Best Data Security Providers for Finance Services

The best data security providers for financial services offer advanced, specialized features that cater to the unique needs of this industry. These providers ensure compliance with financial regulations and protect against the ever-evolving landscape of cyber threats.

Data security is critical for financial services due to the sensitive nature of the information they handle, including personal financial data, transaction records, and proprietary business information.

Threat actors often like to go after banks and financial companies. These places have lots of valuable information, like your personal details.

They can use this information to pretend to be you, get fake credit cards, or sell it to others on the black market. So, banks and financial institutions have to keep your information safe and follow the rules about privacy and security.

In this article, we’ll explore data security providers for financial services and how they help protect your financial information, providing peace of mind in an increasingly connected world.

Table of Contents

What is Data Security?
Importance of Data Security
Best practices on Data Security platforms  for Finance Services
How to choose the best Data Security for Finance Services
Best Data Security Providers for Finance Services & Features
10 Best Data Security Providers for Finance Services
1.Perimeter81
2. Symantec
3. McAfee
4. Varonis
5. Forcepoint
6. Gen Digital
7. Palo Alto Networks
8. Trend Micro
9. Sophos
10. Qualys

How Important is Data Security for the Financial Industry?

Financial organizations manage sensitive data, making data security crucial. Banking, investing, and other financial institutions keep massive volumes of personal and financial data, including account information, transaction history, and IDs.

This data must be protected to prevent identity theft, financial fraud, unlawful access to financial resources, consumer trust, and confidentiality. Cyber-attacks and data breaches have constantly expanded in an age of digital transactions, making strong data security measures essential in the financial sector.

Finance is one of the most strictly regulated industries, with strict data management and protection legislation. GDPR, PCI DSS, and Sarbanes-Oxley must be followed. Noncompliance can result in large fines, legal action, and reputational harm.

These laws and guidelines help institutions establish good data security policies. This compliance guarantees that financial institutions preserve sensitive data, enforce ethics, and maintain public confidence in the financial system.

Financial data security breaches affect more than regulatory compliance and consumer trust. Theft or fraud, legal bills, compensation payouts, and loss of revenue due to reputation harm can result in large financial losses.

Modern data security technology, continuous monitoring, and personnel training are essential to combating complex and ubiquitous cybersecurity threats in the digital age. Financial institutions’ operational integrity, reputation, and long-term performance depend on strong data security.

Data Security Providers for Finance Services: Best Practices

Financial services should address these data security components and strategies:

• Data encryption: Encrypting data at rest and in transit keeps it unreadable and safe from unauthorized access.
• Access Control: Limit sensitive data access to approved users. This includes robust authentication and thorough data access records.
• Regular Audits and Compliance Checks: GDPR, HIPAA, and Sarbanes-Oxley Act compliance and data security audits are essential. Regular vulnerability evaluations and penetration testing are required.
• Employee Training: Employees should learn how to spot and avoid phishing attempts, handle sensitive data, and follow security rules.
• DLP Tools: DLP tools monitor and manage network data access and transmission to avoid data breaches and leaks.
• MFA requires numerous verifications before giving access to data or systems, adding security.
• Endpoint Security: Securing and updating all firm network devices to prevent malware and other threats.
• Secure Data Backups: Regularly backing up data in secure locations speeds recovery from cyber attacks, system failures, and natural catastrophes.
• Network security: Using firewalls, IDSs, and IPSs to monitor and block illegal access.
• Cloud Security: Use cloud providers with rigorous security standards and encrypted data.
• A well-defined incident response strategy allows a timely and effective reaction to data breaches, reducing organizational damage.
• Vendor Risk Management: Assessing and controlling third-party providers’ data access risk is critical.

What is Data Security?

The term “data security” describes the processes and protections put in place to prevent the loss, misuse, or destruction of data at any point in its existence.

Various methods, including encryption, strong user authentication, and authorization constraints, can protect data at rest and in transit.

Protecting against cyber risks, including hacking, data breaches, and malware, is essential for ensuring the integrity and privacy of information in various sectors.

A system of data security that is both precise and effective should only allow authorized individuals access to private information.

Importance of Data Security

• Protection Against Breaches: With the rise of cybercrime, it is more important than ever to have safeguards to prevent data breaches that could result in financial loss or identity theft.
• Maintaining Privacy: It prevents the unauthorized disclosure or use of private information such as names, addresses, Social Security numbers, medical information, and bank account numbers.
• Business continuity: Implementing strict data security protocols can significantly aid a company’s ability to continue operating normally in the face of malicious attempts or unintentional data loss.
• Regulatory Compliance: Data privacy laws apply to various businesses and organizations. Adhering to these regulatory standards helps prevent penalties and sanctions, and adequate data security is essential.
• Trust and Reputation: Customers and business associates will have more faith in a company if they take measures to keep their information secure.
• Preventing Economic Loss: Theft, ransom payments, and maintenance expenses after an attack are just a few ways data breaches can cause significant economic loss.

Best Practices on Data Security platforms  for Finance Services

• Risk Assessment: Perform in-depth risk assessments regularly to spot security flaws and identify the location of your most essential information.
• Data Encryption: Secure information at rest and in motion. If data is encrypted sufficiently, it will remain unreadable and secure even if it is intercepted or accessed.
• Access Controls: The idea of least privilege calls for strict access controls, which must be implemented. Workers should see only the information they need to do their jobs.
• Multi-Factor Authentication (MFA): Utilize multi-factor authentication to increase the difficulty of hacking into your systems and data.
• Employee Training: Human error is a common cause of data breaches. Thus, it’s important to regularly teach staff about data security best practices and phishing awareness.
• Regular Updates and Patch Management: Update your hardware and software frequently to avoid being vulnerable to exploits.
• Incident Response Plan: Establish clear protocols for handling data breaches, containing the damage to a minimum, and retrieving lost information.
• End-to-End Testing: The efficiency of security controls can be assessed by conducting regular penetration tests, security assessments, and audits.
• Backup and Recovery: Keep regular backups and testing recovery mechanisms to restore data after a loss event.

How to choose the Best Data Security for Finance Services

• Understand Your Data: Find out what sensitive information you have, where it is kept, and how it is used. This is useful for determining how much security is required.
• Regulatory Requirements: The financial industry is highly regulated. Verify that any data security solution you implement satisfies all requirements set forth by GDPR and other applicable regulations and standards, such as PCI-DSS.
• Evaluate Security Features: Secure encryption, access controls, intrusion detection, and multiple-factor authentication are all features you should look for in a solution. Having security measures like this in place is essential when dealing with money.
• Assess Vendor Reputation: Select a provider with a solid reputation for dependability and customer assistance, focusing on financial data protection.
• Integration: If you want to avoid making significant adjustments to your IT infrastructure, it should be easier to integrate with the systems you already have.
• Scalability: The solution you choose should be able to adapt to your business’s needs and handle more info without slowing down.
• User-Friendly: Make sure the solution is practical and won’t force your employees to undergo a lengthy learning curve.
• Cost: Make sure the solution is cost-effective for your business by calculating initial and ongoing expenses.

Best Data Security Providers for Finance Services Features

10 Best Data Security Providers for Finance Services

• Perimeter81
• Symantec
• McAfee
• Varonis
• Forcepoint
• Gen Digital
• Palo Alto Networks
• Trend Micro
• Sophos
• Qualys

Financial services companies can implement more thorough user- and device-centric access policies with the data security provider for finance services named Perimeter 81, which combines the networking and security tools required by IT onto a single cloud platform.

The business’s networking and security tools are unified and put in the cloud as a SASE solution (Secure Access Service Edge), giving IT a solitary option for safeguarding vital company assets and customer data.

By deploying VPN gateways, facilitating simple access management, and applying zero-trust security principles, the provider provides a robust data security solution for financial services. 

These features optimize networking while guaranteeing total compliance and network visibility, effectively protecting private financial information.

Financial service providers can easily exceed Perimeter 81 compliance requirements by enhancing security significantly. 

Features

• With Perimeter 81, remote workers can safely access business resources from anywhere.
• Boosts security by needing multiple verifications before access.
• Segments networks to keep important data separate and stop people from moving laterally in case of a breach.
• One console is all that administrators need to keep track of users, devices, and access rules.
• For safe cloud access, it works well with well-known cloud services and systems.

Perimeter81 – Free Demo

2. Symantec

Symantec, now a part of Broadcom, is a data security provider for finance services that helps keep data safe for banks and financial services.

Banks and other financial institutions can use the company’s specific solutions. They help them make significant changes, run their work better, use computers more, and ensure everything is safe and works well. 

Broadcom works closely with these companies and uses genius software and hardware to help them get the most out of their computer investments.

Their technology and knowledge help you study new trends, find chances, and make intelligent choices. This helps your bank do well in today’s world.

Users of Broadcom are transforming their financial institutions to become more dependable, secure, and inclusive in the future.

Features

• Keeps you safe while you browse the web by blocking harmful websites and web risks.
• Symantec encrypts private data both when it is at rest and when it is being sent.
• With MFA, only people who are allowed to can get into systems and data.
• Uses cloud security solutions to keep data and apps in the cloud safe.
• Using advanced tools to find and respond to security threats in real time.

Symantec – Trial / Demo

3. McAfee

McAfee is a top choice for data security solutions for finance services because of their years of technical experience.

Their solutions are built on a foundation of advanced technology, ensuring that your data is protected using the latest security advancements.

They provide reliable data encryption services that guard your financial information at rest while it is being transmitted. McAfee’s data security solutions are built around granular access control.

Using their access control mechanisms, you can specify who has access to what data within your organization. Their vulnerability management tools support financial institutions in locating and fixing security flaws in their applications and systems.

Computers, smartphones, and other devices used by your company are all protected by endpoint security solutions from McAfee.

Features

• Keeps emails from getting spam, phishing, and viruses.
• Protects you from dangerous websites and other online threats so you can browse safely.
• McAfee secures important information.
• With MFA, it makes entry more secure.
• Keeps cloud info and apps safe.

McAfee – Trial / Demo

4. Varonis

The data security company Varonis is aware of the particular difficulties that financial services organizations face. They provide unmatched visibility, access control, automated threat detection, and compliance readiness through their all-inclusive solutions.

Varonis can assist you in locating and organizing crucial financial data, such as PCI and SOX information, and ensuring its security in both your cloud and on-premises storage. 

To stop breaches, identify security issues, and satisfy audit and breach notification requirements, financial data (GLBA, CSSF, and NYS DFS) must be monitored.

Varonis uses intelligent threat detection to spot ransomware early. Alerts can start automatic processes like ending user sessions, changing passwords, and more to stop attacks.

Varonis, a leading data security provider for financial services, addresses critical concerns. On average, employees can access 11 million files, with 64% having open access to over 1,000 sensitive files.

Features

• For security and compliance, it alerts and reports on data access and user activities.
• Changes made to files and folders are recorded so that security issues and unauthorized entry can be found.
• Cloud files and SaaS apps like Office 365 and SharePoint are kept safe.
• Firms can follow GDPR, CCPA, and other privacy rules with the help of data protection and compliance features.
• AI and machine learning are used to cut down on false positives and improve threat identification.

Varonis: Trial / Demo

5. Forcepoint

Forcepoint offers a wide range of products to help financial service providers deal with various challenges, like phishing, system weaknesses, online threats, and malicious advertising.

The High-Speed Verifier (HSV) and Forcepoint Zero Trust CDR collaborate to deliver malware-free data covertly. Across physical, virtual, and cloud systems, Forcepoint NGFW provides consistent security, performance, and operations. 

Security teams can manage a single set of policies across all apps with Forcepoint ONE from a single cloud-based console using a single endpoint agent, with agentless support for unmanaged devices.

Forcepoint Data Guard enables the automated, bidirectional transfer of highly complex data across separate networks, including real-time streaming video. 

Features

• It keeps private data from getting into the wrong hands or being shared or leaked.
• Web data is filtered and watched to keep the internet safe by blocking harmful sites.
• With security rules and DLP, it keeps cloud data and apps safe.
• Uses filters and VPNs to protect connections.
• Behavior analysis is used to find hidden threats and strange behavior.

Forcepoint – Trial / Demo

6. Gen Digital

Gen Digital is a leading data security provider specializing in safeguarding financial services institutions from cyber threats and protecting sensitive financial data.

Their unique technology constantly checks for indications that someone might be trying to apply for credit or obtain services using your name, address, Social Security number, or date of birth. 

Its unique system will notify you of potential threats via text, phone call, email, or our mobile app. Ensuring the security of your customers’ finances involves understanding the threat landscape and providing an innovative cybersecurity solution. 

They are given the ability to engage with the digital world in a secure, private, and confident manner with the help of this solution, ultimately protecting their financial assets.

Last year, Norton Technology stopped 90 million phishing attempts, 250 thousand ransomware attacks, 3.5 billion cyber threats, and 1.6 million malware attacks on mobile devices.

Features

• Gen Digital people tend to use technology and social media without thinking about it.
• They are very good at quickly understanding information.
• Very busy and outspoken on many social media sites.
• Like authentic material and experiences that are tailored to you.
• Have a broad, open-minded view of the world and be sensitive to different nations.

Gen Digital – Trial / Demo

7. Palo Alto Networks

Palo Alto Networks is a well-known data security solution for finance services that helps safeguard client information, ensure compliance with laws and regulations, and maintain efficiency.

It also gives you the power to accelerate digital transformation, enhance the financial customer experience, manage compliance and risk, and adjust to workforce changes.

Prisma Access from Palo Alto Networks ensures a secure and smooth user experience, meeting customer and remote workforce needs.

Automate threat analysis using Palo Alto Networks Unit 42-powered cloud security. Easily manage compliance from Zero Trust to authentication.

The Prisma Cloud offers multi-cloud security, assisting financial institutions in switching to hybrid models and modernizing their trading and banking platforms.

Features

• Next-generation firewalls (NGFWs): Advanced threat protection, visibility, and network traffic control.
• Threat Prevention: Blocks exploits, malware, and infections.
• URL Filtering: Improves online security by blocking harmful websites.
• WildFire Malware Analysis: Cloud-based malware detection and prevention.
• GlobalProtect provides VPN services for safe distant network access.
• DLP: Detects and secures sensitive network, cloud, and endpoint data.
• Cloud Security: Protects data, prevents threats, and ensures compliance.
• Advanced Endpoint Protection: Protects endpoints against complex assaults with machine learning and AI.
• SD-WAN provides secure, efficient branch office and distant connection.
• Cortex XDR: Advanced network, endpoint, and cloud threat detection and response.

Palo Alto Networks – Trial / Demo

8. Trend Micro

Regarding data security for financial services, TrendMicro offers a suite of products and services designed to protect sensitive financial information and infrastructure from various threats. 

TrendMicro’s advanced threat detection and prevention mechanisms protect financial institutions from evolving cyber threats. With TrendMicro’s DLP solutions, businesses can monitor, manage, and safeguard sensitive data to stop leaks and unauthorized access. 

TrendMicro’s web and email security solutions filter out phishing emails, malicious attachments, and risky websites. The endpoint security solutions offer network-connected devices continuous security. 

Features

• Real-time scanning and innovative technologies protect against viruses, malware, and ransomware.
• Intrusion Prevention: Stops network attacks and malicious exploits.
• Email security: Prevents phishing, spam, and viruses.
• Web Security blocks dangerous websites for secure browsing.
• DLP: Stops sensitive data leaks inside and outside the company.
• Cloud Security: Protects cloud applications and environments.
• Endpoint Security: Protects PCs and phones against cyberattacks.
• Detects and responds to serious cyber attacks using advanced methodologies.
• Maintains vital system file integrity and identifies illegal modifications.

Trend Micro – Trial / Demo

9. Sophos

Sophos, a data security provider for finance services, uses advanced technologies like HIPS, deep learning, anti-exploit, and malicious traffic detection to find and stop malicious activities on your devices while protecting financial data with rigid DLP rules.

Sophos Endpoint Protection safeguards your Windows, Mac, Linux, and virtual machine data. 

Attacks are prevented from reaching your sensitive customer data, financial transactions, and other components of your ecosystem by Sophos Firewall’s AI-powered threat detection. 

DLP features in Sophos products can identify sensitive information and stop data leaks through email, uploads, and local copying. Sophos Email encrypts your PII and other sensitive corporate data to prevent malicious and unintentional data breaches.

You can visualize your network activity and security with the help of flexible reporting tools from Sophos Central. It provides built-in compliance reports and simple tools to make your reports.

Features

• Advanced firewall security that lets you handle both users and applications.
• Guards against malware, exploits, and data leaks on devices.
• Finds spam and fraudulent texts.
• Web traffic filtering stops access to sites and materials that are harmful.
• Keeps mobile info and security safe.

Sophos – Trial / Demo

10. Qualys

Qualys, a pioneer in cloud-based security solutions, now supports the Reserve Bank of India’s Cyber Security Guidelines. This makes it easier for Indian financial institutions to meet their needs efficiently.

Qualys provides a wide range of products and services that address all facets of data security, from locating system flaws to defending against online dangers.

Organizations can patch vulnerabilities with Qualys Vulnerability Management (VM) before cybercriminals can exploit them. VM offers real-time insights into potential risks.

The use of threat intelligence and machine learning by Qualys Threat Protection makes it possible to identify suspicious activity and potential security breaches in real time.

CSPM assists financial institutions in securing their cloud computing infrastructure. Financial institutions can assess and keep track of the security posture of partners and third-party vendors with SAQ. 

Features

• Finds network and application errors and ranks them.
• It helps you keep your area safe by showing you all of its assets.
• It helps keep web programs safe by looking for vulnerabilities in them.
• Looks through network data for problems and threats.
• Helps make sure that rules and laws are followed.

Qualys – Trial / Demo

Conclusion

The conclusion is that the importance of data security for financial services is based on the sensitivity of financial data and the serious consequences of data breaches.

It’s essential to retain clients’ confidence, stay in line with rules and regulations, and safeguard the international monetary system.

Encryption, access limits, intrusion detection, and constant monitoring are just a few of the many security measures that financial institutions should implement.

Strong regulations, thorough personnel training, and a proactive response to new risks are all necessary additions to these methods. Technology, affordability, usability, and scalability are just a few factors that must be considered when settling on a data security solution.

Financial services must prioritize innovative, flexible data security measures to protect their operations and clients’ assets in the context of the quickly changing financial landscape and the increasing sophistication of cyber attacks.

FAQ