Overview

The finance industry leverages cutting-edge technologies to enhance customer experiences and drive operational efficiency. However, this digital evolution comes hand-in-hand with a myriad of cybersecurity challenges, which require a holistic approach to safeguard sensitive financial data and maintain trust in the increasingly interconnected financial ecosystem.

Risks and Challenges

›‹ The Hacker’s Target of Choice

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%).*

›‹ Compliance


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.

›‹ Customer Success and Innovation

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

All-In-One Solution

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.

Privileged Access Management: A Shield Against Emerging Financial Threats

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PAM plays a significant role in protecting the sensitive platforms of financial transactions, payment methods, and sensitive client data.

The role of PAM

Here are some key reasons why deploying a PAM tool is important in the finance sector:

›‹ Ease of Integration

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.

›‹ Security Enhancement

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).

›‹ Simplicity of Use

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.

›‹ Regulatory Compliance

Avoid penalties and address your organization’s need for structured and comprehensive cybersecurity practices during audits.

›‹ Password Protection

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.

›‹ Reduce the Attack Surface

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.”

Learn more about the standard and frameworks

Unlock the Blueprint to Success:

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.

Acclaimed by our customers

”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.”

Recognized by industry leading analysts

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