Data integrity is the assurance of the maintenance of the authenticity and consistency of information. It can also be described as the ability to maintain intact, legitimate and unaltered transferability, storage and usability of data. The three main dimensions of data integrity are communication, storage, and auditing.
Modern organizations that rely on big data analytics to make critical stakeholder decisions such as hospitals and banks, consume massive amounts of data exchanged between systems, processes, and individuals. This is why it is vital to enhance data integrity in organizations that handle sensitive data – for instance, banks. Here are 4 evidence-based strategies that enhance data integrity to maximize smooth banking functionalities.
1. Input Validation
One way to enforce data integrity is by validating the input. Another explanation of input could suffice for varying sources of data. The supplying of data can emanate from both known and unknown sources. For example, a malicious user, an end-user as well as another application or program could all serve as known and unknown sources of data.
In the case of banking institutions, these contrasting sources of data could mean exposing confidential clients’ information to potential hacking and cybercrime-related activities if the data coming in is not verified fully.
These origins of data are the input within which the banking systems and processes rely upon to extract significant data statistics about vital industrial factors. The idea of enhancing data integrity when verifying the authenticity of customer information in banks is what makes the validation of the same data worth the effort.
2. Validating Data
Banks can enforce data integrity by validating data from all of their input. Simple tricks of data validation that work unequivocally in all organizations include understanding the sample data, authenticating the database and ensuring that the presented data format is the most recommended.
It is vital for your data to go through sufficient filtering processes to ascertain the legitimacy of big data, more so for organizations such as banks and healthcare facilities. Besides, you can validate the authenticity of an electronic signature by investing in advanced data integrity measures rather than stick to simple pdf properties.
3. Data Back-up
Undeniably, numerous organizations, including banks, are victims of suffering significant financial losses due to a lack of data back-ups. As proof, the U.S. Bank suffered one of the most significant data breaches in history in the year 2019, which affected more than a hundred million clients.
A significant threat associated with data security is the loss of sensitive information. One way cybercriminals cause damage is erasing information linked to property, money, or issues that can cause serious repercussions such as destroyed reputation.
Therefore, banks must incorporate in-house servers that can correct any unauthorized changes and support advanced authorization formats like esignatures. Keep in mind that you should update the servers from time to time so they can achieve the proper state to handle unforeseen events.
4. Hire Quality System Service Providers
A common trap that several organizations fall for is the provision of cheap IT systems. Despite some banking software looking promising and affordable at the same time, they are significant causes of data infringement. Thus, it is mandatory that banking companies invest in high-quality systems, even if it means spending a lot of money. Besides, this is better than dealing with the aftereffects of an information breach.
For instance, think about the amount of cash a bank will need to compensate all the individuals affected by cyber-related criminal activities. That said, you should contemplate hiring a professional contractor to set an effective software plan that needs minimum monitoring in a short span.
Cybercrime-related activities are on the rise and have caused significant damage to organizations, and banks are no exception. It is no doubt the cybercriminals have magnificent skills regarding information technology, and they keep improving with every technological advancement. Financial establishments are among the most targeted organizations. Thus, banking institutions ought to establish ways to protect all the information incorporated into their systems. The strategies, as mentioned above, are excellent choices to ensure safe banking operations.