• Skip to primary navigation
  • Skip to main content
WinZip Enterprise Blog

WinZip Enterprise Blog

Protecting the world's most sensitive data for over 30 years.

  • Articles
    • Backup
    • Company News
    • Compression
    • Encryption
    • File Sharing
    • Security
  • Resources
  • Get a Quote
Blog Home > Encryption

What is a data loss prevention policy? 

WinZip Blog

A data loss prevention (DLP) policy is a set of rules and guidelines organizations created to help protect sensitive data. It is designed to detect, monitor, and prevent the unauthorized use, access, or disclosure of sensitive data such as:  

  • Personal information 
  • Intellectual property 
  • Financial records 
  • Medical records  

Why do financial institutions need a data loss prevention policy  

Specific types of organizations, like banks and financial institutions, handle more confidential customer data than others. For this reason, these organizations must follow a stringent data loss prevention policy to prevent any information theft or data breaches.  Data loss prevention (DLP) policies help ensure that customers’ sensitive data is kept safe and secure at all times.  

These policies may include elements like: 

  • Limiting access to specific internal systems or documents. 
  • Encrypting emails with sensitive content. 
  • Implementing user authentication systems. 
  • Developing protocols for monitoring network traffic. 
  • Running regular scans for any potential threats. 

Without such policies, there is a risk that personal details such as names, addresses, account numbers, banking  activities, and more can be exposed to criminals or other malicious actors. As a result, not only do financial organizations’ reputations get tarnished when a data breach occurs, but they can get in trouble with the law. 

For example, the Gramm-Leach-Bliley Act (GLBA)’s Safeguards Rule requires financial institutions to use a risk-based approach when creating, modifying, and monitoring a security program to protect consumer data. If organizations don’t adhere to these policies, they can expect to face four major repercussions for non-compliance with data privacy laws: 

  • Inadequate cybersecurity 
  • Expensive fines 
  • High individual penalties 
  • Damaged reputation  

For every GLBA violation, financial institutions can expect to pay up to $100,000.

 

Pages: Page 1 Page 2

Related Articles
What is data loss prevention, and how can it be prevented?  
WinZip Blog - April 13, 2023
Best practices for data security at financial institutions
WinZip Blog - April 6, 2023
What is GLBA compliance, and what does it mean for data protection at financial institutions?
WinZip Blog - March 30, 2023
What is data exfiltration and how to prevent it?
WinZip Blog - March 9, 2023
Enterprise data encryption solutions and why your organization needs one  
WinZip Blog - March 2, 2023
Encrypting data in transit: What is it and why do you need to do it?
WinZip Blog - February 23, 2023
Encrypting data at rest for maximum security and protection 
WinZip Blog - February 16, 2023
What is military grade encryption and does your organization need it? 
WinZip Blog - February 9, 2023
Which files do you need to encrypt? 
WinZip Blog - February 2, 2023
How healthcare cybersecurity services can help keep your organization compliant 
WinZip Blog - January 26, 2023
The importance of data security in healthcare 
WinZip Blog - January 19, 2023
What is the healthcare industry cybersecurity task force? 
WinZip Blog - January 12, 2023
Does your healthcare staff need a healthcare cybersecurity certification? 
WinZip Blog - January 5, 2023
Top 5 healthcare data storage best practices 
WinZip Blog - December 22, 2022
Cybersecurity in the insurance industry: what you need to know 
WinZip Blog - December 8, 2022
What is the biggest threat to the security of healthcare data? 
WinZip Blog - December 1, 2022

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Learn more about WinZip Enterprise today!

Get a Quote

Connect With Us

  • Facebook
  • Twitter
  • YouTube

Copyright ©2023 Corel Corporation. All Rights Reserved. WinZip is a Registered Trademark of Corel Corporation