International regulations make the imperative to encrypt and secure sensitive and confidential data. The data could include credit card numbers, social security number, PIN codes and all sensitive information that can cause harm to the individual.
In the finance and banking sector, all organisations ensure that encryption is present for information which is stored in house in various applications. The major leak of information takes place from individual machines, emails and data in transit.
Mobiles and the concept of bring your own devices (BYOD) has further added to the need of ensuring information is water tight and no one other than the recipient of the information has access to this information. With big claims by mobile operators of data being completely secure it is a known fact that they control the encryption keys. With encryption keys of the data being with external entities, it is very difficult for financial and banking sector to be sure that their data is not compromised.
The other challenge the finance and banking industry face is the ability to manage passwords in external password manager software. While there are numerous products available in the market for password manager, there is no encryption software that can work with them without the need to store any password in any physically.
There are various regulations and compliance that need to be met by the financial and banking sector. With Galaxkey the finance and banking companies can comply with the regulations and also not only do the industry comply with the regulations, it is the only product that lets the organisation control the keys of the encryption physically in their own premise.
- Send encrypted account statements and reports to customers and partners.
- Publish financial reports in encrypted form and adhere to the SARBANES-OXLEY ACT
- Store documents and financial statements securely in the network and desktop machines
- Use cloud to share data quickly and in a completely secured form