Financial Sector Must Adopt Zero Trust Model to Ensure Cybersecurity Compliance

The financial sector is a prime target for cybercriminals, making it crucial for banks and financial institutions to prioritize cybersecurity measures to protect sensitive customer information. A critical aspect of achieving this is adopting the zero-trust model, which requires verifying user identities before granting access to systems and data.

Implementing Multi-Factor Authentication (MFA)

Implementing MFA is a fundamental principle of zero trust, ensuring that even if an attacker gains access to a user’s password, they will still be unable to gain access to systems and data without the additional verification factor. Ekran System offers a two-factor authentication solution that sends a unique code to a trusted mobile device.

Secure Password Management

Seventy-one percent of companies claim credential compromise as one of the main routes into breaching an organization’s security. To mitigate this risk, Ekran System offers password management capabilities that:

• Generate and manage user credentials efficiently
• Perform automatic password rotation for Windows and Active Directory accounts
• Provide users with one-time passwords

Continuous User Activity Monitoring

User activity monitoring is a critical component of zero trust, enabling organizations to detect and prevent insider and outsider threats. Ekran System’s user activity monitoring capabilities:

• Record and analyze users’ actions in real-time
• Provide valuable insights into suspicious behavior

Managing Third-Party Risks

Third parties often have access to sensitive data and systems, making it essential to monitor their activity closely. Ekran System’s session monitoring capabilities enable organizations to:

• Manage third-party access
• Ensure compliance with cybersecurity requirements

Building an Incident Response Plan

A well-thought-out incident response plan (IRP) is crucial for responding to cybersecurity incidents quickly and effectively. Ekran System’s automated incident response functionality enables organizations to respond to security incidents manually or automatically, reducing the risk of data breaches and system compromise.

Reporting Security Incidents in a Timely Manner

Prompt reporting of security incidents is critical for compliance with regulatory requirements. Ekran System’s actionable alert and notification system enables organizations to:

• Detect and report suspicious events quickly
• Ensure timely notification to stakeholders

Conclusion

Adopting the zero-trust model is essential for financial institutions to ensure cybersecurity compliance and protect sensitive customer information. By implementing MFA, securing password management, continuously monitoring user activity, managing third-party risks, building an incident response plan, and reporting security incidents in a timely manner, organizations can reduce the risk of cyber attacks and data breaches. Ekran System’s comprehensive access management and user activity monitoring capabilities can aid financial institutions in achieving this goal.