Cyberattacks have gotten much more frequent in the past five years, and Verizon's 2022 breach report highlights 2,500 cases, from which 690 were confirmed to have disclosed data. Besides amping security to limit breaches, financial firms, and others use redaction tools for cyber defense.
And it makes complete sense as 95% of such attacks are backed by a monetary motive, so financial institutions must double down on security. Plus, they must take a proactive approach to ensure no privileged information leaves the room in case of a breach.
Among other methods, the financial sector typically gets victimized by hacking, phishing, and malware, such as Ransomware.
It is pretty concerning that ransomware attacks have increased by 64% since 2022, in which cybercriminals intercept and encrypt data and demand a ransom to decrypt it.
With so many sophisticated tools and technologies to gain unauthorized access, financial institutions must hold redacted videos, documents, images, and audio to ensure that no sensitive information lands in the wrong hands.
With all that said, let's explore how we can further ensure the security of confidential info by using redaction process.
However, if you have time constraints, jump to our 7-day free trial and test our redaction services.
The rapid evolution in the banking and finance industry promotes an open banking system, also revolutionizing the industry and encouraging the need for redaction tools.
However, it enables third-party providers to access bank data and carry out financial transactions, raising concerns about data safety and privacy.
With banks dealing with tremendous amounts of consumer data, they are a high-value target for data breaches.
Moreover, banks are liable to follow strict federal laws and regulations for data privacy and protection. They have to pay heavy penalties under the Federal Reserve Act if unredacted information lands in malicious hands in the event of a data breach.
Banks need advanced privacy measures with data redaction to mitigate attack risks and remove sensitive information.
Banks have various redaction issues because of the sensitive material they manage and the regulatory environment they work in.
Some of the key challenges include:
Banks deal with tremendous amounts of data, including transaction records, legal agreements, and financial statements.
Securing the data and preventing breaches can be challenging and time-consuming.
Precision redaction is crucial in the banking industry to avoid any disclosure. Failing to comply with accurate redaction can put banks in hot water.
Banks and other financial institutions must keep up with evolving technology and cyber threats. That is why a redact tool is necessary to address vulnerabilities, rising cyber risks, and privacy challenges.
There are various departments and models within the banking system. Banks need a robust redaction model that can integrate with their existing applications and models.
Redaction tools are software applications that selectively remove or alter sensitive and confidential information from videos, audio, images, documents, etc.
Primarily, data redaction software aims to safeguard restricted information and ensure that it remains safe, especially when sharing a document or making it public.
Besides that, here are a few reasons banks turn to redaction applications:
Banks hold a vast amount of data, meaning they shoulder a lot of responsibility to safeguard it. Typically, the documents that are put through redaction tools include:
Here is how redaction tools contribute to data security in banking sectors.
Redacting confidential data enable users to erase specified content from a document, such as financial information, classified facts, or personal information. Thus, it is made sure that only pertinent and non-sensitive data is exchanged or revealed.
The redaction procedure allows banks to prevent unauthorized individuals or entities from accessing confidential data. Even when sharing and authorizing the files, redacted content remains hidden.
A Redact tool assists banks in complying with legal and regulatory requirements. Redaction ensures that sensitive information is adequately protected, reducing non-compliance risk and associated penalties.
Redaction techniques are essential for protecting financial and personal data in the banking industry. They assist in hiding account numbers, social security numbers, and other private information to protect customers' confidential information.
As mentioned above, data breaches have significantly threatened the entire financial structure. Redaction tools mitigate the risk by preventing inadvertent disclosure of sensitive information that could lead to identity theft, fraud, or other security incidents.
With redaction, organizations can securely share documents and other digital media files with stakeholders, clients, and the public.
The design of redaction software ensures the protection of classified information and the preservation of the original document. The document's structure, context, and overall format remain the same.
Banking establishments working in the USA must meet several regulatory requirements to ensure the stability of their financial system and protect consumer data.
Following are the primary regulatory bodies that US banks must comply with
The Payment Card Industry Data Security Standard, or PCI DSS, is a collection of conditions that ensures all establishments that process, transmit, or store cardholder data should foster a secure and sound environment for handling confidential information.
Redaction can help banks meet many of the PCI compliance requirements. It assists them in protecting cardholders' data, becoming part of secure systems and applications, and maintaining general security policies for all personnel.
Those who fail to protect or redact credit card data can have monthly penalties from $5000 to $10000.
Almost every bank uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system for secure transactions worldwide. It provides quick and secure international transaction services.
Banks using SWIFT must comply with their CSP requirements, which include data privacy, incident response, and data protection measures.
Moreover, banks can achieve the CSP objectives by redacting confidential credentials, transaction details, customer information, etc.
ISO/IEC 27001 is not mandatory in many countries but is highly recommended. It shows that the establishment is credible and trustworthy.
ISO 27001 is a leading ISMS (Information Security Management Systems) standard. As banks and financial institutions are constant targets of cyberattacks, ISO compliance helps organizations, including banks, become aware of the risks and data theft.
Redaction tools allow banks to comply with ISO/IEC 27001 by safeguarding confidential information and mitigating data security risks. Since it is a well-recognized international standard, banks should comply with ISO 27001 guidelines.
There are many compliances like FERPA, FOIA, and others that banks also need to comply with. Redaction can help them to comply with a wide range of regulatory bodies and standards.
Considering the above challenges regarding data security, compliance, and risk management, VIDIZMO's Redactor is the game changer in the industry and a leading video redaction service in the market.
It addresses the mainstream issues that financial institutions face. The following are the core features of the VIDIZMO Redactor.
Since we know that banks must deal with a mountain of files, they need a solution that uses AI redaction capabilities. VIDIZMO's redaction capabilities include an OCR feature that auto-detects information from handwritten documents and images.
Banks can use the redactor tool to bulk redact various media files when dealing with considerable data. The best part is that VIDIZMO Redactor offers an all-in-one video, document, images, and audio redaction software.
VIDIZMO Redactor auto-redacts PII information from consumer call recordings that banks often keep to maintain customer experience. Besides that, they can also redact Personally Identifiable Information from video files via a redacted video tool.
Managing roles and responsibilities is crucial to maintain security and compliance needs. Banks can manage access roles and safeguard essential information.
With VIDIZMO Redactor, banks can restrict access to specific IPs, Domains, and URLs. This allows them to maintain limited access to particular roles and foster data security.
And these features are just the tip of the iceberg, there are many features to ease the redaction process.
Overall, Redaction tools are pivotal in mitigating risks and ensuring PCI DSS and ISO/IEC 27001 compliance. In an ever-evolving digital landscape, leveraging advanced redaction capabilities fortifies banking defenses and safeguards sensitive information.
For more information, feel free to reach out or visit our website. Also, we urge you to check out our 7-day free trial (no strings attached—no credit card required!)
To redact a document, consider three things. Precision, complying with regulations, preserving document integrity, and using the right redaction tools.
You can use the VIDIZMO Redactor tool to edit a PDF. You can search for specific words, PII, and other confidential information and remove it from the PDF while maintaining its integrity.
Redaction means removing sensitive information from documents (audio, video, text) by using redaction tools, so that the document can be shared and utilized without compromising confidentiality.
Yes, redaction Is permanent, so you can't revert to the original form. Therefore, it would be ideal to create a copy on VIDIZMO Redactor and then redact to have both instances at your disposal.
The primary purpose of redaction is to remove sensitive information for data privacy and create transparency.