Why is protecting email data a priority for a financial services company
Manage Sensitive data: Financial services companies, including NBFCs (Non-Banking financial company) manage money of their customers and work with very sensitive customer data including personally identifiable information (PII) and financial data.
With rapid digitization of the banking and financial industries, a huge amount of transactional data is being generated in the digital format.
60% business critical information is in email: Most of the financial services companies rely on email to carry out such transactions and as the primary method of communication and document transport to and from regulatory authorities, customers and other financial services partners.Reduce penalties and risks: Protecting their email data, complying with industry regulations and reducing penalties and litigation risks associated with data violations is a top priority for financial service companies.
Challenges with protecting sensitive email data
Cyberattacks: The sensitive nature of this data makes them vulnerable to data theft, cyber-attacks and security violations from within the organisation and from outside.
Using traditional methods: Storing these emails on-premise, on backup tapes and devices can lead to loss of critical information and an inability to retrieve these quickly on demand.
Providing data security and safety: Due to all this, banks and financial services companies are highly regulated and must ensure the preservation of data over extended periods of time with strong data protection systems to stay compliant always. Penalties for non-compliance can be severe and costly.As part of their compliance audits, banks and financial services companies are required to prove that their data is being preserved in safe systems with built in redundancies, for extended periods of time and can be accessed on demand.
Email archiving is a critical piece in the overall solution by helping the company preserve data in tamper proof vaults for extended periods of time and ensuring that all this data is online, search ready and discoverable on demand.Security at multiple layers helps thwart ongoing cyber-attacks and tamper evident controls, help your organisation prove immutability of the data.
The Vaultastic Edge
At Mithi, we are helping financial companies just like yours, maintain reliable, secure and always available email archives. Our email archiving and ediscovery platform, Vaultastic, is an elastic cloud-native email data management solution making email data secure, accessible & useful while lowering business risks, reducing the operational and capital expenses and ensuring compliance readiness.Specifically, to address the challenges of banks and financial services organisations, the following capabilities can help:
Comply with Data Residency regulations
Protect against cyber-attacks with Multi-layered Security
Data Privacy guaranteed
Guaranteed service for peace of mind
Timely compliance response with long term online retention
Advanced Ediscovery & Extraction for an accurate compliance response
Customer Success Stories
Intuitive User Interface
Cashpor Micro Credit
GS Mahanagar Co-op Bank