Financial Services

Financial
Services

The Cost of Inaction
Could Be Disaster

There's a silent killer in your financial services organization. If you think it isn't happening, think again:

  • It takes the Financial & Banking Industry more than 48 days on average to identify an internal threat
  • Then, it takes more than 11 days on average to address this internal corruption

By then, significant damage is done - and the financial impacts are already starting to take their toll. With an average remediation cost of $450,000 per incident, even minor vulnerabilities can impact your ability to invest in your business.

Financial Services Industry Worker

The Price of Noncompliance

GLBA
The Gramm-Leach-Bliley Act (GLBA) requires that financial institutions follow a specific set of security protocols. Should organizations subject to GLBA expose that financial data, the penalties are more than costly — they can involve prison time. Each individual violation carries a $100,000 fine for the business. Individuals responsible for the breach must pay an additional $10,000 per incident and face up to five years of imprisonment for criminal actions.

PCI DSS
The PCI Data Security Standard (DSS) applies to any organization that handles customer credit card information, and requires that companies follow strict data security protocols. Falling out of PCI DSS compliance entails a penalty of $5,000 – $500,000, depending on the infraction, while a data breach will set you back $50 – $90 per customer affected.

“Detecting insider threats requires visibility into actions that users and applications perform, identifying deviations in normal behavior and using that information to identify distinct threats.”

– Dr. Eric Cole, SANS Institute Fellow

Prevent and Remediate Internal threats with Veriato

Veriato is an innovator in actionable user behavior analytics and the leader in user activity monitoring. Veriato solutions focus on the insider, their behaviors, and their activities — providing you with powerful detection capabilities and the information needed to rapidly respond to insider threats.

DID YOU KNOW?
Solutions focusing on external threats will have minimal impact against internal threats.

The Truth About the Lack of Prevention

Veriato provides the visibility needed to quickly and efficiently produce reports required by regulators. Our solution creates a detailed audit trail of user actions, and also provides the ability to anticipate threats to data security via behavioral analytics. Financial Services organizations use Veriato as part of a robust insider threat program, and to satisfy compliance mandates such as:

  • GLBA - 15 U.S. CODE 6801 / FTC SAFEGUARDS RULE -16 CFR PART 314
  • DODD-FRANK - SECTION 154(B)(3), ORGANIZATIONAL STRUCTURE; RESPONSIBILITIES OF PRIMARY PROGRAMMATIC UNITS – DATA CENTER
  • SARBANES-OXLEY ACT – SECTIONS 302 & 404
  • NEW YORK STATE DFS – 23 NYCRR 500

"Most organizations will suffer an insider compromise and many will be unable to prevent all attacks. That your organization currently has an insider threat of some sort is a near certainty."

– Dr. Eric Cole, SANS Institute Fellow

Where are the Biggest Concerns?

where are the biggest concerns