The number of threats targeting financial institutions, banks, or insurance companies is growing drastically every year. The remote work has opened up new opportunities for cybercriminals. With User Access Security Broker from Secfense, financial institutions can easily launch and scale strong authentication across the entire organization and step on a path into a passwordless future.
From all industries, Financial Services is the one that has been affected by cyberattacks the most, including phishing scams and other types of online fraud. This is why the financial sector grew to become one of the best-protected industries on the market.
Even though cybersecurity continues to improve, cybercriminals keep up by targeting the weakest link in the defenses: people.
Social engineering comes down to tricking people into performing actions or sharing information which they normally would not perform or share. It has become one of the most popular buzzwords among cybersecurity professionals.
A well-engineered attack usually involves a bait or a threat, which are typically reinforced by a call to action and a false sense of urgency. In fact, receiving an email or a call that employ these tactics should always trigger suspicion. It is important to recognize those telltale signs because such attacks usually result in passing some classified information to the attacker.
Attacks on C-level executives (whaling attacks) are more difficult to prepare and often take months of planning and executing.
However, attacks on lower-level employees can also damage the business and are easier to carry out, which is why they are much more common.
Most people who work in sales at financial institutions access sensitive data on a daily basis. An insurance agent, a real estate broker, or a financial advisor, they all work with sensitive data, such as sales levels and commissions. They also frequently perform sensitive operations on client profiles.
The Pareto principle clearly applies here: 20% of the information accessible by a user can cause 80% of all problems that result from a leak or theft. Therefore, even a small breach can cause major issues.
A vast majority of companies grant access to either all data or no data. Usually, they do not have readily applicable mechanisms to help supervise access to sensitive information; thus, there are many ways in which things may go wrong.
Let’s assume now that Anna works in a bank as a sales representative. She is not going to meet her sales goals and get the commission she wants, so she tries to find a workaround. She decides to share her account with another sales agent who has the same problem. Now Anna can win the commission for herself and then split it with the second agent under the table.
Some actions performed by the workforce may be dangerous, some may be illegal, and some may simply be worth tracking down. The more you know, the more informed security decisions you can make. Given the multitude of possible scenarios, financial institutions should consider adopting solutions they can quickly introduce in order to avoid the mentioned risks.
Testing enterprise solutions has never been easier. You can install a trial version of Secfense for free within one day, and within the next few days you can try out all of its mechanisms on as many applications as you like. Make an appointment with us
and find out how to sign up for a free trial of the Secfense tool.
Before investing in Secfense, we had the opportunity to talk to its existing clients. Their reactions were unanimous: wow, it’s so easy to use. We were particularly impressed by the fact that implementing their solution does not require the involvement of IT developers. It gives Secfense a huge advantage over the competition, and at the same time opens the door to potential customers who so far were afraid of changes related to the implementation of multi-factor authentication solutions.
Even when the network and infrastructure are secured enough, social engineering and passwords can be used to gain control of the system by attackers. Multifactor authentication is the current trend. Secfense addresses this and allows you to build zero trust security and upgrade your current systems to passwordless applications within minutes, solving this problem right away,” said Eduard Kučera, Partner at Presto Ventures and cybersecurity expert – former Director in hugely successful Czech multinational cyber security firm Avast.
One of the biggest challenges the world is facing today is securing our identity online. That’s why we were so keen to have Secfense in our portfolio. They make it possible to introduce strong authentication in an automated way. Until now, organizations had to selectively protect applications because the deployment of new technology was very hard, or even impossible. With Secfense, the implementation of multi-factor authentication is no longer a problem, and all organizations can use the highest standards of authentication security.
We are faced with new challenges every day. We must always be one step ahead of the attackers and know what they are going to do before they do it. We are convinced that the User Access Security Broker will bring security to a new level, both for those working at the office and from home. For us, working with Secfense is an opportunity to exchange experience with developers who put great value on out-of-the-box thinking.
Business Continuity and Computer Security Officer
BNP Paribas Bank Poland
Two-factor authentication is known to be one of the best ways to protect against phishing; however, its implementation has always been difficult. Secfense helped us solve that problem. With their security broker, we were able to introduce various 2FA methods on our web applications at once.
Head of IT