ARX For Financial Services

Reports across the industry state that hacking and malware cause 75% of all data breaches in the sector. It is easy to install and there are variations of it which is capable of carrying out malicious activities like downloading and dropping files, spyware attacks, keylogging, stealing passwords, etc. One of the reasons for this is that many of the financial institutions use multiple passwords, and since, there is a password for each process, the users tend to keep weaker passwords. Hence, they become an easy target.

There is an easy solution to fix this – using the same user id and password across all systems that you use. With the Single Sign-On (SSO), instead of a password for every application, users have one password to remember. With that single sign-on, they get access to all their applications. SSO assures that the users have a strong password. Also, it eliminates the need of a middleman to reset passwords time and again.

SSO makes the financial organisation more secure and life for the users easier. With SSO,

Certain attacks like Distributed Denial of Service (DDoS) have grown in size and frequency. DDoS attacks are defined as “those in which multiple compromised computer systems attack a target, such as a server, website or other network resource, and cause a denial of service for users of the targeted resource. The flood of incoming messages, connection requests or malformed packets to the target system forces it to slow down or even crash and shut down,thereby denying service to legitimate users or systems.”

A strong Multi-Factor Authentication (MFA) system can prevent such attacks. Traditional usernames and passwords can be stolen, and they’ve become increasingly vulnerable to brute force attacks like the DDoS. MFA creates multiple layers of security, resulting in efficient and diligent authentication. This ensures that the user requesting access is actually who they claim to be.

With MFA, a cybercriminal may steal one credential, but will be thwarted by having to verify identity in a different manner. MFA is an effective way to provide enhanced security for all your IT resources including cloud, on-premise and mobile.

Yet another alarming fact that the Bitglass report stated was that insider threats grew from 2.9% in 2018 to 5.5% in 2019 and accidental disclosures increased from 14.7% to 18.2% during the same time. No company wants to believe that their own employees can contribute to cyber security incidents – intentional or accidental.

Leveraging automated user management streamlines role-based access control. Along with security suite features like authentication, access controls, privileges, entitlements, single sign-on & security policies and activity auditing across organisation, they can also create an error-free workflow as well, which will define the role of each and every employee.

With a better User Management,

In the recent past, the financial services firms have been reportedly hit by security incidents an astonishing 300 times more frequently than other industries. This is how valuable the data is that the financial services industry possesses. That is why risk mitigation becomes all the more important. The best way to lower risks is by detecting the attack earlier on and containing it.

This is where ARX can help. With lifecycle managed users, Access Controls and Authorisation Access can be easily managed and mapped. Along with a maker-checker workflow, the firm can keep track of who is doing what. With a clear visibility and detection mechanism in place, they can also respond to any threat, which otherwise could leave them exposed.