Zero Trust: The Foundation for Secure Financial Transactions

In the highly regulated financial sector, securing sensitive customer information is paramount. With the increasing threat of cyber attacks, it’s crucial to implement a robust security framework that ensures the integrity of financial transactions. One essential component of this framework is the principle of Zero Trust.

Verify User Identities: The First Line of Defense

Ekran System offers two-factor authentication (2FA) and identity management capabilities to verify users’ identities by sending unique codes to trusted mobile devices. This ensures that only authorized personnel have access to sensitive financial data. In shared account scenarios, Ekran’s identity management can help distinguish users, reducing the risk of unauthorized access.

Password Management: A Critical Component

Seventy-one percent of companies claim credential compromise as a primary route into breaching security.
To prevent this, it’s essential to implement strong password policies and automation.
Ekran System’s password management functionality generates and efficiently manages user credentials, performs automatic password rotation, and provides one-time passwords for added security.

Continuously Monitor User Activity

User activity monitoring plays a vital role in detecting and preventing insider and outsider threats. By watching and analyzing user actions, you can proactively detect suspicious events and respond quickly to potential cyber attacks. Ekran System’s advanced reporting capabilities allow you to generate customizable reports on monitored data, providing valuable insights into employee productivity and system usage.

Manage Third-Party Risks

Third-party access to critical systems poses significant security risks.
Financial institutions must closely monitor and manage third-party activity to prevent unauthorized access.
Ekran System’s PAM (Privileged Access Management) capabilities enable you to monitor and control third-party access, ensuring that subcontractors comply with the same cybersecurity requirements as your organization.

Incident Response Planning: A Critical Component

A well-thought-out incident response plan (IRP) is essential for financial institutions. This document should outline clear response scenarios for cybersecurity incidents, including data recovery and system restoration procedures. Ekran System’s automated IR functionality enables manual and automatic response actions, including displaying warning messages, blocking sessions, and terminating processes.

Timely Reporting of Security Incidents

Prompt reporting of security incidents is critical in the financial sector.
Most compliance requirements demand swift notification of governing institutions and involved parties.
Ekran System’s AI-powered user and entity behavior analytics module automatically analyzes user behavior for inconsistencies, notifying you about unusual activity in a timely manner.

Conclusion

Implementing Zero Trust principles, including multi-factor authentication, password management, user activity monitoring, third-party risk management, incident response planning, and timely reporting of security incidents, is essential for financial institutions to reduce cybersecurity risks and protect sensitive customer information. Ekran System’s comprehensive access management and monitoring capabilities can aid your organization in achieving these goals, ensuring the integrity of financial transactions and maintaining regulatory compliance.