With a track record that includes more than 10 years’ experience in software and technical services in the financial technology sector, Stuart has first hand experience in the incredible growth of big data and the risks that it brings. Our ‘Meet the Defenders’ series gives you insights to some of our specialist areas. Here we find out more about security in FinTech.
“We are in an era of evidence based decision making in business that is driven by data. It’s become a valuable commodity and everyone is storing more and more of it within their organisation,” says Stuart, “But this carries significant risk for companies and requires a continued focus on compliance and awareness of changing legislation. It’s not just a case of making sure that the data you store is completely secure, if you can’t justify why you are holding it then you’re not compliant.
“The challenges of holding onto all that data are many and in some areas less is definitely best. Increased public and employee awareness about personal data, largely due to recent high profile examples of illicit data sharing by technology companies, has driven a significant rise in subject access requests. These are requests made by individuals for all the data held about them. Unless your data is set up and managed effectively, responding to these requests, which is a legal requirement, can be time consuming and costly. So there has never been a more challenging time for data security and management.
Increased public and employee awareness about personal data, largely due to recent high profile examples of illicit data sharing by technology companies, has driven a significant rise in subject access requests.
“The biggest danger that businesses now face is complacency – it’s what criminals depend on for success and the year on year increases in data breaches suggest that too many companies are struggling to keep pace with the evolving threat. They need to fully appreciate that GDPR compliance and data governance requirements are constantly changing as the risks continue to evolve.
“We help our clients avoid complacency and mitigate the risks for them with regular health checks that test their compliance with new rules and threats, ensuring that their businesses remain future proofed against costly breaches.”