When MFT Solves Your Infrastructure and Data Security Risks
We’ve all read the headlines about companies who suffered from a data breach. According to a 2016 Ponemon Cost of Data Breach Study, the average cost of a data breach is $4 million. The study also revealed that the cost incurred for each lost or stolen record containing sensitive data increased from a consolidated average of $154 to $158. And these are just the averages – not the higher outliers from a more significant breach.
Over time, a business may eventually be able to recoup the financial loss of a security breach. However, the reputational damage may be irreversible.
Related Reading: Data Security
Reduce Data and IT Infrastructure Security Risks
Anytime you exchange data inside or outside of your infrastructure using a managed file transfer (MFT) solution, you can do so securely and reduce your data security risks. Alternative methods of file transfers, like FTP or physical shipment of data, lack the comprehensive security and operational efficiency benefits of MFT. For many organizations, keeping their IT infrastructure and data secure is the biggest challenge they face.
One Globalscape financial services customer observed how breaches affected other organizations of a similar size and felt that the risks were too large to ignore. The company understood that their data was most at risk when it was transferred. Although the threat of interception was serious, a bigger concern was that sensitive data could be sent to the wrong people, which could then cause a data loss or an eventual breach. To mitigate their risk, they put their trust into a MFT solution, Globalscape’s Enhanced File Transfer™ (EFT™).
Meet and Maintain Compliance Regulations with Ease
On top of their data security concerns, compliance was a priority for the financial services organization. The organization made EFT an integral part of their full-scale, data management strategy to meet and maintain their security and compliance initiatives. The process of facilitating compliance and protecting their data was easier to achieve with EFT. How did they do it?
The financial services organization managed compliance proactively and stayed ahead of security risks because EFT enabled them to:
- Protect data in transit or at rest on file transfer systems
- Track and audit user activity and file movement
- Meet requirements for data wiping and sanitization
- Monitor and alert in real-time on potential violations of security standards
- Capture compensating controls and generate reports on compliance status
EFT offers advanced authentication to verify identities of recipients, and support for the latest secure file transfer protocols, including FTPS, HTTPS, and AS2. Additionally, EFT protects data at all times through encrypting data at rest. Since implementing EFT, the organization is better protected against the threat of security breaches.
Why Choose EFT as Your MFT Solution
The security of information exchange is crucial for financial institutions to comply with regulations and protect not only their data, but also their clients' data. A MFT solution can help an organization take a proactive and multi-layered approach to data and IT infrastructure security. Globalscape enables you to keep your data safe and helps you maintain compliance with secure file transfer solutions that work for every institution, from a tiny “mom and pop” operation to a large multinational or government organization.
If you’re ready to reduce data security threats and facilitate compliance, contact us to schedule your demo of EFT.
Related Reading: What is Managed File Transfer (MFT)?
Your IT team understands the importance of securing the network against data breaches from external threats. Regardless of your efforts, data breaches usually begin at home, inside your network, because of lax or unenforced security policies.
Insider threats are now the most prevalent data incidents, representing nearly 70% of all data leaks.*
Are you doing enough to prevent the data leaks?
- Secured your firewall,
- Made your employees change their passwords every 90 days,
- Ensured that users’ laptops are using hardened security settings,
- Implemented an annual, required security briefing on the importance of strong passwords and locking the keyboard when leaving your desk?
That's not enough. An organization needs a good layered security policy with multiple layers of defense to protect against data and IT infrastructure security risks. The security policy should educate users about how they can help protect company information and the consequences if they don’t.
In this whitepaper we discuss three of those layers most commonly targeted: the network, the data, and the users.
*2016 Data Security Incident Report, BakerHostetler