According to a 2016 Ponemon Institute study, cost of a data breach is at $4 million per incident, or 29% increase over a year ago. Similarly, Vormetric Data Security study revealed that 90 percent of IT security professionals in financial services feel vulnerable to a data breach, with 44 percent already having experienced one. Protecting sensitive information is not only the right thing to do, it is a legal requirement enforced by governments, regulators, and examiners including FINRA, FFIEC, and country specific data privacy authorities.
With data flowing among systems, copied by end users, and stored on often-ungoverned platforms, tracking and identifying where sensitive data is in the enterprise is challenging and often impossible to do effectively and efficiently. Though cyber and network surveillance solutions are important to protect the perimeter, companies remain exposed to a data breach due to the lack of proper protection of sensitive data in both production and development environments.
Many organizations do not know where all their sensitive data is, as it proliferates internally and with partners. Even fewer organizations understand the data risk associated with this data. These issues add to the challenge of providing proper data security and control.
Informatica provides solutions to help financial institutions identify, track, and mask sensitive data in both production and development systems. Our solutions enable companies dealing with data security and privacy regulations to: