Data X-Ray: Shedding Light on a $10.5 Trillion Financial Data Landscape

  • Type: Blog
  • Date: 16/02/2024
  • Tags: Data Governance, Data protection, Data Quality

Global cybercrime is expected to cost up to $10.5 trillion annually by 2025, with financial services being a prime target, according to PwC's "Global Economic Crime Survey 2023". It's clear that the pressing challenge faced by financial institutions is one that requires immediate attention. With the ever-evolving cyber threats, security teams are under tremendous pressure to invest in cutting-edge data protection technologies.

In this environment, an overwhelming deluge of data makes it increasingly difficult to discern clarity and make informed decisions. The need for clarity amidst this data fog has never been more critical. Enter Ohalo's Data X-Ray, designed to empower financial institutions in navigating their complex data landscape. Data X-Ray offers visibility into diverse data types, identifies vulnerable files, and automates remediation and anomaly detection, ultimately enhancing compliance and data governance.

Deep Dive into Data X-Ray's Capabilities in a Financial Context:

Compliance Radar

Data X-Ray simplifies compliance processes by efficiently parsing various document formats, including PDFs, emails, images, and text files. This eliminates the need for time-consuming manual data entry, thereby streamlining the compliance workflow. Leveraging advanced entity recognition powered by AI, Data X-Ray categorizes entities such as customers, vendors, transactions, financial instruments, and regulatory terminology, facilitating improved regulatory mapping and flagging potential compliance issues.

In addition to general compliance requirements, Data X-Ray offers tailored solutions to meet the specific needs of regulations such as the Gramm-Leach-Bliley Act (GLBA), the Basel Committee on Banking Supervision's (BCBS) BCBS 239, PCI compliance, and privacy regulations like GDPR and CCPA.

For GLBA compliance, Data X-Ray automates data discovery and enables extraction for customer data, financial transactions, and privacy notices, reducing manual effort. BCBS compliance is facilitated through improved data lineage and governance, ensuring data accuracy and traceability for risk data aggregation and reporting. Data X-Ray also assists in meeting PCI and privacy regulations by identifying and mapping sensitive cardholder data and personal data across systems, regardless of format or location. It identifies potential privacy risks for GDPR, CCPA, and other privacy regulations. Furthermore, Data X-Ray uses advanced redaction techniques to automatically identify and remove sensitive data like personal information or trade secrets from Regulatory Correspondence documents before sharing.

Data X-Ray’s capabilities not only helps organizations meet regulatory obligations but also enhances data security and mitigates the risk of unauthorized access or data breaches.

Risk Mitigation Compass

Financial institutions, known for their robust security measures, still recognize the need to refine their risk management strategies. This is where Data X-Ray steps in, not as a remedy for inadequacies but as an enhancement to existing security fortifications.

While financial institutions maintain solid security protocols both online and offline, Data X-Ray addresses the nuanced aspect of data analysis, particularly unstructured sources like emails, chat logs, social media interactions, and network logs. By meticulously unearthing concealed data points and applying precise classification, Data X-Ray empowers financial institutions to transition from reactive risk management to a proactive one, further fortifying their security posture.

Integration with Existing Financial Systems

Data X-Ray effortlessly integrates into your existing financial systems, whether it's Amazon AWS S3, Azure Blob Storage, your trusted local network drives, or dozens of other types of data storage technologies. This integration means more than just technical compatibility; it's the solution to the real-world challenge of having data scattered across various storage solutions. You can access and analyze your data, consolidating data from diverse sources, thus enhancing overall data management.

Data X-Ray leverages its sophisticated capabilities in data discovery, classification, and redaction, enabling organizations to achieve a more granular and accurate understanding of their data landscape. This improved data comprehension addresses regulatory compliance needs. Also, with Data X-Ray's file activity monitoring capabilities, you can not only meet but exceed audit readiness standards, ensuring that your data handling processes are transparent and accountable.

Furthermore, you can help maintain the trust of customers by automatically identifying and redacting sensitive information. Such streamlined workflows can complement existing security measures, akin to a bank's vault. You can proactively, improve data quality through continuous monitoring, data profiling, and cleansing, reducing manual workloads.

Another thing that you can take advantage of is Data X-Ray's metadata enrichment feature, it injects essential context into your data, automatically attributing classifications and business glossary terms. This enrichment not only enhances data's intrinsic value but also provides invaluable insights into its origin, flow, transformation, and utilization across diverse applications and data sources. It extends traceability and unwavering accountability in data handling, constructing a robust data governance framework. With Data X-Ray, your workflows are fortified, efficient, and, above all, secure, meeting the demands of the Fintech industry.

Benefits for Specific Financial Industry Segments:

  • CEOs and CFOs: With Data X-Ray, CEOs and CFOs gain a holistic view of their market landscape, company health, and emerging trends, enabling them to make well-informed strategic decisions. The newfound clarity empowers them to optimize resource allocation, pinpoint growth opportunities, and proactively manage risks, ensuring the organization's agility and resilience. Whether in high-stakes board meetings, investor presentations, strategic planning sessions, or risk assessments, Data X-Ray equips leaders with invaluable insights.

  • CIOs & CISOs: By leveraging Data X-Ray's data discovery, classification, cataloging, and continuous monitoring capabilities, CIOs & CISOs can not only safeguard data but also elevate its quality. This substantially reduces the attack surface, fortifying their organization's data defenses. Simultaneously, it equips them to better address compliance audits. What’s more? it aids in strategic allocation of IT resources, ensuring their efficient utilization, leading to reduced data storage costs, and improved data retention practices.

  • Risk & Compliance Teams: Implementing Data X-Ray empowers Risk and Compliance Teams to effectively address their core needs in managing regulatory reporting, tracking suspicious activity, and conducting data due diligence and risk assessments. Data X-Ray's real-time monitoring system swiftly identifies anomalies and irregularities in unstructured data, ensuring timely reporting and proactive issue resolution. Its precision in data discovery and classification streamlines data assessments, saving time and ensuring comprehensive risk evaluations.

  • IT & Data Architects and Data Scientists: Data X-Ray addresses the pressing needs of IT & Data Architects and Data Scientists in managing the ever-growing volume and variety of data. It helps in building a curated data lake, centralizing and organizing data sources for easy access. This curated approach ensures that other teams can work with data that has undergone meticulous vetting and refinement. Furthermore, Data X-Ray strikes a harmonious balance between accessibility and security. By skillfully redacting sensitive information, it facilitates confident data sharing, safeguarding sensitive data while maintaining a user-friendly and accessible data environment.

To experience the tangible benefits of Data X-Ray for yourself, we invite you to a discovery session. Witness firsthand how Data X-Ray adds to your data management practices. Seize the opportunity to navigate the complexities of unstructured financial data with confidence and propel your institution toward a future of enhanced security, compliance, and strategic growth.

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Embrace the difference that Data X-Ray can make on your data governance journey, and embark on a path to a brighter and more secure future.

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