Challenges with Unstructured Data in Financial Services
AI is responsible for generating around 90% of new unstructured data, including emails, video files, and chat logs, creating a significant security challenge for financial organizations. While there has been progress in securing data, there is still a long way to go. The market offers several classification tools for unstructured data, but the lack of interoperability and industry standards complicates security measures.
“There is a sense of urgency in addressing these challenges, but it requires time and effort, especially with the constant threat of cyber attacks,” says Todd Moore, global vice president of data security at Thales.
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Enhancing Security Measures for Financial Services
Financial institutions should focus on investing in access management for employees and AI to prevent identity theft in ransomware attacks. Monitoring systems for detecting unusual behaviors and implementing continuous monitoring are essential for maintaining a zero-trust security approach. Real-time monitoring systems are crucial in responding promptly to ransomware attacks.
“Ransomware attacks unfold rapidly, underscoring the importance of continuous monitoring systems operating in real time,” emphasizes Moore.
