While the growth of bring your own collaboration will lead to greater and more pervasive workplace data leakage and privacy risks, financial institutions may be able to mitigate data extrusion through encryption, usage controls and content filtering.
The San Jose, Calif.-based FinalCode designed its new platform, FinalCode 5, to do just that. FinalCode said the platform makes it easier for enterprises to fortify their data governance posture for shared files.
"Companies are facing a rampant data leakage dilemma, 'bring your own collaboration,'" Gord Boyce, CEO of FinalCode, said.
Once a sensitive file is obtained by a recipient, it leaves a secured repository, and protection and traceability are lost, he noted.
"The best way to close this gap is to make file security simple, flexible and persistent for the file owner and business – and FinalCode does just that," Boyce said.
The Boulder, Colo.-based industry analysis and consulting firm Enterprise Management Associates' research report, "2015 State of File Collaboration Security," found a significant discrepancy between file security policies and operations, and the capabilities of respective technical controls in place to monitor and enforce the policies.
The survey of large and mid-tier enterprises in North America found:
- Eight-four pecent of respondents had little to no confidence in current file protection and auditing controls.
- Half experienced frequent file data leakage incidents over the past 12 months.
- Ninety-one percent of respondents stated the lack of protection of files leaving cloud-based platforms or device containers as the highest risk to adopting cloud-file storage, content management and collaboration systems.
"The proliferation of data sharing applications and cloud services, on top of the existing use of email for collaboration, exponentially increases the risk of data leakage and exposure. When compared to conventional rights management systems, specialized encryption and entitlement solutions are less complex, can apply to a broader number of use cases and may more easily accommodate users outside an organization," David Monahan, research director of risk and security management at EMA, noted. "Companies that rely on data sharing and collaboration as part of their workflow and business model will make identifying and investing in enhanced file security platforms a top priority."
FinalCode said its new file security platform provides strong encryption and extensive usage controls, including the ability to delete files remotely even after sharing them. Users may simply define file security settings and respective recipients, or have such controls applied automatically based on corporate policy.
FinalCode also maintained its scalable approach readily integrates with a company's existing file management and cloud collaboration infrastructure.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
