Data Encryption for Financial Services & Banking

Overview

financial and banking encryption solutions
The financial services and banking industries are no strangers to the requirement to maintain strict network security. Nowadays, the challenges with encrypting data at rest in these institutions has never been greater or more necessary to overcome. A myriad of federal, state, and industry regulations, including Payment Card Industry (PCI) compliance and numerous privacy laws require businesses to make every effort to protect private consumer information. This protection necessarily includes data encryption, the implementation of which can be quite challenging in large enterprises with complex network infrastructures requiring constant high-performance to meet their business objectives. One of the chief concerns amongst most large financial institutions is the requirement to manage a vast array of complex encryption keys, the loss of which equates to the loss of the encrypted data itself. Dark Matter Labs is familiar with this concern and has developed an industry-leading key management suite that puts the power to control all elements of the encryption-key life-cycle at our client’s fingertips.

Does your Financial Institution:

  • Have an encryption process in place that addresses the 20 subsections of PCI?
  • Have a encryption-key management and rotation system to ensure the integrity of your client’s financial data?
  • Need a separate device to off-load intense cryptographic processing from busy servers to maintain peak performance?
  • Need a solution customized to your business, large or small, regardless of geographic distribution of branches?

Who does PCI impact?

PCI regulations were intended to require all parties in the credit card life-cycle who store, manipulate or re-transmit credit card data. While there are several levels of merchants that the program will impact over time, eventually all merchants will have to comply with PCI regulations, if only to prove whether or not they are in scope. As a general rule, all entities storing cardholder data fall under PCI’s scope, typically including the following.

  • Banks and credit unions;
  • Acquirers, acquiring banks, or financial underwriters;
  • Payment processors or gateways;
  • All merchants storing cardholder data (regardless of industry);
  • Vendors of POS systems or any other software and/or hardware that manipulates or stores cardholder data; and
  • Merchants or financial institutions that have had a data security breach.

Cost of Non-Compliance

The following consequences can result from organizations who fail to comply with HIPAA requirements, fail to report a compromise or who fail to rectify identified security issues.

  • Possible fines up to $25,000 for multiple violations of the standard in the same calendar year;
  • Possible fines up to $250,000 & 10 years imprisonment for knowingly misusing individually identifiable health information;
  • Possible civil and criminal penalties for privacy and security violations;
  • Loss of patient confidence due to negative media disclosure of information breaches.

How Dark Matter Labs can Assist with Compliance

While many health care providers wish to adhere to these requirements, it can be very difficult keeping up with the rapid change in medical technologies. Dark Matter Labs has the experience to simplify the process of protecting private medical & personal information through the use of simple, yet powerful business encryption solutions. Smart. Clean. Efficient.

We work closely with health care practices and organizations, their Chief Privacy Officers, and security professionals to implement business-wide encryption solutions that identify and encrypt all data required by law and other business needs. Regardless of your data-encryption needs and business architecture, we can help; and we’d enjoy hearing from you.

We can help in the following ways:

  • Identification of vulnerable health care data and correlation with HIPAA requirements;
  • Assessment of existing network infrastructure and ideal implementation of encryption solutions;
  • Installation of enterprise-wide encryption solutions;
  • In-depth training on installed solutions; and
  • Comprehensive, on-going customer support.

Key Regulations & Legislation

For more details concerning HIPAA standards and health care information security practices, try the following sites:

Related Industries

  • Privacy – Privacy laws are ubiquitous and affect businesses everywhere.


For more information contact us at contact@darkmatterlabs.net