Data classification solutions help classify and protect financial data and following certain best practices will ensure compliance and efficient data management. A data entry company can help with any documentation support.

1. www.managedoutsource.com 1-800-670-2809
8596 E. 101st Street,
Suite H Tulsa, OK
74133
(800) 670 2809 managedoutsources.com
2018
MANAGED OUTSOURCE SOLUTIONS
Why Data Classification
Is Important in the
Financial Sector
Data classification solutions help classify
and protect financial data and following
certain best practices will ensure
compliance and efficient data
management. A data entry company can
help with any documentation support.

2. www.managedoutsource.com 1-800-670-2809
Just like document conversion services, data classification is required to
manage different types and volumes of data, let that be office documents,
email correspondence, images, video files, customer and product
information, financial data, and so on. When it comes to finance data,
classifying and tracking documents will also help organizations to close
security gaps and comply with the growing number of regulations. Financial
organizations are often flooded with new data each day, in the form of Word
documents, spreadsheets, countless emails and PDFs. Better classification at
all levels will help manage this data more efficiently.
Financial organizations classify data to
• stay compliant with regulations
• secure client data and firm’s reputation
• simplify data encryption
• ensure employee awareness about the data protection
• improve records management
Source - http://www.seclore.com/seclore-data-classification/

3. www.managedoutsource.com 1-800-670-2809
Seclore is an advanced data classification solution that is user-friendly and
highly efficient. By integrating the Data Classification solution with the
Rights Management solution, enterprises worldwide can be empowered to
seamlessly identify and label sensitive information, automatically protect
that information with granular usage controls, and track usage wherever
files travel.
Let us look at some of the best practices for financial data classification:
Safe handling of documents and better storage
Documents in banks and other financial organizations most likely include
financial data from customers, financial records like earnings information,
intellectual property related to financial systems, and related data such as
authentication and access control information. While handling such
confidential documents, you need to make sure to keep track of where and
how data is stored. Also include all partner and interconnected networks.
Arrange documents in confidentiality categories
Create certain confidentiality categories such as public (available to anyone),
limited access (available to specific groups) and restricted (controlled by
compliance or legal mandates) and define them based on data confidentiality
and criticality levels.
Acceptable use of data must be defined
Based on the internal and external compliance requirements, consider the
right user, who needs access to the data and how it will be used. In certain
cases such as banking data that cannot be accessed by the user, the person
who created the data will be considered as the “owner”.

4. www.managedoutsource.com 1-800-670-2809
Address data classification and security in each process
Make sure to add maintenance process in each stage of the data lifecycle
such as creation, storage, access, modification, retention, archival and
disposal. Also update policies to include security awareness, incident
response and other risk management program initiatives in data
classification.
Also, before implementing a classification system, make sure to create an
effective, but simple data classification policy and educate users about this.
For any other documentation support, financial firms can choose to benefit
from the services provided by an experienced data entry company.