The data breach at ICBC (Industrial and Commercial Bank of China) earlier this month has significant data management and broader financial services implications. The breach may even have influenced the US government bond market auction pricing and take-up on the same day. It has been reported that the ICBC US government bond auction settlement data had to be transferred across New York on a USB stick under armed guard.
Potential consequences include compromised customer and market sensitive data, financial data exposure, regulatory scrutiny, and the need for enhanced cybersecurity measures to prevent future breaches.
It is important that organisations have effective Critical Data Asset Management (CDAM) capabilities in place to both respond to cyber attacks protecting data in real time and to plan for and put effective prevention measures in place. Executives need to view their organisation's data as "Crown Jewel" assets.
Organisations need to understand and manage:
What data is at risk
Who is accountable for that data
Where the data is located
How to lock down and secure the data in the event of a cyber attack data breach
All this needs to be executed in real time whilst managing any live cyber attack.
Quaylogic’s Critical Data Asset Management (CDAM) framework and accelerator-set can help your organisation establish the required capability and controls to protect your organisation's “Crown Jewel” data assets.