Don't let the Financial sector be a leading target of cybercrime

Find out how financial institutions can easily comply with regulations and defend against cyber attacks 

 

 

 

 

DriveLock in practise

Use case | Financial sector

 

The financial sector is an attractive target for cyber criminals

This includes millions of financial and customer data, electronic payment flows and trading systems. The financial services sector is where profit-oriented hacker organisations can "earn". Although strictly regulated with a large number of IT security requirements, the financial sector is nevertheless exposed to a significant number of vulnerabilities due to its high level of digitalisation. We at DriveLock can help you to protect yourself from this vulnerability.

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Billion adults worldwide have obtained a bank account since 2011*

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Billion transfers occurred in the European Union in 2017**

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Thousand new malicious programs and potentially unwanted applications every day***
* source: 2017 Global Findex database, ** source: 2017 European Central bank *** source: av-test.org/en/statistics

The financial sector caught in a balancing act of regulation compliance and cybercrime defence

Reports like these often shock and destabilise the financial world:

              +++++++++              A new case of JACKPOTTING: Cybercrime on ATMs          ++++++++++
This is what experts call attacks in which either malicious software has been installed on ATMs or criminals succeed in connecting their computer and inducing the ATM to dispense cash, e.g. through the Cutlet Maker malware.

How can this be prevented? By regular updates, encrypted data transfer, the blocking of USB ports and execution control of only approved programs. 

 

++++        Banker TROJANS +++++++  PHISHING +++++++ Bank customer's data hacked        +++++++++

  • Banker Trojans have infected 800,000 Android devices in the past four years. The people behind the group called Geost steal access data to bank accounts.

  • Using spear-phishing, criminals have succeeded in penetrating the IT system of an Eastern European bank using the IT system. For 2 months they spied out the system without being disturbed and collected information  to carry out illegal transactions or take over ATM infrastructures.

  • More than 100 million bank customer's data were hacked in the USA: In July 2019, it became known that a hacker at US-Bank Capital One stole millions of sensitive customer data contained in credit card applications. The bank also announced that it expects additional costs of about USD 100 million to USD 150 million due to the cyber attack in 2019 alone.

 

Banks under supervision and regulations

IT security has been a high priority in the banking sector since its evolution into digitalisation. The requirements concerning cyber security include for example an appropriate IT strategy and management of information risks, information security and user authorisation. These are to be implemented in concrete terms with technical-organisational measures. In Europe, for example, the European Central Bank has announced the Cyber resilience oversight expectations (CROE), specifying the requirements for the resilience of the financial market infrastructure to cyber risks.

Also, financial institutions in some countries are also classified as critical infrastructures, for which security measures must be implemented and proven.

From this perspective, it does not matter which regulation or guideline you consult: as a financial institution you must give top priority to cyber and IT security.


 

 

 

Why is DriveLock the right partner?

Learn more about employee awareness and application control through intelligent whitelisting in our free whitepaper.

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Security awareness and application control with predictive whitelisting

 

 

 

Why is the financial sector particularly lucrative for attacks?

  • In banks and insurance companies there exist significant amounts of confidential customer and account data.
  • Electronic payment transactions, trading systems, payment flows and millions of accounts offer profit-oriented cyber organisations a lucrative breeding ground for manipulating account/customer data and transactions (e.g. bank transfers).
  • Online banking is widely-used and leaves potential gateways for unmaintained private devices or carelessness on the customer's behalf. 
The financial industry is particularly attractive for cyberterror and hacker attacks

What are the requirements regarding data processing and data security?

Prevention and response to attacks
Ensuring the integrity of financial, account and customer data
Prevention of human error and human carelessness
Data protection and confidentiality of data
Monitoring and logging of all accesses and changes in systems

How can DriveLock be used for effective prevention?

  • Prevention and response to attacks

    Application Control from DriveLock:

    The machine-learning whitelisting procedure, i.e. a positive list of approved programs that can be dynamically extended


    Device Control from DriveLock:

    Data medium control and data flow control (only authorised use of external media are allowed, such as USB sticks).

    Optionally, DriveLock also supports encryption of data written to external media. DriveLock also supports full auditing of external media usage and logging of data flow, including shadow copies.

  • Ensuring the integrity of financial, account, customer data, data protection and confidentiality of data

    Encryption from DriveLock:

    Encryption of hard disks, archives, directories and files, encryption of external removable media;
    Management of Microsoft Bitlocker hard disk encryption. 

  • Avoidance of human error

    Security Awareness from DriveLock:

    Sensitisation of staff and employees through online lessons and interactive training e.g. to protect against fake emails or fishing attacks through social engineering.

  • Access control to systems

    DriveLock SmartCard Middleware:

    Provision of a smartcard middleware for cost-effective use of smartcards (also for new versions). Thus, access/access control and multi-factor authentication can be realised cost-effectively.

  • Monitoring and logging of all accesses and changes in systems

    Analytics & Forensics from DriveLock:

    The DriveLock Control Center offers a detailed Reporting as an additive to the protective measures. This enables you to determine - should an attack occur - what and who is actually affected and responsible. 

     

 

Do you have questions concerning our DriveLock solutions?