80 Billion Files Optimized, Enhancing Privacy and Reducing Risk for a Fortune 50 U.S. Bank

For a Fortune 50 U.S. Bank, the challenge of managing an overwhelming 80 billion files of data sprawl was critical to safeguarding customer privacy and reducing data exposure risks. With a customer base of over 50 million worldwide, the need for efficient data sharing while upholding stringent security, compliance, and privacy controls was paramount. Data Dynamics, in partnership with the bank, implemented a unified intelligent data management software to optimize data sprawl, strengthen privacy controls, and build a fortified compliance and security ecosystem.

Business Need

Data Sharing and Integration for Enhanced Security and Privacy

  • Data Sharing: Facilitating secure data sharing among internal constituents while prioritizing customer privacy.

  • Data Integration and Governance: Integrating organizational data silos with robust data governance to enhance overall security, compliance, and privacy controls.

Challenges Faced

Navigating Data Sprawl and Ensuring Data Protection

  • Unstructured Data Sprawl: The existence of unsecured, duplicate, and ungoverned data sprawl containing sensitive customer Personally Identifiable Information (PII) posed potential risks of data exposure, cyber threats, and non-compliance.

  • Lack of Customer Data Intelligence: Insufficient customer data intelligence resulted in multiple rounds of customer follow-ups and hindered Customer Relationship Management (CRM) efforts.

  • Data Management Inefficiencies: The absence of centralized data management, interoperability, and efficient data sharing and access impeded the bank’s ability to leverage its valuable data resources.

Solution Offered

Intelligent Data Management for Enhanced Security and Efficiency
To address the challenges, Data Dynamics proposed a comprehensive intelligent data management solution, comprising the following key elements:

Identification

Thorough data assessment gained deeper insights into the bank’s vast data sets. Metadata analytics classified data based on criteria like location, format, extension, and type, establishing the groundwork for efficient data management and heightened security.

Analysis

Duplicate files were removed, and data tagging enabled quick access to relevant information. Content analytics identified sensitive customer Personally Identifiable Information (PII), leading to robust privacy controls for data protection

Action

Intelligent algorithms secured high-risk data, ensuring compliance. Blockchain-powered audit logs tracked all data access, providing an immutable record. Data consolidation optimized management, while role-based access controls fortified security.

Business Impact

Strengthening Compliance and Customer Trust
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Data Sprawl Optimization: Optimizing 80 billion files of data reduced the risk of data exposure, safeguarding customer privacy and mitigating potential penalties.

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Fortified Compliance and Security: Consolidated data governance and intelligent privacy controls strengthened the bank’s compliance and security ecosystem, ensuring regulatory adherence.

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Customer Trust: Advanced data analytics secured customer privacy and efficient reporting enhanced customer trust and loyalty.

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Eliminating Reputational Risk: Effective data management eliminated reputational risks associated with data breaches and non-compliance, positioning the bank as a responsible data custodian.

Conclusion

Data Dynamics’ intelligent data management solution proved to be a game-changer for the Fortune 50 U.S. Bank, allowing them to navigate the challenges of data sprawl while protecting customer privacy and reducing data exposure risks. With a fortified compliance and security ecosystem in place, the bank now stands ready to embrace future challenges and maintain its position as a trusted financial institution in an ever-evolving digital landscape.
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