Finance and insurance face a formidable threat landscape, with 77% of breaches stemming from basic web application attacks, errors, and system intrusions. Driven by financial motives, attackers target personal data (74%), credentials (38%), and banking information (21%).*
The strictly regulated finance industry, faces a complex web of compliance requirements, including ISO 27001, PCI DSS, SOLVA II, DORA, NIS 2, SHREM, etc. Each regulation demands specific security measures and audits. Non-compliance incurs penalties, emphasizing the critical need for adherence to regulatory standards.
The evolution of customer expectations propels the demand for personalized digital services, emphasizing the need for secure and agile operations. Financial DevOps face challenges regarding insecure credential management and regulatory compliance, underscoring the crucial role of robust cybersecurity measures and solutions.
*DBIR Verizon 2023
Unmonitored access poses risks of data breaches and attacks, underlining the challenge of managing disparate systems. Robust PAM solutions are crucial to mitigate industry-specific risks and ensure a secure financial environment.
Here are some key reasons why deploying a PAM tool is important in the finance sector:
Financial institutions deal with a myriad of systems and applications. WALLIX PAM seamlessly integrates into existing on-premises, hybrid, and cloud-native infrastructures, ensuring a smooth transition without disruptions.
Control access to authorized systems, grant privileges as needed, and eliminate local passwords. PAM reduces the risk of hackers escalating privileges, safeguarding confidential customer information, such as Personally Identifiable Information (PII).
WALLIX PAM is characterized by its flexible and straightforward approach to defining and enforcing security policies. It streamlines the process of managing access rights, preventing manual errors, excessive workloads, and complexity.
Avoid penalties and address your organization’s need for structured and comprehensive cybersecurity practices during audits.
Safeguarding sensitive information is non-negotiable. Securely store secrets for human and non-human users, automate password rotation based on time and usage, and remove passwords from disks to enhance security.
Minimize the attack surface by automatically discovering and eliminating local privileged accounts, setting up strict authorization rules, using the least required privilege, and attributing privileges “Just in Time.”
Achieve internationally recognized levels of security in compliance with ISO 27001 / 27002.
Centralize management of privileged access to critical IT assets with robust, simplified access security solutions.
Bank of Africa chose WALLIX PAM for unparalleled secure access to their cutting-edge IT system. Don’t miss out on the secrets behind their resilient defense.
”Although the pandemic has been one of the most critical challenges we recently had to face, WALLIX’s PAM solution has made things easier for us. We would like to point out that the rapid deployment, simplified session auditing, seamless user experience and precise control of internal and external access has allowed us to securely adapt to the new digital context.”
“Bank security faces many risks. Banks should, of course, protect themselves against external attacks, but the risks of human error or malicious acts by users with extended permissions, such as traders, external service providers or administrators, must also be considered. WALLIX PAM has enabled us to set up this additional level of security, meaning that we now know exactly what our external service providers do on our critical data servers. As well as providing traceability, WALLIX PAM also ensures that we comply with the banking regulatory standards and enables us to respond more rapidly in the event of an IT system incident.”
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against external and insider threats to customer payment data.
external cyber threats and internal vulnerabilities to maintain financial data integrity.
management measures.
