Banks are reliving the same security challenges, every day. Financial institutions constantly triage the risks inherent in cloud migrations against their efficiencies and cost savings. Meanwhile, the momentum behind cloud services continues to accelerate. According to Gartner, the worldwide public cloud services market is expected to grow 21.4 percent in 2018 to total $186.4 billion, up from $153.5 billion in 2017, and 74 percent of Chief Financial Officers (CFOs) in 2017 said that cloud computing will have the most measurable impact on their business moving forward.
Lurking beneath all this growth in the cloud market is the need to protect data – particularly in the financial sector, which has seen its underlying infrastructure transformed by the cloud. As banks move to cloud-based business tools like gmail and office 365, hackers find openings to steal customer data or hold corporate private data ransom. Legacy security software presents security gaps that make this process even more challenging.
Using email encryption solutions to close the gap and reset the clock on data protection is the first step for banks hoping to avoid catastrophic data breaches and stay out of the headlines. Banks need to focus on two main traits in the email encryption solutions they implement.
Simple Encryption is the Key
Effective encryption needs to be incredibly easy to use. The only way to drive adoption and ensure engagement with email encryption solutions is by using a platform that protects your content without disrupting end users. Legacy solutions come up short here. They are cumbersome for content creators and force tradeoffs between security and convenience.
Ease of use also must extend to sharing financial data externally. Legacy encryption tools make collaborators like other financial institutions or banking customers set up and manage new accounts to access content. Effective solutions, on the other hand, can apply protections automatically based on administrator-defined policies, and give end users on-demand encryption options to proactively protect private financial data. This ensures that appropriate protections are applied at the right time and place to support a seamless recipient experience.
Secure from Start to Finish
Effective email encryption solutions secure data from creator to consumer. This means that sensitive financial records shared via email are protected before it leaves your domain, ensuring only authorized parties have access to sensitive information. Traditional, portal-based encryption solutions lack the flexibility to allow end users to share with a variety of recipients inside and outside their organization on multiple platforms and devices. In contrast, end-to-end encryption solutions keep content protected from sender to authorized recipient, giving the sender organization controls no matter where sensitive data travels.
Diverse collaborative environments require interoperability across modern enterprise platforms, yet legacy solutions just reinforce silos and add complexity and friction. Effective encryption solutions need to be based on open standards and designed for content, cloud, and application heterogeneity, ensuring collaboration workflows smoothly.
Due to its ubiquity and relative ease of use, email will continue to be the primary way that financial institutions share information. And the benefits of the cloud can’t be denied either, so cloud infrastructure will continue to transform banking IT systems. To avoid reliving the same security headaches day in and day out, financial institutions need to look beyond legacy, portal-based email protection and implement end-to-end email encryption solutions like Virtru.