Transforming Business in Response to Growing Concerns About Corporate Responsibility for Financial Data Security

Access the Report: Available October 2020

Ever since the Equifax data breach of September 2017, high-profile data breaches have been front of mind for regulators and financial data leaders. But as cyber attackers increasingly target companies of all sizes, data security experts must equip themselves to prevent and mitigate evolving threats, no matter their organization.

In 2020, financial data security experts have a new host of concerns—protecting unstructured data, for example, which comprises “the vast majority of digital business access,” according to the Ponemon Institute. And as data governance and data security become increasingly interconnected, firms are being held responsible for the impact data breaches have on their customers, even as they mitigate their own loses.

Now, recent legislative efforts like the Consumer Data Privacy and Security Act (CDPSA) are adding precedence to companies as responsible parties associated with their customers’ financial data security. These efforts come in response to active interest among consumers for greater transparency into corporate practices with consumer data, where 70% of Americans believe their personal data is less secure than it was 5 years ago. Financial data leaders therefore must position themselves and recalibrate their internal capabilities to meet legislative and consumer demands for greater data protection, lest they jeopardize future business prospects in this new, increasingly complex and competitive environment.

Q4 2020 FIMA report: ‘Evaluating and Implementing Data Security Partnerships and Initiatives’

In this 2020 special report, FIMA and the WBR Insights research team uncover the key pain points and best practices that are shaping financial data security in the new decade. We begin by identifying the data categories most critical to firms as they seek out new strategies, technologies, and skillsets for both securing data assets. We investigate the connection between data security and governance, and identify ways firms can protect data their data while they meet the evolving requirements of business. Finally, we look to new opportunities to mitigate risk and prevent attacks before they happen. Finally, we shed a light on the partner ecosystems firms are forming to protect their assets and their interests moving forward.

Access the Report: Available October 2020



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