How Secure is Your Financial Institution?

Most medium- and small-sized financial institutions (FIs) have undersized security and compliance organizations and are at a disadvantage when it comes to defending their enterprises. Today’s rapidly evolving threat landscape makes it considerably harder for FIs to protect their community. The rules of engagement in cybersecurity have dramatically changed.

$16.8B

Total estimated losses FIs suffered as a result of cyberattacks*

*2018 Verizon Data Breach Report

$7.35M

Cost of a data breach in the U.S.
How Secure is Your Financial Institution?

61B

Credential stuffing attempts from January 2018 - June 2019*

*Akamai, State of The Internet/Security:
Media Under Attack, Special Edition

~$1.8M

Business costs of a DDoS attack*
Financial institutions’ online banking services impacted by DDoS attacks*
Financial institutions’ public websites that experienced a DDoS attack*
*Source: The Impact of Cybersecurity Incidents on Financial Institutions
How Secure is Your Financial Institution?
Distributed Denial of Service (DDoS) attack:

When a botnet (a large pool of connected devices that can be strung together) floods a financial institution’s website with traffic to deny service for genuine users

Credential Stuffing

The automated injection of breached username/password pairs in order to fraudulently gain access to user accounts

Guiding Principles to Enhance FI Security

The most secure enterprises practice 3D security:

Design

Security measures taken before products are even built
How Secure is Your Financial Institution?

Develop

Code developed free of vulnerabilities

Deploy

Securing in-production deployment

How to Protect Infrastructure

Next Gen Firewalls

Mitigate bots and stop SQL injection and network layer attacks
How Secure is Your Financial Institution?

Next Gen Antivirus

Enhance endpoint protection with built in AI and machine learning

Protecting Data

Technologies that can help protect your data:

How Secure is Your Financial Institution?
Certificate and key management
How Secure is Your Financial Institution?
Encryption of emails with sensitive data
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Data loss prevention (DLP)

Privilege Management

Ensure only authorized individuals have access to sensitive data:

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Single Sign-On (SSO)

Drives security, provides great user convenience
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Secret Server

Provides secure repository for users to store privileged information
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Access

Enforce least privilege and need to know access

Best Threat and Vulnerability Management

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Ongoing Vulnerability Scans

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Patch Management

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Threat Model and Analytics

Make Users Smarter and Safer

Raise the security baseline of your employees with:

How Secure is Your Financial Institution?
  • Regular social engineering testing
  • Security training that’s actually fun
  • Special security events like Hacktober
  • Protect your email

Learn more of what impacts security today from Alkami’s Chief Information Security Officer