Defend Financial Services Companies from Cyberattacks
Financial services companies are the #1 target for cyberattacks, according to the Verizon 2022 Data Breach Investigations Report. Why? Because these institutions hold a treasure trove of customer information. Consumers who relish the convenience of banking online, pulling cash from an ATM, or tracking their expenses on their phones expect their transactions to be secure. But the tangled web of government agencies and policies tasked with cyber defense has done little to protect financial services companies from rampant cyberattacks: 62% of data exposed in breaches comes from the financial services industry.
Companies in the financial sector are targeted in a variety of ways by threat actors looking to profit. A prime example of such an attack is the Flagstar Bank incident in 2022.
The risk to the financial industry of cyberattacks is incalculable given the multitude of security challenges this sector faces:
- Interconnectivity of financial companies creates a spillover effect that reverberates around the world, threatening solvency of institutions
- Attacks on financial institutions are increasingly sophisticated, such as Advanced Persistent Threat (APT) tactics carried out by threat actors that breach networks and conduct long-term surveillance and data exfiltration operations
- Lack of a defined authority on cyber defense for financial institutions creates a dangerous vacuum, leaving organizations to combat often state-sponsored cybercriminals on their own
- Tried-and-true tactics such as phishing and social engineering are still remarkably successful as they exploit customers’ trust in their banking institutions
Cyberattacks target the financial sector more than any other industry
Of data exposed in breaches comes from the financial services industry
That’s the likelihood of financial services companies experiencing a cyberattack compared with other sectors
The spike in cyberattacks against banks in 2022
Cyberattacks on financial institutions often start with an identity system breach
Harden Defenses Against Financial Industry Cyberattacks
Semperis protects financial institutions from cybercriminals before, during, and after an attack. Semperis helps expose blind spots in the organization’s core identity system, detect and autonomously roll back malicious activity, and ensure a full, malware-free, speedy recovery of business operations.
Cyberattacks against banks and other financial companies target security weaknesses in Active Directory to gain access to the organization’s information systems, including customer account information.
Semperis exposes security gaps in Active Directory, including Incidents of Exposure (such as configurations that have drifted over time) and evidence of malicious activity.
After gaining access to the financial institution’s information systems, attackers can move throughout the network, often undetected, before dropping malware.
Semperis identifies attacks that bypass agent-based or log-based detection, including many SIEM solutions, and provides autonomous rollback of suspicious activity.
Cyberattacks can bring banks, investment firms, and other financial services operations to a halt, preventing access to funds, compromising customer data, and stoking public fear and panic.
Semperis reduces the time to fully recover Active Directory from days or weeks to minutes—accelerating the return of business operations and closing security gaps to prevent a similar attack recurring.
“Financial services companies are in the crosshairs of cybercriminals because of the potential payoff when customer data is compromised. And as with other industries, attacks in the financial sector often start with an Active Directory breach.”
Director of Services | Semperis
“Right on target: Easy to restore full [Active Directory] forest. Easy to use. Friendly interface.”
—Systems Admin, Financial Services Company
Read the full review on Gartner Peer Insights