The emergency-room pace of mergers, acquisitions and partnerships resulting from the current financial turmoil is increasing the risk to data, according to database security provider Secerno. The integration of IT systems and data has led to a surge in data transfer and sharing, and along with it an increased risk of security breaches and lost files, the company notes.
“This a very tricky time for data safety and protection,” cautions Secerno COO and founder Paul Davie. “We are issuing a call to all those in the financial services industry to be on increased alert regarding the access to and transporting of data to ensure its protection and to safeguard the integrity of their brand.”
Secerno is also concerned about the role of third-party vendors in the M&A transition process, noting that such outsourcing “has been well-recognized vulnerability area in data security for some time, with different parties having lines of access to data that are not clearly monitored.” The solution: strictly limit and closely monitor data access rights. The company also warns the industry to expect a continued rise in “direct attacks on databases that are storing confidential client and consumer information.”
Hackers are also attracted by the disarray of the financial sector, and may be increasingly helped by insiders. “Many IT and other staff, with easy access to large quantities of sensitive data, perceive they are at immediate risk losing their jobs and their livelihoods,” Secerno observes, tempting them “to steal or corrupt data.” Institutions must keep close tabs on access in this environment, the company says.