The alarming rise in security incidents emphasizes the importance of robust security controls.
Financial institutions such as banks and financial services firms have large volumes of data, making the sector a prime target. According to the IBM Cost of a Data Breach Report 2021, the average cost of a data breach in the financial sector was $5.72 million (Forbes). Several notable incidents have occurred over the years, and much can be learned from them.
This blog will go over three incidents, the lessons learned, and how Managed Detection & Response (MDR) can optimize your financial institution's defense capabilities.
Experian Data Breach
In 2020, cybercriminals dealt this credit reporting giant a crushing blow that exposed the confidential information of millions of customers.
The ramifications were extensive, affecting both individuals and businesses. According to multiple outlets, a failed verification process caused the leak. Unfortunately, this user error favored the threat actor, who gained access to the most valuable business assets - data.
However, by conducting a dark web scan, Experian, with the support of law enforcement, intercepted the exploitation of stolen data and continued the remediation process.
So, what is the takeaway here?
For starters, it is critical to have the proper tools. Dark web monitoring is an efficient way to scour hidden websites and look for personally identifiable information (PII) associated with a breach and alert you of its discovery.
If you’re still debating its worth, consider the peace of mind that comes with contextualized insight to help protect your business and maintain customer trust. Human error is inevitable. Proactive protection and real-time knowledge are critical in a world where breaches are becoming more commonplace.
If you are without the resources to monitor the dark web, schedule your Ransomware Readiness Assessment right away. It is quick, simple and completely free!
Equifax Data breach
Equifax suffered a massive data breach in 2017 and is widely regarded as the most publicized incident in recent history. This front-page headline was avoidable and shattered public trust. Equifax failed to patch a well-known vulnerability. A consequential oversight that allowed for an easy breach and collateral damages of grand proportions.
There are two lessons from Equifax’s mistakes.
As a clear target, the financial sector cannot afford to be reactive. The name MDR implies its purpose: detection, and response. However, ActZero goes above and beyond. We focus attention on proactive elements that reinforce your security.
Consequently, your team remains ahead of the gaps that lead to a breach like this one.
To see how you can pursue Threat Modeling on your own, check out our comprehensive exercise!
Desjardins Data Breach
Desjardins, one of Canada’s largest financial institutions, suffered an insider-driven data breach due to gaps in administrative safeguards. A malicious employee had significant privileges that permitted unauthorized access to sensitive data.
While external threats are frequently the focus of attention, we must also cultivate a culture of vigilance within our organizations since threat actors can take advantage of access control gaps.
ActZero has partnered with Intigrow, a global enterprise information security solutions and service provider, to offer a joint assessment that helps businesses detect identity sprawl and mutation when transitioning to zero trust network access. Access our webinar on-demand: Steps to Test Your Ransomware Readiness Posture to learn more on Zero Trust, the roles of Identity & Access Management and effective threat detection and response.
Conclusion
Every 39 seconds, a cyber attack occurs. We are amid a security epidemic with financial institutions fighting the scourge of ransomware every day.
Smaller lending institutions are more vulnerable to cyberattacks and damages. As a result, it is imperative for these organizations to constantly assess their security infrastructure against current real-world attacks.
MDR enables rapid detection and response to ransomware. It progressively reduces vulnerabilities and is an excellent option for improving your financial company’s cyber resilience.
For a more detailed look at how MDR enables you to meet new financial regulatory requirements, see our eBook: The Effects of Cyber Regulation on Small Banks & FinTech Companies.
In addition, leveling up your security posture has never been easier. Examine your financial institution’s defenses against the most recent ransomware campaigns and protect your customers’ data.
Now is the time. Schedule your complimentary Ransomware Readiness Assessment today!