Digital asset anxiety: Is the biggest risk to data security in financial services often the most overlooked?

William McCurdy

Content Editor, FStech

Sean Devaney

Vice President, CGI

David Martin

Partner Manager, Progress Software

FSIs continue to spend ever-increasing billions on protecting their data, as high-profile threats such as ransomware fill the headlines, and highly complex supply chain attacks like Solarwinds shock the world. However, taking advantage of how organisations move digital assets remains an evergreen attack vector for cybercriminals.

While insider threat might be associated with vengeful employees or with sales team members trying to steal valuable leads, simple employee negligence while moving digital assets presents an open door for cybercriminals looking to infiltrate secure institutions operating in strict regulatory environments. Confidential data transferred from one system to another also represents an opportunity for interception, and unauthorised access can also occur when data is stored at rest for download on a file transfer server.

In addition, legislation such as GDPR, PCI DSS and ISO 20022 are muddying the waters, and pose the threat of steep fines for businesses who fail to foster an awareness of where their files are being transferred and who has access. But in today's remote working reality, file transfers represent an integral part of part of many people's daily workflows and organisations are also tasked with delivering transfer protocols which are secure but not so onerous as to reduce compliance.

To delve further into these topics as well as some possible solutions to this digital dilemma, FStech was joined by Sean Devaney, vice president at CGI and David Martin, Partner Manager at Progress Software.

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