Rashid Ali, Enterprise Solutions Manager, WALLIX
Cyber-attacks continue to dominate the headlines, and this combined with the fact that financial organisations store some of the most sensitive information in the world, makes the industry a highly lucrative target. All organisations understand the need to have strong cybersecurity measures in place to protect personal and corporate data. However financial services, in particular, have an increased need for advanced security with both money and personal data at risk.
However, despite this, warning research has revealed that approximately 70% of financial institutions have experienced a cyber-attack since the pandemic began. In addition, an Accenture study found that the cost of cyberattacks experienced by the financial services are considerably higher than other industries, reaching up to $18.5 million annually per company – compared to the average cost of $13 million per company when looking across all other industries. Alongside financial implications, cyber breaches also threaten banks and other financial services with potentially disastrous reputational and customer loyalty losses. Trust is crucial in the financial space, and customers want to know that both their assets and personal information is secure. It has never been more important for financial institutions to protect themselves – so how can this be achieved in the face of ever-evolving cyber criminals?
Privileged accounts and users are at the heart of the financial services industry – they are needed in order to grant different permission levels and enable employees to do their day-to-day role, handling sensitive information in a secure and compliant setting. In order to truly defend organisations from risks associated with these accounts, it is essential to implement a robust privileged access management (PAM) solution.
Combating against ever evolving cyber attacks
The challenge facing many financial institutions is that they are storing more and more private information while at the same time embracing the new digital age. Access to online banking, the ability to transfer money at the touch of a button and instant approval on loans and other services is a major competitive differentiator – and something consumers expect. But, from a security viewpoint this also means more information for cyber criminals and an ever-expanding attack surface. This opens up more vulnerabilities and potentially weak entry points.
Many traditional banks and other institutions also tend to have intricate and complex infrastructures. Many of them have been transitioning their old legacy infrastructure while trying to keep up with the rapid digital transformation that is happening in the financial industry. Within a single organisation there could be hundreds of applications used by thousands of employees across numerous locations.
As part of the very nature of their operation, financial services also tend to have a multi-layered approach when it comes to operations and security, which presents a unique set of challenges. They often share information and work with external providers that use privileged accounts to complete their work. This combined with the fact that the industry is complex with strict regulatory requirements means that the potential damage of a breach is much more alarming. Defending against all these risks can seem highly complicated.
Although privileged accounts and privileged users increase the attack surface, they are required to keep financial services, workflows and processes running smoothly, so this is where institutions need to focus their security. If not managed correctly, hackers can easily get hold of root privileges and make radical changes that can lead to serious consequences.
The role of privileged access management
The good news is that a strong privileged access platform combined with strong endpoint protection enables financial institutions to overcome these challenges, while providing the digital services and third-party access they need. In addition, these platforms also help enable compliance through strong password protection, establishing a zero-trust policy and monitoring and recording of privileged access.
Alongside improved security and compliance, privileged access management and endpoint protection also provides added benefits such as quick and easy authentication. This removes a long drawn-out process that hinders employee and customer experience.
PAM reinforces access security through password management, ensuring compliance with the latest regulations, and providing the required information to auditors. PAM also imposes policies that restrict privileged users from bypassing security systems. It secures privileged accounts and allows financial organisations to proactively protect themselves.
Controlling privileged access limits the moves a hacker can make after they have established a foothold within a network. This greatly reduces their ability to move laterally and access sensitive systems. Financial organisations maintain complete control over all privileged users with complete logs and access details, and all actions taken during a privileged session.
With the threat landscape constantly changing, PAM provides the ideal platform that will allow financial organisations to continue the innovation and embrace new services to stay ahead of the competition – while at the same time keeping security and compliance front of mind.
