Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
Man with binnoculars

24279

Majority of financial institutions struggle to locate information in the workplace

RELATED TOPICS​

The financial services (FS) sector must become better at protecting information after research found 96 per cent of FS organisations in the UK struggle to locate documents in the workplace, according to M-Files, a provider of document management solutions.

The rapidly-evolving cyber threat landscape means that the duty-of-care for protecting sensitive customer and company information has never been higher and this will only increase with the introduction of the General Data Protection Regulation (GDPR) in May 2018.
 
However, the research from M-Files suggests that many FS organisations are struggling with basic information management issues, which could ultimately put customer data at risk. The research highlighted a number of areas of concern within the FS sector.
 
Some 62 per cent of respondents have had to recreate a document which already existed because they were unable to find it on their corporate network, indicating that documents are regularly lost.
 
Forty-six per cent meanwhile state that employees use file sharing apps and 27 per cent reported that staff use their personal devices to access corporate information, heightening the risk of security breaches, while 27 per cent of organisations experienced a mobile device-related information security breach last year, while 31 per cent simply didn’t know whether or not one had occurred.
 
Julian Cook, VP of UK business at M-Files, says with the GDPR on the horizon, the ramifications of poor information handling practices will only intensify, demonstrating the need for an effective information management strategy to support security protocols.
 
“Financial institutions must become better at managing their information assets, as they face ever increasing security threats from both inside and outside of the organisation. Those in the finance industry have a responsibility to their customers to ensure that the information they manage on their behalf is protected in a highly secure way, but evidence is widely available to suggest that many are struggling to do so.”
 
A recent industry survey revealed that just one in five banks are highly confident in their ability to detect a breach, let alone defend against it – and as breaches continue to be played out in the public domain this will only dent consumer confidence further. The arrival of GDPR will thrust any poor practices with potentially severe financial and reputational consequences for offenders into the limelight. It is therefore critical that organisations seek to address their shortcomings by strengthening company policies and training schemes for staff, and also by providing safe yet efficient ways for employees to access and manage information.
 
Cook says: “There is a fine balance to be had between ensuring that documents are adequately secure but also ensuring that users have quick and easy access to the information they need to do their jobs, negating the need to turn to other, less secure options that put customer information at risk. It’s clear from our research that few in the FS sector have yet found that balance, but enterprise content management (ECM) systems can help them achieve this. These solutions can enable information to be managed and secured intuitively, reducing the risk of information becoming lost or misplaced and ensuring that compliance requirements are met.”

Latest News

According to the latest ESG data from PwC Luxembourg finds that investment flows towards EU..
Solactive and private equity data provider CEPRES have established a new partnership for to introduce..
New research published today by the CFA Institute Research and Policy Centre analyses the many..

Related Articles

Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Pension funds
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition...
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by