The financial and insurance sectors are plagued by fraud
Staggering figures, such as 52% of fraud being committed by insiders, and typical losses of $1 million per fraud event, are forcing a security rethink by the industry*. At the same time, compliance requirements are tightening up, forcing better data protection and hardening of authentication measures. The industry is experiencing sophisticated crimes such as whaling where corporations are tricked into paying large sums of money into the wrong bank accounts, as well as insider threats. The latter, highlighted in the IBM X-Force Threat Intelligence Report, accounts for 58% of the attacks in the sector.
Financial services have to abide by a mosaic of regulations from EU states to FSA and payment schemes. Data protection spans many vulnerable areas of mobile data and as mobile apps and collaboration become ubiquitous, the data flow across these platforms needs to be secured without impacting seamless working conditions.
Prevention of financial fraud begins with the control of communication
Studies have also shown that 50% of users in the finance sector are using messaging outside of the controls of the organization. This not only puts the industry at serious risk of non-compliance, but it also means any existing security measures are lost.
Loss of security and control are serving to increase fraud and data breach. The sector deals with highly sensitive client and customer data with information such as personal data, financial records, and client bank details shared across complex vendor webs. The expectations of compliance alongside the sophistication of cyber threats makes communication a key area of focus for this sector. As finance and insurance embrace mobile apps, and secure messaging becomes ubiquitous, the data flow across these apps needs to be secured but still collaborative.
Privacy by design for secure collaboration
The Adeya solution provides the finance sector with Control using secure collaboration and ensuring conversations are isolated. Our solution is built to privacy by design standards, an increasingly vital part of ensuring you meet data protection requirements.
Regulatory environments such as GDPR and Basel II set stringent rules on data protection and privacy. Getting the balance between meeting these requirements, whilst ensuring seamless client engagement, is a challenge that Adeya fully meets. Our military grade encryption, coupled with features such as secure teams and robust authentication, means you can exchange files and other data, internally and externally, in a safe environment.