Page 187 - Cyber Defense eMagazine June 2024

Making the case for better data hygiene

True cyber resilience can only be achieved if firms are managing data properly.

Make sure that with any new data, you’re only storing what’s required from a business perspective. This
is the first line of defense, and can help to eliminate unnecessary risk. If there is a leak, and it’s related
to data you didn’t need to store in the first place, the public’s perception of the incident will be much worse
— as will the regulatory blowback.

Financial firms are of course subject to various disclosure requirements, which are constantly evolving.
It’s important to be aware of the material non-public information you must disclose. By fully understand
the breadth and depth of requirements you can avoid over- or under-disclosure. Again, this can be linked
back to only storing data that has a defined business intent.

Prioritizing data privacy certainly pays off for firms. Broadridge’s 2024 CX & Communications Consumer
Insights report highlighted that consumers are happy to share their data to fuel enhanced customer
experiences (CX), but they do expect firms to communicate more clearly about how their data is being
used.

Eight in ten (82%) of those surveyed want companies to be more transparent about their plans for user
data. Ensuring your company is committed to data security, and being transparent about relevant
practices, will also help ease any hesitation from the consumer regarding the inclusion of AI tools.

As frontier technologies such as GenAI disrupt businesses and cyber threats continue to escalate, it’s
imperative for financial firms to invest in new cybersecurity solutions that are fit for purpose. This
investment will mean little if it isn’t properly aligned with investment in your own people. By instilling a
wider culture of cyber resiliency, you can help your business to navigate this new battlefield.

About the Author

As the Broadridge’s Chief Technology Officer (CTO) Tyler Derr is responsible
for overseeing Broadridge’s global technology teams including software
engineering, product delivery, architecture, infrastructure, cybersecurity, and
technology operations. He has been at Broadridge for 10 years, firstly as CTO
of Broadridge’s global technology and operations (GTO) business, and later as
chief administrative officer for the same department. Prior to joining
Broadridge, Derr worked at OppenheimerFunds. He has also served as the
CTO for the global tax business of H&R Block.

The company website is https://www.broadridge.com/

Cyber Defense eMagazine – June 2024 Edition 187
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