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  • 1 July 2020 01:01

Financial Organizations are Prone to Lax Cybersecurity Practices and are Putting Themselves at Data Breach Risk

Netwrix survey reveals that 33% of financial organizations discovered sensitive data in insecure storages, and 40% of them have poor access management practices.

Netwrix, a cybersecurity vendor that makes data security easy, today announced additional findings from its 2020 Data Risk & Security Report. The report reveals that financial organizations are prone to a range of insufficient cybersecurity controls that make them vulnerable to escalating cyber threats.

According to the survey, one third of financial organizations discovered sensitive or regulated customer data outside of designated secure locations in the past 12 months. Almost half (40%) of respondents admitted that in the same time frame that their IT teams granted direct access to sensitive data based solely on a user’s request. On top of that, IT teams are overloaded with addressing data subject access requests (DSARs) as a part of GDPR compliance since 73% of respondents report that DSARs put significant or moderate pressure on IT staff.

Other notable findings of the report include:

• 70% of unauthorized data sharing incidents led to data compromise.

• 32% of financial organizations have experienced a surge in data subject access requests (DSARs).

• 44% of CISOs and CIOs in financial organizations don’t have or don’t know whether they have KPIs to report on IT security and cyber risk.

“As COVID-19 pandemic accelerates the rise of digital payments, financial organizations are generating more and more data, which makes the sector a tempting target for cybercriminals. Poor access management practices and lack of control over sensitive data make the sector vulnerable to these increasing threats. Organizations need to mitigate security risks by deploying technologies that enable them to regularly review and correct access permissions as well as to automatically discover their sensitive data enterprise-wide regardless of where it is located, and to move it to a secured storage. This will help them enhance their security posture despite an increasing workload and decreased resources,” said Ilia Sotnikov, VP of Product Management at Netwrix.

To get the complete findings of the 2020 Netwrix Data Risk & Security Report, please visit https://www.netwrix.com/2020datariskandsecurityreport.html

About Netwrix Netwrix makes data security easy, thereby simplifying how professionals can control sensitive, regulated and business-critical data, regardless of where it resides. Over 10,000 organizations worldwide rely on Netwrix solutions to secure sensitive data, realize the full business value of enterprise content, pass compliance audits with less effort and expense, and increase the productivity of IT teams and knowledge workers.

Founded in 2006, Netwrix has earned more than 150 industry awards and been named to both the Inc. 5000 and Deloitte Technology Fast 500 lists of the fastest growing companies in the U.S. For more information, visit www.netwrix.com.

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