Material Non-Public Information (MNPI) leaks can devastate a company— triggering everything from regulatory scrutiny, investor fallout, and reputational harm. Although for many organizations knowing where that sensitive information lives, who has access to it, and how it moves across the organization remains as a blind spot.
MNPI is a crucial concept in securities law and compliance that has significant implications for both investors and the integrity of financial markets. The areas as to why its important cover from compliance, market integrity, and insider trading. Luckily, BigID can help.
While BigID has best in-class data classification and discovery it is important to call out one of the most powerful use cases we can assist in. Which is in helping companies identify, classify, and respond to MNPI exposure events. BigID can help organizations break down what qualifies as MNPI, the data signals that matter, and how platforms like BigID can give companies the visibility and intelligence needed to detect these potential disclosure risks before becoming a full blown incident.
Scalable Data Discovery and Classification
BigID is the industry- leading provider for data discovery and classification— from on-prem, cloud, and SaaS applications. So let’s drive on what data is important to discover and classify to streamline these potential risks. With BigID’s out-of-the-box AI-driven classifiers and pattern recognition, we can auto-discover what documents and data could pertain to MNPI. These objects that can pertain to MNPI include: earnings and financial forecasts, M&A discussions, strategic roadmaps, product launches, legal or regulatory communications, and even board and executive communications. All of these categories not only map to MNPI, but to make that more efficient we can build policies in BigID to identify that information.
Once BigID identifies that information, we need to ensure that we label that information. As this enables your security team to not only proactively identify and label that information, it allows them to define and maintain essentially a “zone of sensitivity”. Since companies will know where their MNPI information lives and can implement heightened security controls around that.
Access Intelligence and Remediation
Half of the battle has now been won, now onto the next battle. Who has access to this data? By leveraging BigID’s Access Intelligence, we can help organizations not only who have access to that information, but is the access level appropriate. As we want to help organizations identify where their overexposed data is and analyze access patterns for individuals who actively view these files. The purpose of this is very clear, especially with MNPI data, is to enforce the principle of least privilege and reduce the risk of accidental or malicious disclosure.
When BigID discovers the list of people who have access, there needs to be action taken. By leveraging BigID’s Delegated Remediation Application, these findings can be sent to the proper data owner to review the list of individuals who have current access and determine whether or not these individuals should be removed. Once these actions are taken, companies can successfully see the reduction of risk as it pertains to their MNPI data.
Retention and Lifecycle
Another major risk factor with MNPI data is stale or forgotten data. Those documents that should have been archived or deleted a very long time ago, but still remain in shared folders or legacy systems. BigID can help map and manage the lifecycle of these records, identify any orphaned data left behind by former employees, and assist in data lifecycle practices that further minimize long-term exposure risks.
Without this visibility, these data artifacts can quietly accumulate over time and further increase exposure risks. BigID can assist in mapping those data lifecycle signals that can assist security and compliance teams automate retention workflows based on policy and usage, reduce unnecessary storage costs, and ultimately shrink the MNPI attack surface.
Proactively Mitigate Risk with BigID
At its core, BigID transforms data security from a reactive, check-box exercise into a proactive strategy for managing MNPI risk. BigID gives organizations the ability to continuously discover and classify MNPI across an ever-changing ecosystem, monitor who has access to it and how that access is used, and enforce data lifecycle controls and practices that reduce long term exposure. In doing so, BigID doesn’t just help companies stay in compliance, it helps them stay ahead of the risk.
Get a 1:1 demo to take a test drive of our next-gen platform for data privacy, security, compliance, and AI risk today.
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