Navigating the Heightened Landscape of Data Protection and Cybersecurity in Banking & Finance

EQS-Media / 04.06.2024 / 09:00 CET/CEST

Navigating the Heightened Landscape of Data Protection and Cybersecurity in Banking & Finance
Insights from Industry Experts on the Future of Data Management and Cloud Technology's Impact

Cyberattacks are now taking on alarming proportions worldwide. According to the IBM report "Cost of Data Breach," the cost of an attack is over five million US dollars. Government institutions and regulatory authorities are now taking measures that are forcing companies to increase the security of their data and thus their customers. Companies are not always sufficiently prepared for this. In Europe, for example, a directive is currently being implemented that will make board members personally liable for breaches of cybersecurity guidelines. In the event of serious breaches, fines of up to 2% of annual turnover or €10 million, whichever is higher, can be imposed.

What role do Chief Data Officers play in this environment, what new challenges do they have to face and what does the future of cybersecurity look like? Two industry experts share their views and insights on these topics: Luis Esteban Grifoll, one of the first Chief Data Officers (CDO) in Europe, at one of the continent's largest banks, Caixabank in Spain, and Michael Deissner, CEO of comforte AG, a cybersecurity market leader in the banking & finance sector.

The German company, located in Wiesbaden near Frankfurt, with subsidiaries in New York, Singapore, and Australia, delivers data-centric cybersecurity solutions, using a patented, leading encryption technology. This protects the data, but it remains usable for cloud-based applications. At the same time, it ensures that even if data is accessed or exfiltrated without authorisation, it cannot be used by the attacker and is therefore useless. Ransom demands or publication on the Darknet lose their threat. The 500 customers include VISA, Mastercard and 30 of the world's largest banking institutions as well as leading retailers from fashion and other industries in the USA.

Esteban, reflecting on his pioneering role as a CDO, highlights the significant changes in the CDO's responsibilities. He emphasizes the growing acceptance of data's value in business processes, driven by advancements in technology that facilitate faster data processing and analysis. Consequently, he sees a rise in importance: „Data governance has become an increasingly important area of responsibility.“

Deissner echoes Esteban's sentiments, noting the expanding role of the CDO alongside the growing recognition of data's business value. He therefore admonishes: „The new challenges require closer cooperation between the CDO and the Data Protection Officer.“

Both experts see data governance as one of the most important factors for a company's success ,describing it as the management, control, and monitoring of organizational data. They emphasize its role in enhancing data value, decision-making, and operational efficiency, as well as ensuring data quality, minimizing risks, and ensuring compliance. Esteban: „Effective data governance increases the value of data, enables informed decision-making, reduces data-related risks, and improves operational efficiency.“ Deissner adds: „It is an indispensable tool for ensuring data quality as well as compliance with legal requirements.“

But how can financial institutions improve data quality and what steps are recommended to solve data quality problems? Deissner has a clear opinion: „Improving data quality requires a holistic strategy. Companies should implement processes to monitor and measure data quality and take corrective action where necessary.“ Esteban supports him in this: „Establishing a data-centric culture and strategy and assigning data ownership is paramount.“

Regarding AI integration and sustainability, the experts emphasize the need to prioritize data quality, governance, privacy, and compliance in AI applications. They underline data's crucial role in measuring environmental impact, promoting sustainable practices, and supporting sustainability initiatives. Esteban: „Sustainability initiatives provide new data that was not previously available or utilized. They provide an opportunity to create a well-defined data model, applying all the principles of data governance and data quality.“ Deissner: „Data plays a crucial role in companies' sustainability efforts, helping measure their environmental impact and promote sustainable business practices.“

In envisioning the future of data, Esteban emphasizes the importance of governance, data quality, and ethical considerations, while Deissner highlights the integration of data protection and governance, with cloud technology playing a central role in providing flexible and scalable infrastructure for data storage and use: „We are seeing an increase in demand for solutions that ensure data protection and security in the cloud to realize its benefits without compromising on data integrity.“

But all these efforts and initiatives are only just beginning. For Esteban, time is therefore of the essence: „The future of data hasn't even really started yet. Many companies are only at the beginning of their journey towards data-driven processes.“ If financial institutions want to master the future challenges of cybersecurity and at the same time materialise the growth opportunities arising from the use of data, the experts conclude, they have to get moving now.

About comforte AG

comforte AG is a leading provider of data-centric security technology. Today, more than 500 Enterprises worldwide rely on its tokenization and format-preserving encryption capabilities to secure the sensitive data that they have been entrusted with. The comforte Data Security Platform seamlessly integrates into most modern cloud-native environments as well as traditional core systems. No matter where your data is, it helps you discover, classify and protect it. With more than 20 years of experience in data security and protection of truly mission-critical systems, comforte AG is the perfect partner for organizations who want to secure their growth by protecting their most valuable asset: data.

For more information, visit comforte.com and follow comforte AG on LinkedIn and Twitter.

Media Contact

Thomas Stoesser | EVP Marketing | t.stoesser@comforte.com

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Language:

English

Company:

comforte AG

Abraham-Lincoln-Str. 22

65189 Wiesbaden

Germany

Internet:

https://www.comforte.com/de/unternehmen

EQS News ID:

1913817

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