PortX and eXate Team to Bolster Banks’ Data Security

Integration technology provider PortX launched a partnership with data privacy firm eXate.

The collaboration is designed to strengthen financial data security and regulatory compliance across the banking sector, with an emphasis on enhancing data protection for financial institutions’ data ecosystems, according to a Wednesday (April 3) press release.

The partnership will see PortX integrate eXate’s data protection platform into its Integration-Platform-as-a-Service (IPaaS) solution, giving financial institutions tools to provide comprehensive data security and compliance management, the release said.

“This collaboration addresses the pressing need for enhanced data protection in the financial industry, enabling institutions to securely manage sensitive information while adhering to global data protection regulations,” the companies said in the release.

Technology from eXate implements and applies data privacy by default, giving companies faster access to their data, while preventing leakage, misuse and noncompliance, according to the release.

“By enforcing data protection effectively, eXate ensures that financial institutions can maintain the highest standards of data security and compliance,” the companies said in the release.

Elsewhere in the data privacy space, PYMNTS wrote earlier this week that recent events, including Google’s settlement with users over the improper collection of data during “incognito” browsing sessions, “serve as stark reminders of the delicate balance between convenience and privacy in a digital age.”

The suit, that report added is but one aspect of a wider privacy debate unfolding across the connected economy.

Concerns about the widespread monitoring of connected car driving data have also arisen.

Also this week, PYMNTS examined the fallout of a data breach at AT&T — where the personal information of more than 73 million current and former customers was exposed.

Telecoms are especially appealing to fraudsters, with SIM card fraud and other scams allowing bad actors access to victims’ phone and email accounts, and by extension, their financial accounts, Intellicheck CEO Bryan Lewis told PYMNTS.

“Once I get access to your phone, I can change your whole life,” he said. “… I’ve stolen your identity through your phone, but now I’m really stealing your identity everywhere.”