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Financial institutions are really bad at managing their files

(Image credit: Image source: Shutterstock/Carlos Amarillo)

Pretty much every organisation in the financial sector, 96 per cent of them, struggles to find documents in the workplace. This is according to a new report by M-Files (opens in new tab), saying financial sector organisations need to be better at protecting their information. 

M-Files was quick to throw words like “putting customer data at risk”, or “GDPR” around, too. 

The report claims that almost two thirds (62 per cent) of respondents have had to recreate an existing document, because they failed to find it on the corporate network. Just below half (46 per cent) said employees use file sharing apps, and 27 per cent said their staff uses personal devices to access corporate data. 

More than a quarter (27 per cent) experienced a mobile device-related information security incident last year, with another 31 per cent not knowing if such an incident even happened or not.

“Financial institutions must become better at managing their information assets, as they face ever increasing security threats from both inside and outside of the organisation,” said Julian Cook, VP of UK Business at M-Files. 

“Those in the finance industry have a responsibility to their customers to ensure that the information they manage on their behalf is protected in a highly secure way, but evidence is widely available to suggest that many are struggling to do so.” 

M-Files is a provider of solutions that improves how organisations manage documents and other information.

Image source: Shutterstock/Carlos Amarillo

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.