Every week, we hear about a new data breach. Just this past May, Evolve Bank was the victim of a ransomware attack by the notorious cybercriminal group, LockBit. The breach impacted 7.6 million people—both their customers and the customers of their fintech partners. While these breaches are unfortunate, they’ve become all too common in today’s digital world.
Why? Companies are collecting more sensitive information than ever before to comply with regulations like KYC and AML, and with that comes the heavy responsibility of safeguarding that data. However, many companies struggle to protect it adequately, often leaving themselves vulnerable to cyberattacks.
At Footprint, we have a front-row seat to the data security practices of banks, fintechs, and software companies. While improvements are being made, the truth is many of the approaches companies rely on are not enough to prevent attacks like the one Evolve Bank faced.
That’s why we’ve put together an guide that highlights the most common approaches companies take to protect sensitive information and the risks associated with each one. Here’s a sneak peek of what you’ll learn:
Common Data Protection Strategies and Their Pitfalls:
- No Encryption: Shockingly, some companies still store sensitive information without encryption. This leaves them highly vulnerable to attacks as they grow and accumulate more data.
- Encryption at Rest: While a good first step, this method can fall short when attackers breach a company’s perimeter.
- Third-Party Data Ownership: Relying on third parties to hold customer data can lead to a loss of control over that information, limiting flexibility.
- Third-Party Vaulting Services: A more robust solution, but not without its complexities, especially when decrypting and handling sensitive data in plain text.
How to Secure Your Data with Footprint
Our eBook also introduces Footprint’s vaulting solution, which was built to solve these very challenges. By utilizing AWS Nitro Enclaves, our vaulting infrastructure ensures your data remains secure without the common pitfalls of traditional methods.
With Footprint, you own the data, we keep it simple, and we do it automatically. This allows you to focus on your business without worrying about whether your sensitive data is at risk.
Don’t leave your company vulnerable to the next big breach.
👉 Download our guide now to learn how you can protect your customer data and stay ahead of evolving cyber threats.
