why data security is important
TRANSCRIPT
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WHY DATA SECURITY IS IMPORTANT
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Data security is important because certain businesses maintain data containing exceptionally sensitive information that would create severe liability risks if compromised, particularly data that’s maintained for a financial environment.
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Information that’s used to develop accounting records, such as stock ownership, profit distribution, profit-sharing…
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… joint venture agreements or salary and wage information must have strict security to prevent unauthorized access from both third parties and internal staff members.
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THE ROLE OF FINANCIAL MANAGERS AS IT RELATES TO DATA SECURITY
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With all the networking and file sharing, who is responsible for securing critical financial data? Corporations often look to a CFO or other financial management level employees to get involved with preventing a breach in their data security.
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Securing information on a Private Cloud platform has proven to be more secure than using a public cloud platform.
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The proprietary data used in accounting and financial environments should be structured to prevent access by unauthorized users in a manner that there is an appropriate segregation of financial information.
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In fact, some countries have reservations about utilizing the services of corporations that use public cloud platforms.
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Since other clients utilize the same data center, it also puts external companies like suppliers, vendors, independent contractors and joint venture partners at risk.
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Financial professionals must work closely with IT departments to reduce data security risks.
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To that end, they must also increase their awareness of how often information changes on a public cloud platform along with the probability of a breach in their data security taking place.
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Where public cloud environments provide shared platforms, generalized data security controls, uncertain locations of stored data as well as unclear access management, a private cloud environment provides just the opposite.
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With a private cloud platform model, financial professionals are provided with:
A private secured platform
A private secured infrastructure
Industry-specific security controls
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A platform that's conducive for highly sensitive data
A specific and clear data location
A specific and clear access control
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LIABILITY RISKS ASSOCIATED WITH A BREACH IN DATA SECURITY
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One of the greatest risks associated with having a breach in data security (particularly data security related to corporations operating within the financial industry) is the exposure of other people's sensitive information.
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Their information could be used in ways that could harm both the Corporation and the other victims. This could create major setbacks for all parties involved.
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Not only could corporations be sued by the victims, but more costs would be required to rebuild a new security system, process legal proceedings and all additional costs associated with recovering from such losses, including damages to brand recognition.
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SOME LOGICAL STEPS TO MINIMIZE CYBER ATTACKS
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Financial professionals can work directly with the IT department to develop a data security plan.
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The plan should involve an internal, in-house cyber security system with checks and balances to better safeguard your critical and most sensitive information.
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Additionally, creating an internal cyber security team will also prove to be a means to better protect your data from many forms of cyberattacks.
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Seeking a new financial advisor position? Speak with the experienced financial advisor recruiters of Willis Consulting Inc.
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They can many top industry contacts and can help you land the position you want. See open positions at http://www.willis-consulting.com/financial-advisor-jobs/
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Los Angeles Office: Corporate Headquarters719 Yarmouth Road, Suite 203Palos Verdes Estates, CA 90274310-373-7400 PST
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Scottsdale Office8970 E Raintree DriveSuite #300Scottsdale AZ 85260
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New York Office244 5th Avenue, Suite 1855New York NY 10001212-726-2041 PST