Navigating the Heightened Landscape of Data Protection and Cybersecurity in Banking & Finance

Cyberattacks are surging globally. The IBM report "Cost of Data Breach" reveals that the cost of an attack exceeds five million US dollars. Regulatory measures are compelling companies to bolster their data security, with European directives now making board members liable for breaches. Significant fines may be imposed on companies failing to comply.

Luis Esteban Grifoll, Chief Data Officer at Caixabank, and Michael Deissner, CEO of Comforte AG, shared insights on the evolving role of CDOs in this challenging environment. They highlighted the increasing importance of data governance in business processes, emphasizing the need for collaboration between CDOs and Data Protection Officers.

Comforte AG, based in Wiesbaden, Germany, with global subsidiaries, delivers data-centric cybersecurity solutions. Their patented encryption technology secures data for cloud-based applications, ensuring data remains unusable if accessed unauthorizedly. Their clientele includes VISA, Mastercard, and major global banking institutions.

Esteban and Deissner stress the need for robust data governance to enhance decision-making and minimize risks. Improving data quality requires holistic strategies and a data-centric culture. They also underline data's crucial role in sustainability initiatives and AI applications.

The future of data management lies in effective governance, data quality, and ethical considerations, with cloud technology playing a pivotal role. Financial institutions must advance their data-driven processes to meet future cybersecurity challenges and capitalize on growth opportunities.