Secure File Sharing for Finance Teams

01. How does MX help financial firms meet compliance when sharing files?

My MX Data is built to help financial organizations manage sensitive document transfers while aligning with sector-specific regulations like SOX, GLBA, and IRS 1075. With rising risks from cyber threats and data breaches, MX offers a secure alternative to email and consumer file tools – equipped with encryption, access control, and full auditability.

Using our ASR (Anonymize, Shard, Restore) encryption model, MX breaks files into anonymized shards, encrypts each one, and stores them separately – only reconstructing files for verified users. Combined with activity tracking and named-recipient access, this model supports accountability and confidentiality in every exchange.

Features designed for the finance sector:

• FCA-Style Audit Trails: Every document view, share, or download is timestamped and tamper-resistant.
• Quantum-Safe Encryption: Files are secured with ASR + AES-256 at every point in the file lifecycle.
• Named User Access: Files are delivered only to authenticated parties – no public or shared links.
• U.S.-Based Hosting Controls: Select hosting locations to meet institutional data residency requirements.
• Supports Compliance Protocols: Built to help facilitate financial compliance under GLBA, SOX, and IRS 1075 frameworks.

According to IBM X-Force, the finance sector saw average breach costs of $5.17 million in 2023. Tools like MX help reduce that risk by replacing informal transfer methods with encrypted, traceable exchanges.

Discover how financial data security is evolving in Defending the Blueprint: Preventing IP Theft in Financial Documents or explore our guide to secure collaboration.

02. Does MX help meet SOX or GLBA requirements for finance teams?

Without question! My MX Data supports finance teams in aligning with regulatory frameworks such as the Sarbanes-Oxley Act (SOX) and the Gramm-Leach-Bliley Act (GLBA) by providing a secure, auditable, and policy-driven file sharing environment. Whether you’re exchanging financial reports, audit files, or client statements, MX helps reinforce the internal controls and data confidentiality these regulations demand.

Unlike general-purpose tools, MX embeds financial-grade security features into every transaction – ensuring accountability, encryption, and visibility at all stages of the file lifecycle. This includes immutable audit logs, named-recipient access, and encryption that goes beyond industry norms.

Regulatory alignment features include:

• SOX-Focused Audit Trails: Automatically log every file upload, download, and permission change with timestamped accuracy.
• GLBA-Ready Data Protection: Encrypt sensitive financial information during transit and at rest to meet privacy requirements.
• Named-User Sharing: Prevent unauthorized file access with enforced identity-based permissions.
• Access Controls with Expiry: Set time-bound access to reports and documents for regulatory data retention policies.
• MFA for File Access: Add a second layer of protection for critical files shared across departments or external stakeholders.

According to Statista, 64% of finance firms have enterprise-wide encryption strategies in place – MX makes that coverage operational with file-level enforcement and compliance tracking.

To explore more about secure financial workflows, visit Robust Security Features for Data Sharing or learn how MX compares to legacy systems in WeTransfer vs My MX Data.

03. Can MX support encrypted file exchanges with auditors or regulators?

Indeed! My MX Data is fully equipped to handle encrypted file exchanges with auditors, regulators, and financial oversight bodies. Built with privacy, traceability, and compliance in mind, MX allows financial institutions to share documents containing sensitive data – such as financial statements, client records, and risk reports – without compromising control or confidentiality.

Our secure sharing capabilities include:

• Quantum-Safe Encryption: Every file is protected using our advanced ASR framework (Anonymize, Shard, Restore), exceeding typical AES standards.
• Named-Recipient Delivery: Files are only accessible to verified users – no public links, no accidental access.
• Tamper-Proof Audit Logs: Every action, from upload to download, is recorded for transparency and regulatory auditability.
• Region-Specific Hosting: Align data residency with jurisdictional compliance such as SOX, GLBA, or FINRA guidance.

MX provides a seamless and secure channel to maintain your firm’s regulatory obligations without relying on insecure methods like email or legacy portals.

For deeper integration of compliance in finance, explore our dedicated page for File Sharing for Financial Services or see how we help with quantum-proof encryption for future readiness.

04. How does MX handle multi-team file sharing within financial firms?

My MX Data is designed for secure, segmented file sharing across multiple departments within financial organizations. Whether it’s legal, compliance, accounting, or advisory services, each team can operate independently while maintaining firm-wide oversight and compliance integrity.

MX enables multi-team workflows through features like:

• Department-specific access policies: Define who can access, share, or modify sensitive documents.
• Granular audit logs: Track file movement across teams and verify regulatory alignment.
• Role-based encryption and expiration rules: Ensure only the intended team members can view time-sensitive or regulated content.

This makes MX ideal for institutions adhering to CCPA, ISO, or other finance-relevant regulations, while still enabling frictionless internal collaboration. It’s built to keep sensitive client data and internal records siloed appropriately – without blocking productivity.

Discover how MX supports secure financial file transfers across departments on our B2B Secure File Exchange page.

05. Can MX provide a full record of financial document exchanges?

Yes – My MX Data offers robust tracking and audit capabilities tailored to financial services. Every document shared through the platform is accompanied by a detailed, timestamped log, giving compliance teams complete visibility over access and transfer history.

This level of transparency is essential in regulated financial environments and can support audits under standards such as SOX and GLBA. MX ensures that each file exchange can be traced back to a named user, with no reliance on public links or anonymous access.

• Transaction-Level Logging: Every file sent, opened, or downloaded is recorded in a permanent audit trail.
• User Identity Verification: All actions are tied to verified users with role-based permissions.
• Report Generation: Admins can generate downloadable reports for auditors or compliance checks.
• Data Residency and Retention: Choose U.S.-based storage and enforce document retention policies that align with financial regulations.

Given that the average financial firm uses four or more systems to track communications [Vanson Bourne], MX’s unified audit logging reduces complexity while enhancing accountability.

Whether responding to internal reviews or external audits, MX equips financial teams with the audit-ready records they need to stay compliant and protected.