Drain Data Lakes to Fill Rivers and Build Harbors with Sensitive Data
- Date:April 08, 2022
- Author(s):
- Tracy (Kitten) Goldberg
- Alexander Franks
- Report Details: 18 pages, 5 graphics
- Research Topic(s):
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
The storing of sensitive information, particularly consumer data, is a known but challenging cybersecurity risk to overcome, as financial services providers, like all companies, increasingly drown in data. Complicating big data issues for banks and credit unions is that they have to maintain certain information about their customers and members, not only for regulatory compliance and account security, but also for customer relationship management. Data lakes are often used as overflow repositories for data that no one knows what to do with but can’t be completely removed. But they put cyber teams in a precarious position, because more data always equates to more risk, more privacy compliance scrutiny and more expense. Transforming data lakes into data rivers, where information can be “streamed” and categorized, requires data thought leadership, planning, and data pre-processing. This report outlines the risks inherent in an over-reliance on data lakes and offers an alternative approach for data storage and categorization tailored specifically for financial services companies. Javelin Strategy & Research addresses the “why” and “how” of increasing reliance on data rivers, and introduces the term “data harbor,” which Javelin deems to be a viable alternative for data lakes, with a specific focus on heightened security.
Key questions discussed in this report:
- How can cybersecurity teams leverage exponentially growing amounts of data to identify threats in real time?
- What are the risks of relying too heavily on data lakes for storing sensitive data and personally identifiable information?
- How can financial institutions retain and leverage data without hurting their cybersecurity postures?
Learn More About This Report & Javelin
Related content
The Hidden Enemy: Iran’s Cyberthreat to U.S. Banks
Disinformation is among the leading cyber risks predicted in the wake of the June 21 U.S. strikes on Iran’s nuclear program. On June 22, the Department of Homeland Security issued ...
Zero Trust Hinges on Cyber Strategy, Not Technology
Compliance will never equate to security, and zero trust will never hinge on technology. Zero trust is built and secured via a solid corporate culture and cybersecurity strategy th...
Fake Deals, Real Trouble: Cyber Risks in Online Marketplaces
Online purchasing continues to flourish, as brick-and-mortar options have dwindled in a post-pandemic economy. Larger e-commerce brands, such as Amazon and eBay, are targeted by cy...
Make informed decisions in a digital financial world