How banks and financial institutions can ensure secure file-sharing

Wayne Pope, Founder and CTO of award-winning Glasscubes

 

Banks and financial institutions are entrusted with protecting their customers and employees’ personal data at all times. That means any data breach can have a devastating impact, not only on the customers, but also on the finances, operations and reputation of the company. In a worst-case scenario, they may have to cease trading altogether.

Such breaches have been well documented in recent months. The most high profile cyber attack was that of the MOVEit file transfer tool used by payroll provider, which compromised the data of tens of thousands of BBC, Boots and British Airways staff.

Added to that, the rise in remote and hybrid working in the wake of the Covid-19 pandemic has resulted in the widespread use of multiple devices across different locations, and information and documents being readily shared online almost every minute of the working day. The increased number of digital touchpoints, has, therefore, made businesses more vulnerable to attack by hackers.

Given that most companies are now pivoting towards this new way of work moving forward, it’s a problem that isn’t likely going to go away any time soon either. Therefore, it’s more important than ever to ensure the privacy and security of that data.

How online workspaces can help

Despite all this, help is at hand in the form of online workspaces. They tick all the boxes: they are safe, secure and efficient.

Wayne Pope

With many safeguards in place, such as password protection, multi-factor authentication, encryptions, firewalls and prevention systems, they both protect the user’s data and put their mind at rest that it’s safe. So how does each of the tools work?

Multi-factor authentication requires the user to enter a password and they then receive a unique, one-time code on their phone or in their inbox, which they enter to gain access to the encrypted file-sharing service. Data encryption uses a specific algorithm that makes sensitive information unreadable and enables only authorised users to see the decoded version.

Malware detection uses tools such as signature-based detection, checksumming and application allowlisting to identify, alert and respond to malware threats. Malware prevention, on the other hand, provides organisations with appropriate actions to take to stop a malware infection as well as measures to tackle it if they have already been infected.

Firewalls prevent malicious and unwanted content entering the workspace by securing networks against cyberattacks. They also guard against unauthorised access to systems and private data.

How to select an online workspace

Over the last few years the online workspace market has become increasingly more competitive as new entrants join. But with so many providers now out there, often varying greatly in terms of quality, how do firms know which one to choose?

A good starting point is to look at what a provider offers in terms of its security protocols, such as multi-factor authentication and automatic sign-out. It’s also key to examine its online safety record, including any data breaches that have been made public, in addition to the clients who use it and how well established they are.  The provider of the online workspace should have the certifications ISO12001 and Cyber Essentials.

Once the online workspace is in place, businesses need to make sure that they remain secure at all times. That requires upgrading them regularly and checking to make sure that they are working effectively.

They must also invest in training up employees on online workspace safety and security, as well as red flags to watch for. Given that existing and new threats are constantly developing and emerging every day, as is the technology, this needs to be done on an ongoing basis.

The best way to prevent a security breach from happening at all is to mitigate against it. That means taking the necessary precautions and having the right security capabilities in place to stop it.

Financial firms need to make online security and privacy their number one priority. Thus, they must adopt an online workspace that enables file-sharing but also ensures the security of that data.

With 62% of employees aged 22 to 65 saying that they work remotely at least occasionally, so it’s imperative that companies provide them with secure online workspaces in which to operate effectively. Failure to do so, will prove costly for both the business and their customers if there’s a data breach.

 

Wayne Pope, Founder and CTO of award-winning Glasscubes, which specialises in enabling companies to collaborate with people inside or outside their organisation, using a rich set of tools from client portals, online workspaces, intranets and information gathering. Glasscubes helps well over 50,000 users in more than 100 countries to maximise their workforce’s potential through an online secure system.

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