Digital security is now a critical element to business continuity, particularly for financial services companies as they deal with sensitive and highly confidential data under strict regulatory conditions. Any security failure leading to data loss or theft, or worse, system downtime, will have serious repercussions for a company’s revenue, reputation and they will most likely be subject to hefty fines by regulators. What is often overlooked is how a comprehensive digital security strategy can provide other valuable benefits aside from keeping corporate data and systems safe and under control.
One particular area to benefit from the increased use of security products is data analytics. Data analytics is a way of examining raw data and drawing conclusions about the information that’s delivered. Data analytics is used by companies to help them make efficient decisions, verify business strategies or even target clients more effectively. Banks are no exception, as digital security and analytics are essential elements for banking organisations. But have you ever imagined what you could do if you had the opportunity to combine them? You may not have realised that adding more security can help lead to more effective business decisions, thanks to enhanced analytics.
By implementing certain security solutions, greater data points can be collected about where data travels and who is looking at it and when, thereby creating a double positive effect: the risk of associated cyberattacks is reduced by security features and users can also benefit from data analytics about any operations performed. Digital security combined with analytics transforms the landscape by introducing better availability of information, which is time-saving for organisations. The ability to view and analyse data trajectories enables closer monitoring and improved decision-making for senders.
Digital security combined with analytics also leads to better reactivity which itself improves operational efficiency. For financial institutions like banks, this component is a turning point in their business processes via better customisation for clients’ needs, such as building more effective marketing campaigns. With these kinds of actionable insights, banks can even drive new revenues by generating higher client engagement. For example, by sending documents or campaigns via secure email, banks can collect analytics on their clients’ behaviours (e.g., email was not opened, or email was opened in a different country from the client’s usual one) and then implement customised actions to better handle their expectations and generate more leads (robots can send a new email, banks can adapt to a new country’s regulatory requirements, etc.).
Financial institutions may soon realise that analytics delivered by security platforms empowers them to keep control of their data, a priceless element during those unsecured times. When they get control, banks can more closely and efficiently adjust their decisions, reinforce security and simultaneously comply with the necessary regulatory requirements. A typical example with APrivacy’s solutions is the ability for banks to securely send an email or share a file, then check the analytics of this operation and consequently be able to recall the email or file even after it has been downloaded, forwarded or saved by the recipient. Financial services companies can also decide to block it from being printed, copied or forwarded and check the analytics of the operations performed on these restricted files. APrivacy’s security platform also prevents data from being opened and read in certain countries if the bank decides to do so, and to view the analytics about the geo-localisation of the specific data sent. Thus, it allows for seamless and strict compliance (e.g., an email sent to Hong Kong will not be able to be opened in Singapore if it was not authorised by the sender).
APrivacy has built all its digital security solutions embedded with analytics to offer financial institutions insight into their secure actions with clients with no impact on the client’s user experience, as the user simply receives his or her email or document natively via their preferred channel, device and format. Moreover, analytics is built with a multi-channel approach and allows for native and offline views (if needed) without any extra steps
After studying financial institutions’ needs and market requirements, APrivacy made the most of digital security and analytics to provide an efficient and unique tool this sector deserves, to continue to efficiently and securely satisfy its privileged clients.
Digital Security Perfected – APrivacy Ltd. is an award-winning company which combines military-grade data security with a seamless user experience on any platform, any device, anywhere. APrivacy Ltd.’s enabling technology now allows the financial services industry to confidently communicate with clients using their favourite channels leading to increased revenues and reduced costs while meeting the strictest regulatory requirements.
