The Priority of Digital Security
in Financial Services

The Priority of Digital Security in Financial Services

The rise of digital tools and digital vulnerability

Companies in all sectors around the world are digitizing records, communications, and operations. One study indicated that global financial technologies (“fintech”) will more than double by 2018. There’s no question that this enormous shift in business is giving companies in the financial services industry huge advantages in terms of flexibility, speed, and efficiency. But one question businesses must also contend with is the possibility of increased security breaches as more of their business operations go digital. The Priority of Digital Security in Financial Services Security breaches can have serious negative implications for the financial services industry, which deals with incredibly sensitive customer information, not to mention financial data. A 2014 Bain whitepaper found that customer records, which can be easily monetized, made up 94% of targeted assets in cyberattacks. The negative impact of cyberattacks on businesses’ credibility and reputation cannot be underestimated (as several high-profile cases in recent years have shown). A different study by Deloitte reported that U.S. financial services companies suffered a loss of an average of $23.6 million from cyber-security breaches in 2013 alone—the highest average loss across the 26 industries that cyber-criminals target most often. This is an increase of 44% than the previous year, when the industry was ranked third after the defense and utilities & energy industries.

Financial institutions are well aware of the risks, and therefore highly value the securing of customer data. A 2012 survey of bank employees showed that 92% of bank employees believe “privacy and integrity of data and information” is an extremely important goal for their organization. Now, it’s just a matter of how and when to implement the necessary security upgrades.

Samsung has a diverse array of digital security solutions designed with financial institutions in mind, providing built-in, easily implemented solutions that can fit your institution’s specific needs.

1. Make it safe to work from anywhere

Today’s employees are on the go. Whether your financial services company is a large multinational organization with branches worldwide, or a small company with employees on flexible schedules, the need for staff to be able to work from anywhere—without endangering sensitive company data—is growing.

To accommodate this need, Samsung offers Cloud Displays that use server-based connectivity—meaning that they can be easily transported and set up in various locations for true flexibility. By connecting to a Virtual Desktop Infrastructure (VDI) that is centralized and secured, company data is protected and IT processes are made more efficient. In addition to delivering streamlined connectivity and performance, Samsung Cloud Displays boast an ergonomic design and distortion-free viewing for more comfortable working conditions. The Priority of Digital Security in Financial Services Financial institutions rely on signatures to facilitate business. An electronic signature solution makes this important step a digital one, allowing employees to skip the hassle of scanning, printing, faxing or mailing documents. The safety of this process is secured by signature encryption, thanks to bank-grade security. And when combined with the Samsung GALAXY Note 4 or the GALAXY Tab S 10.5 tablet, this solution enables financial staff to get documents signed quickly, conveniently and securely wherever they’re located—whether it’s on the road or in the office. Furthermore, the GALAXY Note 4 and GALAXY Tab S 10.5 both support sophisticated handwriting functionality and the versatile S Pen®, making it as easy to use as pen and paper.

2. Ensure secure digital communications

The Priority of Digital Security in Financial Services Discussing sensitive information is part of the day in and day out of working in financial institutions. Samsung’s secure WLAN wireless enterprise solution offers built-in security alongside higher throughput to support a fast, seamless wireless experience for staff and customers alike. Wi-Fi service is both secure and high-quality, allowing for multiple wireless transactions—including voice, data and video messaging—to occur simultaneously, smoothly, and safely. The Samsung WLAN solution also includes a security monitoring module—a dedicated security RF monitoring chip embedded independently of the service RF chip—allowing for continuous real-time monitoring. Plus, intelligent access points deliver maximum service coverage, which means freedom for financial staff to serve customers more productively from anywhere. Read more about Samsung WLAN here. “Confidential customer information will be kept safe.” The Priority of Digital Security in Financial Services Mobile communications can also be secured. Paired with the Samsung GALAXY Note 4, the Samsung partner solution KoolSpan TrustCall protects staff communications with colleagues through robust, cross-platform, hardware-anchored encryption for calls and text messages. The TrustCall app utilizes peer-to-peer authentication, thereby eliminating a potential point of security breach. After being sent, text messages are only decrypted when viewed by the user. As an added benefit, TrustCall also allows for various levels of control and access, ensuring that access to sensitive data is closely controlled by user role and specific need. Voice communications and text messages can be sent knowing that confidential customer information will be kept safe. Additionally, TrustCall increases staff responsiveness through anytime messaging. By combining a powerful mobile device with a highly secure communications app, staff can collaborate more efficiently and securely with enhanced connectivity.

3. Control sensitive information with authorized document management

The Priority of Digital Security in Financial Services Samsung Multifunction ProExpress M4070FX

Some paper-based operations still remain vital to the running of financial institutions. Just like digital documents, paper-based documents can also be secured using digital tools and authentication methods to ensure that only those with the right clearance can gain access to certain kinds of data. Through the SecuThru™ Lite serverless pull printing solution—one of the Samsung Business Core™ Printing Solutions (BCPS)—employees can send documents to a secure cloud, allowing them to print from anywhere, where and when they need it. As an added level of security, ID card authentication ensures that only authorized personnel can pull confidential documents like customers’ personal information, and release them safely. The printing job itself is secure and highly efficient on the groundbreaking ProXpress M4070FX Multifunction Printer, which offers businesses simplified operation with impactful results.

Another measure for secure pull printing is a print output management solution provided by one of Samsung’s trusted partners. Paired with the robust Samsung Smart MultiXpress 4250LX Multifunction Printer, this solution delivers high-level data security by using a combination of authentication methods, such as PIN or ID card. Employees send documents to a secure print queue, then enter their PIN or scan their ID card on the MFP’s intuitive touchscreen to access and release their print jobs. It allows users to print from anywhere using a mobile device, and also ensures that no print jobs are left unattended at the printer, preventing the risk of unauthorized document access.

Keep information safe and your brand intact

Incorporating digital tools into your financial institution’s infrastructure is inevitable, whether it’s now or in the near future. But no institution can afford to do without careful attention to digital security at all levels, from customer-facing solutions to internal systems and operations. It goes without saying that the stakes are high. As innovators in the field of digital technologies, we at Samsung believe that security and innovation should go hand in hand and work to provide the very best in secure solutions for you. The digital future awaits, and we want you to meet it head on, armed with the very best.

Come find out more and get a free guided tour of Samsung’s solutions at CeBIT 2015.

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