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Vaultastic integrates collaborative case management tools to ease Data Risk and Compliance Management for Financial services institutes.

10-04-2022 12:13 PM CET | IT, New Media & Software

Press release from: Mithi Software

The banking and financial services industry has been at the forefront of digitization. Quite naturally, it is also the target of most cyberattacks; in the ordinary course of transacting business, a financial services enterprise exchanges a large volume of sensitive and private information that needs protection and preservation.

E.g., business communication in the form of email exchanges with customers, partners, and employees carries Personally Identifiable Information(PII), transaction documents, account reports, notifications, and more, which are the target of attacks for snooping on this crucial information.

The other risk, and no less severe, is the erasure of this information, deliberate or otherwise, which could create legal and compliance-related issues.

Alarmed at the growing trends in cyber theft and fraud, regulators have demanded that financial service entities adhere to strict cybersecurity systems built around long-term data retention, data security, and secure and restricted data access.

Hefty penalties usually back such regulations to deter any slack on the count.

Regulators often require companies to carry out audits, both internally and via external agencies, to scan for possibilities of data breaches and compromises or violations of regulatory guidelines. The discoveries must often be shared with external auditors and the compliance teams for review while safeguarding the privacy and confidentiality of the information.

While delivering on its mission of providing data assurance and agility, the latest Vaultastic 4.6 release provides integration with Ideolve, a secure team collaboration platform, to make the audit and compliance process safe and smooth. Thus helping build greater agility for modern financial services organizations to mitigate risks and ensure resilience.

"Our customers often share how challenging it is to securely and privately discuss data violations with external auditors and legal experts, which slows down the resolution of issues and exposes them to compliance violations. They are also worried about the leakage of this highly classified information if they share it via email. This release of Vaultastic makes the job of the CRO much easier with a secure and closed case management tool for collaborating over compliance-related investigations" - Aditi Malaviya, COO, Mithi.

Instead of exposing the confidential data of breaches over email, Vaultastic's latest release provides a single integrated platform to identify, flag, classify, and share information with stakeholders for their review and opinions to arrive at a remedial course.

Besides the integrated process offering an easier and quicker way to resolve issues, it also reduces the risk of the data getting copied, downloaded, and misused.

To know more, visit:

Mithi Software Technologies
Nachiket Park, Dr. Pai Marg, Baner Road, Pune 411045, India

Ashok Malaviya

About Vaultastic:
Vaultastic's On-Demand Information Archival provides a reliable and cost-efficient Data Related Risk and Compliance management platform for enterprises of every kind. Thus helping build resilience against breaches in cyberattacks and ensure compliance and litigation readiness.

Vaultastic provides a highly durable, secure, and agile cloud archival platform that complies with stringent cybersecurity guidelines by industry regulators, including RBI, SEBI, and IRDAI.

About Mithi Software:
The firm has had a history of pioneering product ventures, spanning multiple generations of technology and serving over Million+ users. Our ventures so far have comprised of breakthrough and best-selling products such as geometric libraries, windows apps, web apps, mission critical Enterprise software, & Cloud-based SaaS.

Before Vaultastic, the team had created SkyConnect - the secure & dependable business email software, that has been serving the mission-critical business communication needs of hundreds of leading businesses and organisations across industry segments.

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