Security for Compliance
Don’t be another News headline: Increase Security & Minimize your Risk Exposure
Information has never been at higher risk for exposure or malicious interception. The risk for financial institutions has escalated dramatically, resulting in higher scrutiny and increasing regulatory mandates. Customer expectations for privacy and security have never been higher and nearly all business processes require the use of information. IT professionals must take charge of informational exchanges without constricting business processes or inhibiting necessary access. Now it’s possible.
File transfers are an operational and regulatory imperative for financial institutions. Banks, card issuers, and insurance companies that fail to protect customer financial records face class-action lawsuits, fines, tarnished reputations and loss of customers—as well as competitive advantage.
What’s needed is a centralized, secure solution that allows IT to easily govern and manage file transfers for all trading partners, branches, brokers, customers, and employees. And to do so cost-effectively, whether the data is stored, being processed, or in transit is a must.
Get Compliant with BIS for FSI Secure File Transfer Capabilities
Our flexible file transfer capabilities have you covered:
- Security: Protects the integrity of transfers through encrypted transmissions, pre- and post-transfer content checks, non-repudiation and policy-based management
- Visibility: End-to-end, real-time insights into the status of each transfer, via automated monitoring, logging and tracking
- Reporting: Generates customizable reports of file-transfer activity – preventing errors and oversight problems from becoming compliance problems
- Auditing: Creates detailed audit trails of all transfers, for you and your IT auditors
- Provisioning: Automatically equips remote endpoints for secure transfers and provides secure self-service options for employees, customers and partners – eliminating the delays, inefficiencies and human errors often involved with traditional and consumer-grade file transfer solutions
Consolidate disparate, costly mechanisms for file transfer and gain compliance.
Get a single solution that provides financial services institutions with business value that typically pays for itself in 12 to 18 months.
Ensure Data Integrity with a Platform Designed for Secure Exchanges
Short windows to process large volumes of data with 100% accuracy and assured security are challenging IT departments to take a hard look at how data transmission is facilitated. Government, quasi-Government and regulatory commissions have put a huge burden of responsibility on financial institutions to protect and monitor the use and disclosure of sensitive data.
Secure and compliant data transfers require:
- Encryption during transmission and while the data is at rest or in storage, inclusive of all systems that process the data
- Strong, multi-factor authentication
- Detailed audit logs and traceability that records every movement, access and manipulation of the data
- Data governance capabilities for complex data management with process engine alert compliance
- Secure transport protocols for 3rd parties
Learn how adding an attachment to an email can have automatic encryption with BIS FileExchange. Options include:
- Additional security with passwords
- Limiting the duration availability
- A maximum number of downloads
- Accessing files from anywhere
The Business Integration Suite provides the security you need
Piecemeal efforts will not provide comprehensive data security. It simply isn’t feasible to tack encryption software onto an FTP server, for example. Even should you try, complete traceability will elude the best of efforts.
Get the security you need including:
- Secure transport protocols
- Central management, governance and end-to-end visibility
- Standardized approach for all connections
- Ad hoc transfers to meet future requirements
- Reliable, secure, high-performance connectivity services
- Stability in communications that supports global expansion
- Reduced operational risks due to traceability with automated data security policies
- Lower costs from easier administration, retired hardware and software
- Automated onboarding and provisioning for partners and customers
End-to-End Visibility of Data Transmissions and Business Processes
Data governance is not possible without visibility that provides insight to improve decisions made to ensure compliance with both processes and regulations. Whether the data is transferred from person-to-person, system-to-system, or system-to-person should not limit the scope of visibility for data exchanges and business processes.
Automated monitoring goes hand-in-hand with automated processes. Policy engine compliance alerts and exception management are necessary to ensure the health of a financial institution’s data movement—especially when transactions can reach tens or hundreds of thousands per day. Traceability is critical, but so is the ability to simplify searching the data to get to the root cause of issues, provide proof of compliance and sustainability.
For example, payments have been a highly profitable service for banks in the past few years, but the risks for fraud have grown along with stunningly high regulatory fines for noncompliance. If banks are to capitalize on the profit opportunities provided by payments, they need to become more efficient and adept at taking any payment through any channel.
But, as they do so, banks must also be able to apply comprehensive monitoring and tracking and compliance alerts to reduce the opportunity for fraudulent activity. This is just one of the significant opportunities presented by a single, secure platform developed intentionally for B2B integration and file transfer needs. Visibility must never be an afterthought.
How Secure File Transfer Improves Security for Data
- Risk Management: Prevents data leakage/loss by preventing unauthorized data transfers at the source (employees) and integrating with Data Loss Prevention (DLP) solutions
- Data Privacy: Strengthens compliance with data privacy laws through end-to-end visibility of transfers and continuous, policy-based content monitoring/filtering and alerts
- Data Security: With SWIFTNet 7.0 qualifications for FileAct in both store-and-forward and Real Time categories, SEEBURGER Secure File Transfer (MFT) enables you to perform secure data transmission using both FileAct communication protocol variants. Financial institutions using the secure SWIFT network to exchange financial data can use the platform to handle all FileAct traffic and perform other value-added operations such as entitlement, validation, transformation, least cost routing and more
- Integrated governance: Process orchestration with the ability to automatically alert compliance departments to transactions that violate pre-defined rules