Financial services institutions have been at the forefront of digitalization, resulting in a large volume of sensitive and private information susceptible to cyberattacks.

Naturally, financial services enterprises are frequent targets of cyberattacks, as they exchange a high volume of sensitive and private information in their business.

Business communication in the form of email exchanges with clients, customers, and co-workers, for example, can include Personally Identifiable Information (PII), transaction documents, account reports, notifications, and more, all of which are susceptible to snooping.

The other risk, and no less severe, is the loss of this information, whether deliberate or inadvertent, which may result in legal and compliance complications.

Financial service companies should adhere to strict cybersecurity systems, including long-term data retention, data security, and restricted data access, to prevent cyber theft and fraud.

To deter any slack, hefty penalties are usually levied. Regulators often require companies to conduct audits to check for data breaches and damages or violations of regulatory standards.

In addition, the audit findings must be shared with external auditors and compliance teams for review to safeguard the information's privacy and confidentiality.

The latest Vaultastic 4.6 release features Ideolve integration to make the audit and compliance process safe and smooth. This helps financial services businesses improve their agility by improving their ability to manage risks and ensure resilience.

“Our Customers find it challenging to privately discuss data violations with external auditors and legal experts, slowing down the resolution of issues and possibly exposing them to compliance violations. With this new release, they can now communicate data breaches in a secure and closed procedure through Vaultastic. In addition, the new release allays fears of data leakage of this highly confidential information if they communicate it in an email. It makes the case management process of the CRO much simpler, with a secure and closed case management tool for collaborating over compliance-related investigations.” - Aditi Malaviya, CTO, Mithi.

This release from Vaultastic provides an integrated case management tool to identify, flag, classify, and share information with stakeholders for their review and opinions to arrive at a resolution.

The integrated process offers an easier and quicker way to resolve issues and reduces the risk of the data getting copied, downloaded, and misused.

To know more, visit:
https://vaultastic.mithi.com/solutions/business-needs/legal-and-compliance-management/

Mithi Software Technologies
Nachiket Park, Dr. Pai Marg, Baner Road, Pune 411045, India

Ashok Malaviya
+91-982-205-3099
[email protected]

About Vaultastic:
Vaultastic's On-Demand Information Archival provides a reliable and cost-efficient Data Related Risk and Compliance management platform for enterprises of every kind. Thus helping build resilience against breaches in cyberattacks and ensure compliance and litigation readiness.

Vaultastic provides a highly durable, secure, and agile cloud archival platform that complies with stringent cybersecurity guidelines by industry regulators, including RBI, SEBI, and IRDAI.

About Mithi Software:
The firm has had a history of pioneering product ventures, spanning multiple generations of technology and serving over Million+ users. Our ventures so far have comprised breakthrough and best-selling products such as geometric libraries, windows apps, web apps, mission-critical Enterprise software, & Cloud-based SaaS.

Before Vaultastic, the team had created SkyConnect. This secure & dependable business email software has been serving the mission-critical business communication needs of hundreds of leading businesses and organizations across industry segments.