The path to Zero Trust and Passwordless Authentication

Financial Services

Finance, Banking Finance, Banking and Insurance

The number of threats targeting financial institutions, banks or insurance companies is growing drastically every year.
year after year is increasing dramatically. The pandemic has opened up new opportunities for cybercriminals and imposed
The pandemic has created new opportunities for cybercriminals
Zero Trust and Passwordless.

What are the biggest challenges in financial services data security?

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.

Why is social engineering so dangerous?

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.

  • track and record every attempt to gain access to specific company resources
  • eliminate the risk of breaching security of confidential data in the company
  • Introducing unobtrusive but secure process of additional authorization
  • increase security without interfering in the protected application code

Why are low-level employees attacks equally dangerous?

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.

Book a call

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.

Testimonials

„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 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.”

Krzysztof Słotwiński

Business Continuity and Computer Security Officer

BNP Paribas Bank Polska

“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.”

Dariusz Pitala

Head of IT

MPEC S.A.