Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Uncategorized

Defense in Depth Strategy Provides Financial Services the Protection Needed from Cyber Attacks

by Shayda Windle
October 24, 2017
in Uncategorized
Reading Time: 3 mins read
A A
Defense in Depth
Share on FacebookShare on Twitter

The financial services industry has seen its share of cybersecurity breaches this year, with attacks like the Equifax hack  affecting approximately 143 million U.S. consumers. And if we’ve learned anything from the largest breach in U.S. history, it’s that the industry must move towards smarter cybersecurity practices in order to confront and prevent cyberattacks sooner.

As Tom Gilbert, CTO, Blue Ridge Networks says, “While the number of breaches continues to increase, organizations are realizing that one product alone won’t be the holy grail of cybersecurity defense.” Because attacks are becoming more targeted and sophisticated than ever before, financial services organizations are turning to a defense in depth strategy, “to protect against the many different attack vectors that are being used today, and multiply their cyber defense exponentially,” Gilbert adds.

One of the biggest challenges financial services organizations face is having a complete “understanding of what exactly a defense in depth strategy is,” Gilbert says. “Many organizations often refer to two of the same type of cyber defense mechanisms as defense in depth, but that’s not the case.”

A true defense in depth approach involves multiple layers of defense with several layers of preventing or eliminating threats. “For instance, some organizations could benefit from an Identity Access Management (IAM) solution with an added Network Access Protection (NAP) solution,” Gilbert adds.

Authentication is a key component to a defense in depth strategy, which may consist of two separate techniques for authenticating credentials, such as password authentication combined with a smart card. Gilbert mentions, “This is true two-factor authentication;  there is a possession factor and a knowledge factor. The strength of one offsets the weakness of the other when they must be used together to gain access.”

There are many other best practices financial services organizations should follow when it comes to cybersecurity, though. It’s critical that IT leadership ensures all network connected devices and machines like ATMs, physical security cameras, or other operational technology (OT) and Internet of Things (IoT) devices are fully protected against potential threats. “Financial services companies need to consider their OT systems not just as a potential vulnerability but as a potential attack vector on their IT infrastructure,” Gilbert notes.

With so many financial services organizations today sharing information with partners, service providers, and vendors, they face increasing vulnerabilities with regards to security. It’s incredibly challenging to enable two-factor authentications among multiple companies, which in turn defaults users to a basic user ID and password. “These weak credentials beg to be stolen and are often the first stage in a multi-stage cyber attack. The good news is, Blue Ridge Networks has successfully provided secure extranet solutions across financial organizations for years, ensuring that all network access and communication is secure,” Gilbert concludes.

Find out more about Blue Ridge Networks here.

 

Tags: Blue Ridge Networkscybersecuritydefense in depthEquifaxFinancial ServicesFintechTom Gilbert

RELATED POSTS

Contributed Articles

AI: Helping or Hurting Companies in Staying Compliant

March 9, 2023
Contributed Articles

What 2023 Means for Commercial Construction Lending

February 23, 2023
Minimizing Phishing for Financial Services Institutions with Enhanced Email Security
Banking

Minimizing Phishing for Financial Services Institutions with Enhanced Email Security

November 8, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NOW

  • Cybercrime and Cyber Risk: Strategies for Protecting Your Organization

    503 shares
    Share 201 Tweet 126
  • What 2023 Means for Commercial Construction Lending

    515 shares
    Share 206 Tweet 129
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    657 shares
    Share 263 Tweet 164
  • AI in Financial Services: Where Does Ethics Fit In?

    553 shares
    Share 221 Tweet 138
  • Matching Buyers and Sellers in M&A

    540 shares
    Share 216 Tweet 135

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us