Finance & Insurance

How Secure is Your IoT?

Whether you run a small insurance office or a multi-national financial services branch network, the protection of customer information is everything. IoT is in your environment, and if compromised, it could lead to a breach of sensitive data.

Increased IoT in the Financial Industry

The risk of cyberattack on financial services firms cannot be overstated. Cyberattacks cost financial services firms more to address than firms in any other industry at $18 million per firm (vs. $12 million for firms across industries). Financial services firms also fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries. In other words, while the typical American business is attacked 4 million times per year, the typical American financial services firm is attacked a staggering 1 billion times per year. 1 billion times per year equates to nearly 2,000 attacks per minute or over 30 attacks per second. The rate of breaches, or theft of sensitive data, in the financial services industry has tripled over the past five years.

Among financial services firms, banks lost $16.8 billion to cybercriminals in 2017. Attacks on SWIFT—the leading global network for money and security transfers—alone cost $1.8 billion year-to-date. Costs of cybercrime also include regulatory fines, litigation, additional cybersecurity following the breach, the need to respond to negative media coverage, identity theft protection and credit monitoring services to customers affected by breach and lost business due to reputational damage. According to Ponemon Institute’s consumer sentiment study, data breaches are in the top three of incidents that affect reputation, along with poor customer service and environmental incidents.

Reduce IoT Risk

IoT, including vulnerable network devices, is widely recognized as the attack-vector of choice and one of the most effective techniques for sophisticated hackers and advanced threat actors. In this environment, there has never been a greater need to improve network security.

For the first time ever, with the Finite State Platform, financial services companies can gain 100% visibility and conduct threat hunting operations within their IoT networks allowing security teams to:

  • See every device on their network – down to make, model, and firmware version
  • Look inside the device’s firmware the same way one would look at other endpoints on the network
  • Monitor for indicators of compromise using our device-aware, robust traffic analysis capabilities
  • Leverage our firmware data to conduct incident response operations

THE FINITE STATE SOLUTION

The risk of cyberattack on financial services firms cannot be overstated. Our platform delivers a proactive IoT security solution that detects threats, assesses risk, isolates attacks, and integrates with your existing security stack to defend your network.

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