BFSI organizations face an ever-expanding challenge of complying with internal, industry, government, and even regional regulations.
The "reactive" approach to data governance is often due to a shortage of manpower to address the many data points that they keep.
A recent study from IBM reveals that the average cost of a data breach in the financial industry was $5.90M in 2023.
Add on the regulatory penalties, which can range from $800,000-$200M+.
Then consider the resources required to fix the issue, and the total costs are eye-watering.
The answer for BFSI organizations lies within an automated data governance framework that can check for compliance and address issues proactively, before they can be exploited and/or fined.
What You're Getting
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Today's regulatory landscape in Banking, Financial Services, and Insurance
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Repercussions for non-compliance, including 3 case studies of financial players
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Why compliance beyond a certain scaling point is a paradox for large enterprises
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Why quality gates are the ultimate compliance customization solution
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