities dealt with on a daily basis within the Financial Services sector. It's also one of the most tightly governed areas, with strict requirements around data retention policies and privacy regulations.
Knowing what data to keep, where, for how long, and with what levels of access, is an ongoing challenge.
You may, like many organisations in the sector, opt to keep all of your data, on the chance you may need it sometime in the future. Alternatively, you may be copying data to a 3rd party service.
It's important to note that copying data;
- Increases cost
- Can add risk, as data moves between environments
- Is only accurate at a point in time
Information Governance is high on the boardroom agenda, with compliance recognised as one of the biggest drivers, according to an AIIM survey (61% of respondents).
51% of respondent to the same survey say that preventing data losses is a key factor behind their Information Governance strategy.
Although cybercrime continues to dominate headlines, it's estimated that 88% of data breaches in the UK are the result of human error. Whether accidental or malicious, the resulting impact on revenue and reputational damage can be significant and long lasting.
The Financial Services sector now has a solution, to;
- Simplify data governance
- Keep the data you need for the right amount of time
- Meet the requirements of relevant regulatory bodies
Microsoft 365 brings together Office 365, Windows 10 and Enterprise Mobility & Security so that you know what data you have, and where it is. You can see what is relevant, and confidently purge what's obsolete, while keeping high value data compliant and secure.
Govern, Discover, Control
- Meet compliance requirements whilst maintaining productivity.
- Easy to create data policies that are simple to enforce, with defined retention periods for the content you need, keeping high value data in-place and removing anything that's no longer needed
- Reduce the cost and risk data transfer and storage
- Reduce the cost and complexity of data discovery
- Investigate, hold and refine data
- Quickly identify relevant data with predictive coding that enables you to train the system to sort relevant from nonrelevant documents.
- Safeguard and maintain control over data
- Identify and automatically protect sensitive information and prevent its inadvertent disclosure
- Provide encryption options that will help meet the compliance requirements of financial services
Partnering for success
Your cloud journey can feel overwhelming, with compliance, governance, security, technology, and compatibility all to be considered.
Our Cloud Journey Assessment can help you ensure you’re on the right track, providing you with professional services to complement the skills you have and provide the skills you don’t.