Financial institutions have been ahead of the curve when it comes to big data, according to Sriram Anandan, a contributor for iCreate Software's POV blog. Banks tapped information about client's demographics, account balances, transactions, products and credit ratings.
Now, financial institutions can harness the data's potential in a new way - to protect customers' confidential information, Gartner's Neil MacDonald recently told Info Risk Today in an interview. The collection and proper use of the data can help financial institutions use contextual information to make better decisions about security, he reported.
"Context will drive vast amounts of data for information security," MacDonald explained. "Time of day, location, device reputation, URL reputation - all will be factors into real-time security decisions."
For instance, if customers logs onto their accounts using a password, the bank will likely allow the transaction, reports Bank Info Security. However, if it can use contextual information to see that the user is logging in from another country at an unusual time, such as 3 a.m., after the user conducted transactions earlier in the day from their home, the bank may deny access.
This all depends on the institution's ability to analyze the information, which relies on structure and accuracy. Yet, only one-third of all banks give data quality
a high priority rating, according to a recent Gartner study Anandan highlights in the blog post.