Financial Institutions Must Prioritize Zero Trust Approach to Cybersecurity

In today’s complex threat landscape, financial institutions must prioritize a zero-trust approach to cybersecurity to safeguard sensitive customer information and prevent breaches. A critical step in achieving this is verifying user identities through multi-factor authentication (MFA), a requirement for many cybersecurity standards and regulations.

Verifying User Identities with Multi-Factor Authentication

Ekran System offers two-factor authentication (2FA) by sending unique codes to trusted mobile devices, enabling organizations to distinguish users of shared accounts. Additionally, the platform’s identity management capabilities can help prevent credential compromise, which is often cited as one of the primary routes into breaching an organization’s security.

Automating Password Management and Monitoring User Activity

• 71% of companies claim that credential compromise is a main route into breaching their security.
• Ekran System offers password management functionality, including:
  • Automatic password rotation for Windows and Active Directory accounts
  • One-time passwords
  • Secure storage with AES 256-bit encryption
• Monitoring user activity plays a crucial role in detecting and preventing insider and outsider threats. Ekran System’s user activity monitoring capabilities allow organizations to watch and record users’ actions, providing valuable insights into suspicious behavior.

Managing Third-Party Risks and Building an Incident Response Plan

• Financial institutions must closely monitor and manage third-party access to critical data.
• Ekran System’s platform can help by:
  • Monitoring the activity of third parties
  • Managing their access using its privileged access management (PAM) capabilities
• Every financial institution should have a well-thought-out incident response plan (IRP) in place. This document should provide clear response scenarios for cybersecurity incidents and specify what actions are needed to restore lost data or affected systems.

Reporting Security Incidents in a Timely Manner

• Most bank security compliance requirements compel organizations to notify governing institutions and involved parties about any data breaches.
• Ekran System’s actionable alert and notification system can help detect suspicious events quickly, enabling timely reporting of incidents.

Conclusion

Financial institutions must prioritize a zero-trust approach to cybersecurity by:

• Verifying user identities through MFA
• Automating password management
• Monitoring user activity
• Managing third-party risks
• Building an incident response plan
• Reporting security incidents in a timely manner

Ekran System’s access management, user activity monitoring, alerting, and reporting capabilities can aid financial organizations in achieving compliance with relevant laws, regulations, and cybersecurity standards.