Carbon Black recently published a guide on combating the most advanced threats that financial institutions are facing today using the marketing-leading endpoint detection and response solution, Cb Response. For more information on securing large-scale financial enterprises, including how to eliminate the “response gap,” check out Risk & Response: Defending Financial Institutions with Cb Response.
Are Cyber Fears Stifling Financial Innovation?
The financial services industry is no stranger to volatility and risk. In fact, according to the Traveler’s Risk Index, over the past few years the industry has seen a gradual decrease in overall perceived business risk. However, these industry concerns are still higher on average compared to all other industries, and this year there was one category that an overwhelming 71% of those surveyed agreed was a top concern— cybersecurity.
Banking and financial institutions are particularly more concerned about security breaches than other industries, with fewer than 1 in 5 companies feeling very confident in their ability to mitigate the threat of a cyberattack. However, despite their lack of confidence in their ability to protect themselves, these same banking and financial companies are counting on digital business to bring them the greatest amount of business opportunities over the next few years.
With electronic finance practices rapidly evolving, institutions are expected to provide a customer, and only that customer, unfettered access to their entire financial lives anywhere and at any time. This level of convenience and fluidity of access is expected despite the increasing barrage of threats targeted at banking and financial institutions, from attacks seeking to steal data.
The question becomes how can financial institutions hope to embrace new technology while maintaining a strong security posture? The entire industry has been materially hampered by cybersecurity concerns, with the adoption of new technologies in large enterprises slowing as a result. This year’s joint annual survey on bank risk management issued by EY and the Institute for International Finance (IFF) illustrates the current state of financial infrastructure as reliant upon environments with limited visibility into aging systems managed by technical talent that seems harder to find every day. Security professionals are expected to stop every new threat while simultaneously doing more with less.
For more information on defending financial institutions, including how to eliminate the “response gap,” check out our free guide, Risk & Response: Defending Financial Institutions with Cb Response.
We asked some financial sector security professionals in the Carbon Black User Exchange Community about the most worrisome attack vectors. The most common responses revolved around phishing, fixed-function systems like ATMs, and the ability to detect data exfiltration. Fortunately, when we asked the same customers what endpoint detection and response (EDR) features were the most crucial to their ability to remain secure, they cited Cb Response’s customizable automated watchlists and how easy forensic investigations can be with Cb Response’s continuous monitoring of all endpoint activity, calling it the “best endpoint visibility and forensics tool out there.”
“Best endpoint visibility and forensics tool out there.”
Senior Systems Engineer, Global Asset Management Firm
So while the financial sector may be a bigger target than most industries, security professionals today have the ability, with the right tools in place, to get a complete picture of all activity in their environment. Although most financial sector security professionals we surveyed acknowledged that the level of zero-day attacks has increased, they also believe technological innovation is still alive and well in their organizations. Striking the right balance of security and innovation is challenging to say the least, but the right people armed with the right tools can make all the difference.
If you want to learn more about how our customers are able to innovate and remain protected against today’s threats, we encourage you to experience Cb Response for yourself and request a demo.
Looking for more information on defending financial institutions? Carbon Black recently published a guide on combating the most advanced threats that financial institutions are facing today using the marketing-leading endpoint detection and response solution, Cb Response. For more information on securing large-scale financial enterprises, including how to eliminate the “response gap,” check out Risk & Response: Defending Financial Institutions with Cb Response.