Data Loss Prevention defends Banks from Data Breaches

Posted by Tomas Cohen on August 25th, 2014

One of the foremost risks that companies nowadays are the leaks of their confidential, private information stored in the cloud. Enterprises should combat this risk by deploying advanced security software, like data loss prevention. According to VTR research analyst, Harris Abram, “Nowadays, its increasingly common for enterprises to initiate and deploy policies and regulations revolving around data loss prevention”. As the adoption of cloud storage is skyrocketing, companies are looking to increase their control over the cloud.

According to a CISO survey conducted by research group, Gartner, data loss prevention software is considered to be one of the foremost priorities of enterprise security since 2012. Data loss prevention software is able to first, discover private information, then follow its access and transfer paths, and finally block the unauthorized access and/or transfer to other locations via the cloud.

Data loss prevention tools are principally of great focus and attention to banks and financiers, according to research firm Wellshire Partners. Because of the latest spike in data leaks and breaches, focusing particularly on important data like company financials, individual medical information, and social security numbers, enterprises should utilize software like data loss prevention in order to prevent catastrophes.

Furthermore, Porter Harms, the founder of the Lodge Capital Group supports this idea, by confirming the idea with this statement, “Data loss prevention tools serve as the foremost technology defending our organization against malicious threats. Time over, this revolutionary technology has served other large organizations for highest security levels.”

Data loss prevention tools have also helped out the East Cannery Group. The East Cannery Group dodged a close problem when a current employee attempted to send sensitive files to an undisclosed offshore cloud storage account. When the data loss prevention tools detected this attempted data transfer, it was instantaneously blocked, stopping the insider threat in their tracks. Lars Cramer, an information technology professional at the East Cannery Group exclaimed, “Data loss prevention is superb. It singlehandedly can discover the locations of your treasured data, then continue to trail it around the cloud, and finally block off any unwanted access or transfers!”

In addition to malicious cyber criminals, it’s probably that an employee can unintentionally break company regulations, and place sensitive information in vulnerable territory.

In such a case, data loss prevention can prevent an unintentional mistake that could cost a company millions. However, without the proper technology of data loss prevention, no company regulation or human relations policy can save your company. Thus, its important that enterprises take the responsibility of preventing data breaches and leaks, as a service to their customer, and to prevent the irrevocable damage to the brand. In some cases, breach or leak damage has been so costly, that it’s vastly exceeded the cost of the data loss prevention itself, by multiples surpassing 5x.

In summary, data loss prevention can drastically improve the cloud defenses of a bank. Data loss prevention enables banks to protect their confidential data, which includes social security numbers and financial information. Data loss prevention should be a bank’s go to strategy for protecting their data from hackers and cyber threats.

Author:

Tomas Cohen is a security enthusiast and analyst covering the most significant security topics and trends prevalent worldwide. He also involves in the technology related to Cloud Security, Data Loss Prevention, Box Security etc.,