How Automation Can Protect Financial Services From Data Breach and Cyber Risks?

data breach data breach

Financial services industry is always targeted by cyber criminals all over the globe, and the outcomes of a breach are shattering. From deteriorating customer loyalty and dipping stock values, to company and professional fame – the results of an effective attack are both wide-ranging and destabilizing. Equifax recently signed a resolution related to the 2017 data breach which resulted in the theft of information of over 146 million people. The company will allegedly pay at least $575 million, and potentially up to $700 million in damages. Staying safe is essential for institutions to be successful.

The banks have been looted physically for above two centuries, and the loot has been becoming more due to the technological advancements in the last 20 years and which has made it feasible for the thieves to steal funds from the ease of their own living rooms. In April 2018 alone, seven UK banks were threatened by a single synchronized attack and institutions often face specific, targeted attacks by coordinated group efforts known as Advanced Persistent Threats (APTs).

Keeping a financial service protected when the internal systems do not alter is simpler to guarantee effective preparation with any suspicion of data breach, but also doubtful. The business will need making necessary access changes which can generate a new, potentially vulnerable, access path. When it comes to making changes to advance internal processes and allow business agility, it is vital to manage such initiatives and stay careful by not providing needless access that unlocks a path of attack for hackers to compromise the organization. You can promise that if you are the one accountable for carelessness of a breach, it will be your job on the line.

So, by what means financial organizations’ IT security teams allow the business by delivering significant connectivity without damaging outcomes? Below are the problems financial services encounter during data breach situation and managing security policies and how automation provides the answer.

Integrating security policy

Many financial services have multifaceted security policies that are not recognizable or reference-able, and so these cannot be incorporated throughout a process. When essential application connectivity needs to be sustained, security configurations often require to be altered across each vendor device or platform and may clash with organizational policies.

For example, consider that DevOps and IT security teams have contradictory priorities about how work should be carried out. While IT security professionals are characterised as meticulous and risk-averse and anti – data breach certifying their organization’s network access change process is acquiescent and secure, the typical application developer functions outside this security review process and only guarantees connectivity between application resources. So that, there are two common pictures that organizations may encounter. The first is that IT security is often seen as a barrier and the second possible scenario is that DevOps will avoid security, so connectivity is guaranteed quickly, but with no security check or ability to review.

Automation eliminates this headache of data breach from the equation. It lets both teams become more competent in meeting their individual goals. Automating risk evaluations of change requests keeps the security team from reviewing every request, and automated design and implementation eradicate misconfigurations and mistakes. And once policy is centralized, change management is steady and auditable across your organization. In cases where automated risk appraisal is integrated into the application CI/CD pipeline, companies can expand and secure in parallel speed.

Four moves to security

To keep data and finances protected, businesses require following these steps to eradicate or limit the scope of breaches. This is done through:

  • Classify the security policy baseline of the organization;
  • Fragment the network to line up to the security policy;
  • Build up an automated change management process with fixed risk assessment;
  • Deal with the designation and re-certification of access exceptions.

Attacks normally fall between, or at, two extremes. APTs are frequently silent interlopers that will reside in the network for an extended period of time to carefully navigate the network without alerting security of their existence. This is regularly done by using existing access to navigate across different network segments to gain access to the desired assets, or through the cooperation of credentials. In either state, through correct planning and effective network division, businesses can preserve a network that limits access and stops hackers from easily finishing their objective.

To comprehend the above security benefits, organizations should classify a centralised security policy to recognize violations, and to guarantee changes made across the heterogeneous and hybrid network don’t bring in new risk.

Protection requires automation

Though many organizations are repeatedly caught in the midpoint between staying secure or prioritising connectivity, automation helps to increase both to guarantee their networks, processes, employees, and customer data are protected while keeping swiftness with internal and external business initiatives.

Centralizing security policy management across physical, SDDCs and hybrid cloud platforms provide CISOs control by following all security and network changes. They describe and impose their security policy across their different vendors and platforms, through a single pane of glass to do what IT security is meant to do – secure the business without slowing it down.