Financial service organizations deal with some of the most sensitive data in the business: money. Finance is dealing with higher stakes than most verticals, which inevitably impacts how they manage employee access and authentication.
Reducing Financial Service Cyber Threats while Integrating IAM Infrastructure
Reducing the risk cyber threats is a priority in financial service organizations.
Risk Reduction Priority
Our Take: Due to the high sensitivity of the data and the associated compliance mandates in finance such as the Financial Action Task Force (TASF), Bank Secrecy Act (BSA) and the EU’s Fifth Anti-Money Laundering Directive (5AMLD), it’s no surprise that reducing the risk of financial service cyber threats is a higher IAM priority for finance than most.
66% Overall Average
Hackers have gained access to my organization
Our Take: However, when it comes to hackers gaining access, finance is struggling. Finance has historically been a target for a breadth of attacks, both the institution and their customers, and experience the highest cybercrime costs out of all verticals at an average of $US 18.3 million per year.
31% Overall Average
Integrating security infrastructure is my biggest area for improving
Our Take: In terms of improvements, finance ranks integrations at the top of the list, which offer a holistic view of user identity and access management, along with authentication to help reduce the unsettling percentage of hackers gaining access.
57% Overall Average
Lack of budget for IAM is a challenge
Our Take: One area where finance is not struggling is lack of budget. Finance acknowledges the high risks of managing money and are spending as much as 14% of their annual IT budget on cybersecurity programs.
24% Overall Average
Our Take: In terms of where that budget is going, MFA is the most invested in technology. This is likely due to standards from the National Institute of Standards and Technology (NIST), which recommend MFA as a method to increase the security of every login attempt.
48% Overall Average
I’m planning to invest in password management
Our Take: Finance prioritizes password management 10% more than other verticals, likely because of identity and access management, with their employees sharing sensitive credentials. Password management will help finance securely manage and share passwords to meet their objective of reducing the risk financial service cyber threats.
22% Overall Average
I need an integrated system to manage, monitor and set policies
Our Take: In their ideal IAM solution, finance wants an integrated way to manage user identity and access management, as well as authentication, which aligns with their integration priorities. This will simplify managing IAM across the organization for finance.
44% Overall Average
Our Recommendations to Reduce Financial Service Cyber Threats
Add MFA everywhereMFA across applications, workstations, and VPN is a simple way to reduce risk and also makes audits and compliance mandates easier to achieve.
Focus on integrations and flexibilityConsider IAM technologies that offer a variety of integrations for complete flexibility to work with your tools of choice.
Unite IAM wherever possibleA unified view of employee access and authentication better enables the business to prevent potential risks.
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