As the banking world becomes increasingly digital, the need for strong cybersecurity systems has never been greater. Banks need to assure customers their systems and processes are secure, while delivering a user-friendly experience. The global nature of banking can also put additional pressure on security systems, including additional challenges staying compliant with various industry and government regulations. This is no easy task, but thankfully QuintessenceLabs is here to help make this process a bit less daunting.
The financial industry is anchored by information technology, from sophisticated interconnected networks, to incisive data analytics, to customer-friendly online services including mobile payments and more. While these services are driving growth in this sector, it also opens more potential points of failure from a security standpoint. This reliance on technology naturally calls for trustworthy data security that can handle ever-growing threats and constantly changing business environments and needs. What are today’s challenges?
Challenge No. 1: Data Security Through Encryption
One of the toughest — and most important — data security challenges for any bank or financial services institution is effective data protection through encryption. Are encryption keys strong enough? Are they safely stored? Can different protocols be managed, as well as practical policies for effective operations? It’s a large and complex challenge that demands sophisticated management capability.
Challenge No. 2: End-to-end Data Protection
Ensuring seamless end to-end data protection across a complex infrastructure can be daunting. Large banks are made up of different business units with offices in various locations, leveraging data security systems from multiple vendors that may have been in service for years, if not decades. Today’s firms need leading-edge technology integrated across the entire organization. While replacing aging systems is never easy, neither is integrating an organization-wide end-to-end data protection system. However, dealing with a major data breach is not a good option either. Failing to integrate can lead to siloed data protection that makes the information between systems vulnerable.
Challenge No. 3: Regulatory Compliance
Today’s businesses are facing an increase in regulations, particularly when it comes to data protection. Financial organizations in particular must deal with cybersecurity mandates such as the European Union’s General Data Protection Regulation (GDPR), China’s Cybersecurity Law and New York State’s “23 NYCRR 500” requirements.
With QuintessenceLabs security products, banks and financial institutions can continue at their best without compromise. We make some of the fastest, most cost-competitive security products in the market that tackle all these challenges with best-in-class data protection strengthened by quantum-based technology, and high-volume encryption key management to secure information now and in the future.
Learn more about how QuintessenceLabs and quantum computing can help the banking industry meet its cybersecurity challenges by reading our solution guide developed exclusively for the banking and financial services sector, or schedule a demo today.
