Secure Your Financial Services Firm’s Data


Financial services firms face 300 times more security incidents than any other sector.i Along with being subject to the highest rate of attack, the financial services industry is also the source of one-third of all data breaches.ii

The high value of personally identifiable information (PII) that financial organizations manage makes them a beacon for cybercriminals. From Social Security numbers and home addresses to account routing numbers, access to sensitive customer data is simply too hard for bad actors to resist, especially since it provides access to account numbers and the money within.

And since financial services organizations – like banking, investment, and brokerage firms – face a daily barrage of attacks that can lead to loss of data, assets, confidence and customers, they often need help creating adequate plans to prepare and respond.

Unfortunately, some of the most common security risks are not from external criminals, but insider threats like employees, partners and contractors. Irresponsible actions or negligence can compromise the integrity of sensitive financial data or even leave your company vulnerable to a cyberattack. Incidents caused by careless workers cost on average $307,111 per occurrence and can add up to more than $4 million per organization.iii

 

iCIODive Brief: Cyberattacks Hit Financial Services 300 Times More than Other Sectors

iiVMWare Carbon Black’s Cyber Security in Financial Services report

iiiPonemon Institute’s 2020 Cost of Insider Threats Global report

300x security incidents faced by financial services vs. other sectors

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security incidents faced by financial services vs. other sectors

$307111  average cost of incidents caused by careless workers

$

average cost of incidents caused by careless workers

$4 Million average cost of incidents caused by careless workers per organization

$ Million

average cost of incidents caused by careless workers per organization

of consumers switched companies or providers because of their data policies or data sharing practices

Protect Private Data

Insider threats are growing, and they are only expected to increase – whether they come from careless employees, negligent contractors or malicious insiders. Compounding the situation is the fact that the financial services industry is highly regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This regulation equates to greater scrutiny, resulting in stiff penalties and consequences when a breach occurs. Industry regulations like the Sarbanes-Oxley Act of 2002, the Gramm-Leach-Bliley Act (GLBA) and the Payment Card Industry Data Security Standard (PCI DSS) demand stringent protections to safeguard data. Therefore, it’s crucial to take proper measures to safeguard against internal risk.

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Guard Against Insider Threats

If your company manages sensitive data in a customer relationship management (CRM) tool like Salesforce or an office productivity application like Microsoft 365 or Google Drive, then you need a robust data security platform to guard against insider threats.

Without a platform to monitor mission-critical cloud tools, the data housed in these applications is exposed and vulnerable to an onslaught of potential security breaches and incidents – leaving you with the ensuing consequences, such as regulatory fines, angry customers and reputational damage.

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Enhancing data security

Imagine you’re a bank using a CRM to store and share customer data with a credit monitoring service. Unfortunately, you’re alerted that your customers’ PII was breached, so you ask a data scientist to determine what happened. After spending weeks analyzing your CRM’s audit logs looking for the source, the data scientist determines it was a hacker who pilfered a data analyst’s credentials and used their privileged access to steal data.

By monitoring for unusual user activity in applications that store sensitive data, you can thwart threats like compromised credentials.

FairWarning helps you:

  • Prevent data exfiltration
  • Track data access control
  • Detect compromised credentials
  • Monitor terminated/inactive users
  • Transform your data protection efforts from reactive to proactive
  • Secure your most sensitive information

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Simplifying regulatory compliance

Say you’re a loan provider who uses a CRM to cultivate and manage customer relationships. You need to make sense of massive volumes of security-related CRM data to satisfy auditors and meet PCI DSS compliance requirements, but the complexity of the data and the lack of staff expertise make it virtually unusable.

FairWarning transforms application log files into clear, intuitive visualizations and actionable alerts, making it easy to understand key insights that support compliance requirements ‒ like monitoring data access and tracking changes to security controls.

In one comprehensive platform, FairWarning helps you:

  • Protect regulated data
  • Meet compliance regulations
  • Detect threats
  • Avoid negative consequences like fines and loss of trust

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Detecting insider threats

Pretend you’re a credit union that relies on a CRM to store and share customer data. Since you suffered a breach last month, you’re committed to expanding data security to protect data within the CRM. Upon assessment, you find out three privileged users accessed and exported information from highly sensitive records they had no business viewing, which might explain how customer data ended up on the dark web.

By monitoring for suspicious user activity in applications that store sensitive data, you can stop threats like privileged user abuse.

FairWarning helps you:

  • Prevent data exfiltration
  • Track data access control
  • Detect compromised credentials
  • Monitor terminated/inactive users
  • Transform your data protection efforts from reactive to proactive
  • Secure your most sensitive information

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Monitoring application performance, usage and adoption

Say you’re an investment firm that relies on a CRM for client services, and you need to demonstrate its ROI. After purchasing 1,200 CRM user licenses per year at $100 a month, you discover that 90% of those users log in and use the system as they should but the remaining 10% of users are not because certain CRM pages are slow to render and error out. These non-engaged users cost the company $144,000 a year, and the problem needs to be addressed.

By monitoring application usage and adoption, you can pinpoint which users are taking advantage of your tools and following company procedures.

FairWarning helps you proactively detect application performance degradation and boost cloud application usage and adoption to:

  • Demonstrate ROI
  • Increase efficiency
  • Support increased business productivity

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What Sets Us Apart

FairWarning automates the manual, time-consuming process of parsing log files and provides visualizations and alerts, taking your data from indecipherable to actionable. Like a SIEM tool, FairWarning correlates event log data from multiple sources and simplifies log management for information security.

But FairWarning takes things a step further than a SIEM by translating the CRM reports to make entry-log data more accessible and provide an extra layer of data protection. We empower organizations like yours to precisely monitor how and when data is accessed – and by whom. All without the need for a data scientist.

Why Partner With Us

FairWarning is the leader in helping you manage office productivity and CRM data privacy with clicks, not code, so you have clear visibility into abnormal insider behavior and can effectively automate compliance processes.

We are the partner that provides monitoring at the application layer, continuously monitoring user activity to detect insider threats so you know what’s happening in your environment faster – transitioning your security posture from reactive to proactive.

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