July 31, 2017

Keeping data safe and secure is one of the most important tasks that a financial institution must undertake. Customers and consumers trust the bank or credit union that holds their hard-earned money will keep their assets and information safe from hackers. It is no easy task. Here are threats that a financial institution might face regarding data security to be alert for; as well as solutions that can be employed to protect your company’s data.

Data Security


Key threats to data security are as followed:

Data may get:

  • Lost or corrupted by computer viruses.
  • Hacked, deleted, or altered by unauthorized users.
  • Destroyed by natural disasters, acts of terrorism, or war.
  • Deleted or altered by employees wishing to make money or take revenge on their employer.
  • Lost or damaged during a system crash - especially one affecting the hard disk.
  • Corrupted because of faulty disks, disk drives, or power failures.
  • Lost by accidentally deleting or overwriting files.

Measures that can be taken to keep data secure include:

  • Using a system of passwords so that access to data is restricted.
    • Do not use obvious passwords, e.g. password123.
    • Do not use a password that reference personal information e.g. using your birthdate or family member’s name as a password.
  • Change passwords frequently so that passwords cannot be predictable.
    • The recommended frequency to change a password is every 6 months.
  • Safe storage of important files stored on removable disks, e.g. locked away in a fireproof and waterproof safe.
  • Allowing only authorized staff into certain computer areas, e.g. by controlling entry to these areas by means of ID cards or magnetic swipe cards.
    • If possible, keep the authorized staff to a minimum.
  • Always logging off or turning terminals off and if possible locking them. Hint: an easy way to quickly lock your computer is to use your “Win + L” keys all at once.
  • Avoiding accidental deletion of files by write-protecting disks.
  • Using data encryption techniques to code data so that it makes no apparent sense
  • making regular backups of files (backup copies should be stored in fireproof safes or in another building).
    • The recommended frequency for backing up files is every once a month
  • protecting yourself against viruses by running anti-virus software.
    • Run anti-virus software very frequently e.g. once a week.

Following these steps can insure that your company’s data remains safe and secure. To learn more about data security and how to keep data secure, ask about our Edcomm Video Library Series. This series includes countless videos that explain the dangers one might find regarding data security as well videos explaining how to keep data safe. 

By: Matt Cohen