The wave of cyber security attacks against financial institutions is growing at an unprecedented rate, with attacks taking the form of corporate espionage, insider and nation-states’ threats, criminal activity, and terrorism. The cost of a breach of an organization’s time and resources is high and often comes with irreparable harm to its reputation.
Threats are getting increasingly more sophisticated, and attacks are now highly customized, in many cases rendering traditional security ineffective. Today’s modern security approach assumes attackers have gotten into the network must take along with measures to detect threats from inside the network. Starting with the belief that attackers can and will get into the network, an effective cyber security strategy will be designed to address the following:
Whether you are a global financial institution, community or regional bank, credit union, money transmitter or third party service provider (such as a credit card payment processor) there is a critical need to know whether you have a threat within your network and if sensitive information is being exfiltrated. We have found that many financial institutions are still struggling to find the right balance, with some organizations over-protecting some assets and under protecting others. Common with other industries, concerns about virus/malware attacks, ransomware, phishing attacks, and the slow pace at which such attacks are detected and defeated remain the top motivators for improving information security systems.
The most frequent types of wrongful activity resulting from a cyber intrusion reported by financial institutions were account takeovers (46%), identity theft (18%), telecommunication network disruptions (15%), and data integrity breaches (9.3%).
Attivo takes a modern approach to IT security and operates on the premise that attackers will get inside the network. Attivo has created advanced network security solutions that use deception-based threat detection techniques to help financial institutions dramatically increase the speed to which threats inside the network are uncovered, understand an attacker’s intent and establish a defense against future attacks. These techniques are authentic and proven to detect threats associated with the protection of client records, valuable business assets and “crown jewel” information stored in data centers, data shared with business partners and third parties along with Internet/web presence attacks, HTTPS and phishing attacks.