Banks have been physically looted for over two centuries, and the loot has increased due to technological advancements in the last 20 years, which have made it feasible for thieves to steal funds from anywhere
Fremont, CA: The financial services industry is constantly targeted by cybercriminals all over the world, and the consequences of a breach are devastating. From deteriorating customer loyalty and falling stock values to company and professional fame, the consequences of a successful attack are far-reaching and destabilizing. Recently, Equifax has signed a resolution related to the 2017 data breach, which led to the theft of over 146 million people's personal information. The company will pay at least $575 million in damages, with the possibility of up to $700 million. Staying safe is critical for institutions to succeed.
Banks have been physically looted for over two centuries, and the loot has increased due to technological advancements in the last 20 years, which have made it feasible for thieves to steal funds from anywhere. A single synchronized attack threatened seven UK banks in April 2018, and institutions are frequently subjected to specific, targeted attacks by coordinated group efforts known as Advanced Persistent Threats (APTs).
Below are the major problems financial services encounter during data breach situation:
Integrating Security Policy
Many financial services have complex security policies that are not easily identifiable or referenced and thus cannot be incorporated throughout the process. When critical application connectivity must be maintained, security configurations must frequently be changed across each vendor device or platform, which may conflict with organizational policies.
One can consider how the priorities of DevOps and IT security teams differ in terms of how work should be completed. While IT security professionals are known for being meticulous, risk-averse, as well as anti-data-breach experts who ensure their organization's network access change process is compliant and secure, the average application developer operates outside of this security review process and only ensures connectivity between application resources. As a result, organizations may encounter two common images. The first is that IT security is frequently viewed as a barrier, and the second is that DevOps will avoid security so that connectivity is guaranteed quickly but with no security check or ability to review.
Protection Needs Automation
Though many organizations are frequently caught between staying secure and prioritizing connectivity, automation helps to increase both to ensure their processes, networks, employees, and customer data are protected while remaining agile with internal and external business initiatives.
CISOs gain control by centralizing security policy management across physical, SDDC, and hybrid cloud platforms by tracking all security and network changes. They describe and enforce their security policy across multiple vendors and platforms using a pane of glass to do what IT security is supposed to do: secure the business without slowing it down.
