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Data breaches at financial services organizations are on the rise. While data security is a top priority, almost 60% of these organizations have no formal IT asset disposition (ITAD) program. What’s holding them back? What’s at risk? Here are some quick answers.
Data breaches at financial services organizations are on the rise. While data security is a top priority, almost 60% of these organizations have no formal IT asset disposition (ITAD) program.* What’s holding them back? What’s at risk? Here are some quick answers.
A. Banking, insurance and other financial services organizations are increasingly collecting personal and highly confidential digital data. A single device can contain both customer information like social security numbers, account numbers and pay stubs, as well as proprietary company information like revenue projections and payroll or claims data. Improper disposition can result in data theft, loss of intellectual property and damage to reputation.
A. Financial services organizations can improve data security while complying with new and changing global regulations. You can realize a lower total cost of ownership of IT assets by remarketing them. You can reduce the burden on internal resources. And you can minimize impact on the environment to meet regulations and support social responsibility efforts.
A. In a recent IDG survey, financial service organizations listed data security concerns, chain-of-custody risks and inconsistency in how multiple office locations handle their assets as top road blocks. Worry over having data exposed at some point in the disposal process is causing many organizations to do nothing.
Another significant obstacle is the multitude of regulations affecting ITAD in this sector such as SEC and EPA regulations, the GDPR, The Banking Security Act and the Gramm-Leach-Billey Act.
*SOURCE: “Secure IT Asset Disposition: Achieving Business Value While Mitigating Risks” – IDG Report (2019)