Financial organizations are the principal targets for hackers, organized crime, and cybercriminals - and the increased sophistication and sheer numbers of their attacks have repeatedly demonstrated their ability to find and exploit vulnerabilities. As a result, even the best-defended networks continue to be penetrated. Not only are these organizations on the front lines in the battle against computer security, they are members of one the most heavily regulated industries in existence.
Organizations that provide financial services, including banks and insurance companies, face a significant challenge in securing their client’s financial information and to meet both internal and regulatory requirements.
Specific challenges faced by financial institutions include:
- Information Overload - Network and security teams are overwhelmed collecting and analyzing millions of daily network and security logs – resulting in missed threats, data theft, and unreasonable operational expenses.
- Compliance Audits - Enforcing internal security policies and meeting audit and regulatory requirements for existing and emerging regulations such as the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), The Federal Financial Institutions Examination Council (FFIEC), Payment Card Industry Data Security Standard (PCI DSS) and Defense Finance and Accounting Service (DFAS). Monetary costs for privacy and security breaches go beyond the compliance penalties, to include card reissue costs for a banking institution breach.
- Cyber Threats - Protecting financial service infrastructures, including customer account information, from both insider threats and emerging complex threats, is an overwhelming task for network and security teams.
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