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Big data is still big news. For the insurance industry, it’s not just a lot more data although that is part of it; it is data that permits an unprecedented degree of analysis. Only now have we reached a point where data and technology are capable of making use of information we can gather.

Four years after the release of the Principles of Risk Data Aggregation by the Basel Committee on Banking Supervision, the financial industry still faces challenges in fully establishing a “control environment” for data management, according to the EDM Council’s 2017 Data Management Benchmarking Survey Report.

AxiomSL, the global leader for risk data management and regulatory reporting technology for the financial services industry, today made public the results of its survey of 132 senior-level risk and regulatory executives in North America and Asia-Pacific (APAC). The survey, conducted in June 2017, measures financial services executives’ outlook on the regulatory landscape and the technology investments they plan to make to uphold compliance.

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For the reasons explained in this white paper, businesses need to start working towards compliance now. This paper looks at the new data security requirements under the GDPR and provides practical tips on how to prevent a data breach disaster from happening to you and your customers

Almost 1.4 billion data records compromised in 2016 as hackers targeted large-scale databases across industries 

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today released the findings of the Breach Level Index revealing that 1,792 data breaches led to almost 1.4 billion data records being compromised worldwide during 2016, an increase of 86% compared to 2015. Identity theft was the leading type of data breach in 2016, accounting for 59% of all data breaches. In addition, 52% of the data breaches in 2016 did not disclose the number of compromised records at the time they were reported.

Kroll Ontrack today published the results of its Data Loss Index (DLI) which summarises data loss causes captured through its free and anonymous Self-Assessment Tool. During the period of October to December 2016, Kroll Ontrack received 1,348 entries from 43 countries. By far the most identified culprit of data loss (nearly 36 per cent) was undetected storage media, with dropped devices the second most popular reason (almost 13 per cent) and the device was not powering up taking just under 10 per cent of entries.

Software AG (Frankfurt TecDAX: SOW) today released its top five predictions for the banking industry. Laura Crozier, CFA, global industry director, Banking, of Software AG noted: “There will be some seismic shifts in the banking industry in 2017 as threats and opportunities from digital banks, fintechs and regulation continue to shake up the landscape.”

While data breaches destroy customer confidence, impact revenues, attract large regulatory fines and cost C-levels their jobs, 76% of data security professionals believe in the maturity of their data security strategy, according to a new study. Despite heavy investments in a variety of data security tools as part of their strategy, 93% report persistent technical challenges in protecting data.

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