# What does finance mean?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-05-28
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Understanding Finance: A Comprehensive Guide
Meta Description: Explore the multifaceted world of finance, from personal budgeting to corporate decisions. Discover the role of financial institutions and the impact of techno
URL: https://financedigest.com/what-does-finance-meanhtml

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_By **Ben Bulpett,** EMEA Identity Platform Director, SailPoint_

The nature of the financial services industry is evolving rapidly. Accelerated by the impact of COVID, the digital customer experience has become a key differentiator for banks, particularly as big players seek to stay relevant against more nimble challenger counterparts. One method in particular is the use of selfies for [identity verification](https://www.financedigest.com/how-digital-identity-verification-will-revolutionize-security-defenses-in-the-financial-services-industry.html "How Digital Identity Verification Will Revolutionize Security Defenses in the Financial Services Industry"). Monzo has offered this for some time, requesting a selfie video, taken from a smartphone, as part of the [customer application process](https://www.financedigest.com/fraud-protection-why-customer-onboarding-requires-digital-identity-processing.html "Fraud Protection: Why Customer Onboarding Requires Digital Identity Processing"). Now, the industry is more widely adopting the approach for ease and convenience – just last month, the Financial Conduct Authority began [allowing selfies as a valid form of identity verification](https://www.telegraph.co.uk/personal-banking/current-accounts/send-bank-selfie-check-identity-watchdog-says/).

But this raises cyber security concerns that mustn’t be ignored – especially given [how much of a target banks are](https://www.thetimes.co.uk/article/three-quarters-of-finance-firms-report-rise-in-cyberattacks-h89bg0pf5) for criminals seeking to get their hands on lucrative assets. Selfies, videos, audios, even email files, add to the millions of sensitive financial and [personally](https://www.financedigest.com/best-guide-to-build-a-personal-financial-plan.html "Best Guide to Build a Personal Financial Plan") identifiable information which financial institutions are processing each day. Such data is unstructured – where [organisations lack real visibility into where the data](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA") lives, and who owns it. All of this leads to security vulnerabilities, [paving the way](https://www.financedigest.com/soft-lending-and-inflation-data-pave-way-for-smaller-ecb-hike.html "Soft lending and inflation data pave way for smaller ECB hike") for hackers to get their hands on sensitive information without being detected.

So, how can [banks effectively mitigate against these risks](https://www.financedigest.com/strategies-banks-use-to-manage-liquidity-risk.html "Strategies Banks Use to Manage Liquidity Risk")?

**Into the unknown**

[Securing unstructured data](https://www.financedigest.com/assurance-v-security-reassessing-responsibility-for-data-assurance.html "Assurance v Security: Reassessing Responsibility for Data Assurance") is relatively new territory for organisations. Our [recent research](https://www.sailpoint.com/identity-library/unstructured-data-global-survey-report/), where 16% of the respondents came from financial services, found three quarters (76%) had encountered challenges with protecting unstructured data. This included unauthorised access, [data loss and compliance](https://www.financedigest.com/how-finance-firms-can-unify-two-data-approaches-to-improve-both-compliance-and-security.html "How finance firms can unify two data approaches to improve both compliance and security") fines. What’s more, almost every company surveyed reported difficulties in managing access to unstructured data, citing not just lack of visibility, but also too much [data and a lack of single access solution](https://www.financedigest.com/aon-introduces-new-cyber-solution-in-response-to-eu-regulation-on-data-protection.html "Aon introduces new cyber solution in response to EU regulation on data protection") for multiple repositories. 40% admitted to not knowing where the [unstructured data](https://www.financedigest.com/your-real-risk-appetite-could-be-hidden-in-your-unstructured-data.html "Your real risk appetite could be hidden in your unstructured data") was stored.

[Banks cannot afford](https://www.financedigest.com/hair-care-shouldnt-break-the-bank-transplant-surgery-should-be-accessible-and-affordable-for-all-men.html "Hair-Care Shouldn’t Break The Bank – Transplant Surgery Should Be Accessible and Affordable For All Men") to be caught out by unstructured data. [Companies may be spending record sums on cybersecurity to protect](https://www.financedigest.com/5-ways-to-protect-your-company-from-cyber-security-threats.html "5 Ways to Protect Your Company From Cyber Security Threats") the digital transformation that has accelerated so rapidly over the past year – but it’s a wasted effort if the most pressing threats like unstructured data aren’t properly attended to. And these threats are evolving in new and sophisticated ways – last year, [fake audio and video content ranked in the top 20 ways criminals use AI.](https://www.ft.com/content/8a5fa5b2-6aac-41cf-aa52-5d0b90c41840?accessToken=zwAAAXlHvFM4kdOKX6WyaqxBz9OqUl0LkMQYQA.MEUCIEEr_42zdErDvlS7YhR0W5RgEUrCPOn6qlMBGpm4xP88AiEAm_HFrAkEoHdj5jIjo34ExyHR_HyBwaDhhmQr_avNGME&sharetype=gift?token=e04c9bd5-c70f-4e92-ae7c-733bbcb7ca90)

**[Securing unstructured data](https://www.financedigest.com/durham-county-council-reduces-data-log-analysis-costs-by-50-with-real-time-analysis-and-security-tool.html "Durham County Council reduces data log analysis costs by 50% with real-time analysis and security tool") with identity**

Organisations [must maximise](https://www.financedigest.com/brexit-why-investors-must-now-think-global-to-maximise-and-protect-wealth.html "BREXIT: WHY INVESTORS MUST NOW ‘THINK GLOBAL’ TO MAXIMISE AND PROTECT WEALTH") visibility into where vulnerabilities lie. Crucial to this is prioritising user [access rights across all data](https://www.financedigest.com/businesses-seek-better-access-to-data-to-support-environmental-objectives-bright-data-research-reveals.html "Businesses seek better access to data to support environmental objectives, Bright Data Research Reveals") – structured and unstructured. Our research found this is currently not the case, with one-third of companies lacking real-time alerts when unauthorised access occurs within unstructured data, and a [quarter of companies failing to perform regular](https://www.financedigest.com/voice-quality-matters-quarter-of-employees-working-from-home-still-experiencing-regular-connectivity-issues.html "Voice Quality Matters: Quarter of Employees Working From Home Still Experiencing Regular Connectivity Issues") reviews of user access privileges. Without visibility over who has access to what, and when, hackers could be operating unnoticed.

To combat this threat, identity security [must be extended at the implementation stage to manage](https://www.financedigest.com/managing-mobility-in-the-enterprise-must-have-consideration.html "Managing mobility in the enterprise must have consideration") data access. This [security practice ensures security and compliance](https://www.financedigest.com/fintechs-must-remove-security-and-compliance-friction-to-unlock-new-growth.html "Fintechs Must Remove Security and Compliance Friction to Unlock New Growth") – automatically – while feeding real-time alerts to the IT team where potential vulnerabilities lie – making them far better equipped to monitor for or respond to a breach.

We recently worked with [South African financial institution Nedbank to protect unstructured data on file shares](https://www.financedigest.com/barclays-announces-sale-of-remaining-shares-in-south-africas-absa.html "Barclays announces sale of remaining shares in South Africa’s Absa") and other sites across the organisation. This meant replacing disparate [legacy systems](https://www.financedigest.com/retailers-weighed-down-by-their-own-legacy-systems-survey-reveals.html "Retailers Weighed Down by their own Legacy Systems, survey reveals") with an identity platform which regularly automates access reviews. This is helping data owners to manage [secure](https://www.financedigest.com/normalizing-advanced-cloud-data-security-with-normalyze-from-amer-deeba-and-ravi-ithal.html "Normalizing Advanced Cloud Data Security with Normalyze from Amer Deeba and Ravi Ithal") access to their data – providing a clear picture of where different types of data resides, and who from their workforce has access to what. With [safe and secure](https://www.financedigest.com/the-three-must-haves-of-cyber-security-that-you-need-to-stay-cyber-safe.html "The three “must haves” of cyber security that you need to stay cyber safe") access provided to over 33,000 people, Nedbank is now far better equipped to monitor for or respond to a breach.

**Visibility across all access points**

Unstructured data about customers will continue to be created as [banks build on the digital customer experience](https://www.financedigest.com/transforming-the-banking-experience-to-be-mobile-first-and-people-centric.html "Transforming the banking experience to be mobile-first and people-centric"). But it is crucial financial [institutions recognise and deal with the risks](https://www.financedigest.com/institutional-investors-back-shell-board-lawsuit-over-climate-risk.html "Institutional investors back Shell board lawsuit over climate risk"), prioritising this in the same way as meeting constantly evolving regulatory demands. To ensure protection of data, [banks must](https://www.financedigest.com/why-finance-professionals-must-bank-on-a-journey-to-the-cloud.html "Why finance professionals must bank on a journey to the cloud") have visibility and governance across all potential access points.


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