As the year draws to a close, it’s a natural time to reflect both personally and professionally on where we are and where we are going. It’s not just a time to change the calendar; It can be a time to change direction.
There have been significant innovations in the banking industry in the past ten years, but probably none as important as the shift to digital. With that shift, privacy and security are top-of-mind with financial institutions and your customers. And, with good reason. Unfortunately, we have become accustomed to seeing these types of stories in the news with regularity.
- In March 2019, one of the most significant data breaches in history occurred when over 100 million Capital One records were illegally accessed. Personally Identifiable Information, including in some cases bank accounts and social security numbers, was exposed. How did it happen? A hacker took advantage of a misconfigured web application firewall to gain access.
- First American Financial Corporation, a Fortune 500 financial services company, inadvertently exposed years’ worth of wire transfers, tax records, driver’s license images, and more. How did it happen? Anyone who had ever been emailed a link to a document by the company could see highly sensitive data for over 885 million records by merely changing a single digit in the link.
These are only two examples out of the 5,183 data breaches and 7.9 billion records exposed reported in the first nine months of this year, according to Risk Based Security, which tracks publicly reported breaches. That's an increase of 33.3% in breaches and 112% in total records over the same period in 2018.
While many breaches come from outsiders with malicious intent, there is still that percentage due to employee activities and errors. Regardless of the cause, there is no distinction between intentional and accidental in the eyes of auditors who must assess non-compliance penalties.
Staggering findings, damaging penalties, and hefty remediation costs can be overwhelming. Financial institutions must give these scenarios the attention they deserve.
Google searches for “identity access management tools” have been up by 55% over the past twelve months. If you have been discussing IAM with your team or with your Board, this is an excellent time of year to hit the reset button and remedy any vulnerabilities with internal access to your systems.
Financial institutions now have a proven solution to restructure and automate business processes, deliver improved security, and commit to enhanced identity access management.
That solution is Provision.
Happy Holidays from Exclamation Labs!
John Jacobs, Director of Sales and Partnerships
o: (301) 722-5008
c: (443) 977-0830