The finance sector frequently faces cyber security threats and, as a result, suffers from major problems unless the necessary data security measures are taken. The cyber threats to finance intend to cause data breaches. One of the main problems encountered is the identity theft faced by the employees and customers of an institution targeted by the cyber attacker.
On the other hand, potential data leakage in the finance sector force companies to grapple with significant financial losses. Consequently, this creates an inevitable situation in which people lose trust in the company and its brand image is damaged. The factors that make the finance sector attractive for cyber attackers and pave the way for the aforementioned damages are directly related to the nature of the sector.
As a result of digital transformation's significant impact on the finance sector in particular, hackers have become more interested in the sector than ever. According to the study titled Cost of a Data Breach Report prepared by IBM, a data breach in the finance sector, which is a high-profile target for those who seek to carry out a cyber attack, has a lifecycle of 233 days.
In the finance sector, between 4600 and 4900 data breach incidents occurred each year since 2013. The reason why the sector is threatened can be explained under a few topics. First of all, we should mention unauthorized account transfers and identity theft. Cyber attackers can easily overcome ill-structured access security layers using unauthorized transfers and access customer accounts to empty the vault within minutes. Also, phishing attacks can cause inevitable damage to companies in terms of both corporate image and legal obligations.
Furthermore, the fines and judicial penalties imposed by states for failure to adequately protect personal data is one of the main reasons why companies should take cyber security seriously. Likewise, the reason the attack surface increases and leaves financial institutions vulnerable to cyber threats is that financial institutions offer website and mobile app services simultaneously to increase user accessibility. As the chance for hackers to find more attack points increases, it is necessary for you to smoothly manage the access process related to authorized accounts in order to prevent sensitive data leakage.
In short, the finance sector is a favorite among attackers because it promises great wealth in terms of money and private data. Also, the fact that the companies that follow the footsteps of the digital age provide fully online services make them significantly easier targets. The finance sector mostly deals with ransomware attacks, bot attacks and phishing attacks, which is a result of social engineering.
The 2021 Data Breach Investigations Report prepared by Verizon shows that in the finance sector, which incorporates rich resources in terms of critical data and corporate assets, 55% of the breaches results from incorrect distribution.
In banking, which is an important branch of the finance sector, the personal data that organizations are required to protect are subject to certain regulations. Such data is protected by the GDPR and PDPL in Turkey and there are other types of protection for different scopes on the international level:
PAM (Privileged Access Management), ensures high-level access security by inspecting all accesses related to authorized accounts and authorized sessions. PAM offers effective protection for companies in the finance sector and limits the movement of a cyber attacker even if he manages to enter the company network. The access of the cyber attacker to critical systems is thus significantly reduced.
The various modules of PAM also guarantee data security for your company by controlling the access of authorized accounts with their enhanced features. The function of each module is detailed below:
Our PAM solution Single Connect provides the most powerful ways to allay the cyber security concerns of organizations in the finance sector.
By the way, Single Connect once again proved to be among the world's leading PAM solutions by being included in the 2021 Magic Quadrant for PAM report prepared by Gartner and succeeded to be included in the report for two consecutive years thanks to its Scalability, Database Control features and advanced Session Management capabilities. Single Connect is ready to meet the data security needs of the finance sector with its advanced modules and end-to-end privileged access management applications.
Please feel free to contact us for further details on Single Connect and to ask anything to our expert team.