Why Data Classification Is Important in the Financial Sector

Why Data Classification Is Important in the Financial Sector Data classification solutions help classify and protect financial data and following certain best practices will ensure compliance and efficient data management. A data entry company can help with any documentation support.

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Just like document conversion services, data classification is required to manage different types and volumes of data, let that be office documents, email

correspondence,

images,

video

files,

customer

and

product

information, financial data, and so on. When it comes to finance data, classifying and tracking documents will also help organizations to close security gaps and comply with the growing number of regulations. Financial organizations are often flooded with new data each day, in the form of Word documents, spreadsheets, countless emails and PDFs. Better classification at all levels will help manage this data more efficiently.

Financial organizations classify data to •

stay compliant with regulations

•

secure client data and firm’s reputation

•

simplify data encryption

•

ensure employee awareness about the data protection

•

improve records management

Source - http://www.seclore.com/seclore-data-classification/

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Seclore is an advanced data classification solution that is user-friendly and highly efficient. By integrating the Data Classification solution with the Rights Management solution, enterprises worldwide can be empowered to seamlessly identify and label sensitive information, automatically protect that information with granular usage controls, and track usage wherever files travel.

Let us look at some of the best practices for financial data classification: Safe handling of documents and better storage Documents in banks and other financial organizations most likely include financial data from customers, financial records like earnings information, intellectual property related to financial systems, and related data such as authentication

and

access

control

information.

While

handling

such

confidential documents, you need to make sure to keep track of where and how data is stored. Also include all partner and interconnected networks.

Arrange documents in confidentiality categories Create certain confidentiality categories such as public (available to anyone), limited access (available to specific groups) and restricted (controlled by compliance or legal mandates) and define them based on data confidentiality and criticality levels.

Acceptable use of data must be defined Based on the internal and external compliance requirements, consider the right user, who needs access to the data and how it will be used. In certain cases such as banking data that cannot be accessed by the user, the person who created the data will be considered as the “owner�.

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Address data classification and security in each process Make sure to add maintenance process in each stage of the data lifecycle such as creation, storage, access, modification, retention, archival and disposal. Also update policies to include security awareness, incident response

and

other

risk

management

program

initiatives

in

data

classification.

Also, before implementing a classification system, make sure to create an effective, but simple data classification policy and educate users about this.

For any other documentation support, financial firms can choose to benefit from the services provided by an experienced data entry company.

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