In today's everchanging data-centric reality, financial institutions arechallenged by more than just the well-documented cyberattacks. Withlarger quantities of data and more methods available than everbefore for data transfer (including cloud and mobile), there is anincreasing lack of control and transparency over the movement offiles used to do business. And when an organization is dealing withhighly sensitive and highly regulated information, control overthat information is paramount.

To mitigate risks and reduce the scope of work for ITdepartments, financial service institutions need to have manageablefile transfer systems and procedures in place to meet the standardsfor data privacy, integrity and availability across the entire ITinfrastructure. A managed file transfer system helps ensure andmaintain compliance as well as enforce and monitor access controlto prevent vulnerabilities.

IT professionals in financial institutions need to know wherefiles are at all times and be aware of who has access to that data.This is easier said than done, as existing challenges provide addedstress and risks, including: