How to Empower Secure Collaboration, Communication and Sharing in Financial Services

Mark Johnson, Head of EMEA at Symphony

Technology is revolutionising how we collaborate. The benefits are countless, whether it’s helping us to connect with colleagues and clients from overseas or giving us greater and faster access to mission critical information.

However, as the benefits (and usage of new technologies) increase, so do the risks.

The Decline of Digital Trust

One underlying issue that currently plagues senior managers and executive officers is to what extent employees understand the risks associated with sensitive information and how it is shared over digital platforms. Companies worry that delicate and market-related data might get into the wrong hands, particularly in highly regulated fields such as financial services,

The way people communicate and – more pertinently – where they communicate, has never been so important. Studies presented at the World Economic Forum suggest that digital trust is in decline as a result of regular data breaches and cyber-attacks, which are regularly reported in the media. Building trust at a time of widespread distrust and enabling secure working patterns throughout the workplace is essential.

Secure Communication and Collaboration Leads to Faster Innovation

One path that offers the financial services sector room for innovation without hindering security and compliance requirements is to implement a thoughtfully designed, secure collaboration or chat tool. Collaboration and chat apps allow users to instantly find and share data, connect with colleagues and customers, or automate routine tasks to help them work better and faster – essential benefits in the fast-moving world of finserv.

However, some communication platforms currently used across mainstream industries are at risk of posing security, regulatory or compliance risks to companies and employees alike. Without a clear understanding of how these tools work, employees might unwittingly share sensitive information to the wrong group of people, compromise security by sharing confidential files externally, or even expose your data to risk by making use of them whilst on public Wi-Fi.

Financial services industries are understandably sceptical of anything that might undermine data security and, with sensitive information running freely through these cloud-based platforms, one can hardly call this a secure alternative to email.

Build Digital Trust with Careful Control of Data

Luckily, there are ways to share sensitive data, enable collaboration and facilitate innovation, that don’t require executives to take the proverbial “trust fall”. With careful planning, businesses can still use the public cloud while protecting their data.

The way forward is to return control over data to companies that own it by using end-to-end encryption, providing customers with full control over keys and processing data only within the customer premises. By combining end-to-end encryption and on-premises key storage, data can be more safely stored and moved in the cloud. Keeping data encrypted in this manner means that even if a hack occurs, any data will remain unreadable. Storing keys on-premises (and not in the cloud, as many services do) significantly shrinks the possible attack radius.

The ultimate result of this model? Businesses can make the most of digital transformation with minimal risk. This means the ability to more quickly drive forward technological initiatives that add real business value and help save time and money.

Innovation in the financial services sector is fundamental, but embracing digital initiatives has been historically difficult. With thoughtfully designed secure communication, financial services companies can once again trust their digital tools to help them gain a valuable edge.