Finance case study

by | Feb 2, 2022 | Case Study

80 billion files of data sprawl – intelligent data management to protect customer privacy and reduce risk of data exposure

for a Fortune 50 U.S. Bank with more than 50M users worldwide

Business Need

  • Data sharing for internal constituents while protecting customer privacy
  • Integrating organizational data silos with data governance to enhance security, compliance and privacy controls

Challenges Faced

  • Unstructured, unsecured, duplicate, and ungoverned data sprawl of customer PII leading to potential data exposure, cyberthreat and non-compliance
  • Lack of customer data intelligence leading to multiple rounds of customer follow ups and poor CRM
  • Inability in leveraging the data due to the lack of centralized data management,, interoperability, and efficient data sharing & access

Solution Offered

Identification

  • A preliminary assessment of data sets
  • Identifying deep insight within data
  • Classification of data location, format, extension, type of data, and more

Analysis

  • Removing duplicates and optimization of search by adding data tags
  • Data analytics for higher governance and risk mitigation
  • Identify files with privacy information

Action

  • Applying intelligence to the high-risk data for compliant and secure data management
  • Creating an immutable audit log backed by blockchain technology to track the data access activities
  • Data consolidation to drive compliance, analytics, and security, and giving role-based access

Business Impact

  • 80 billion files of data sprawl optimized to reduce the risk of data exposure
  • In an era where the average cost of a data breach in the USA is $7.91 million, we helped the bank mitigate potential penalties with a fortified compliance & security ecosystem by:
    • Consolidating the data governance across data silos and role-based access
    • Data intelligence to optimize data sprawl and technology-driven privacy controls
    • Realized an ability to report to regulators efficiently
    • Strengthening customer trust
    • Eliminated reputational risk
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