Those of you that are frequent readers of our blogs will know that we often talk about what a prime target financial services are for cyber crime. According to Forbes, cyberattacks cost financial institutions more to address than in any other industries.
In this blog we are going to look at why financial services need micro-segmentation.
What cyber-security challenges do banks face?
Managing cyber security controls in financial services is a complex task, due to a number of reasons including:
- Country- and industry-level cyber security requirements need to be followed
- Vendor security mandates
- Privacy regulations
- Compliance requirements
- Reliance on a large number of third-party applications, partners, and outsourced vendors
- Network infrastructure with a mix of cloud technology and legacy systems
Financial organizations driving digital transformation, allowing for better customer service and availability, are left more vulnerable to fraud and unauthorized transactions.
How banks and financial institutions can benefit from micro-segmentation
The best way to counter these challenges is to create a single view of security, with complete network traffic visibility and full isolation of sensitive data. Flexible, quickly deployed, and easy-to-understand micro-segmentation controls, allow financial institutions to protect their core assets simply and effectively.
To get the most from a micro-segmentation solution, financial organizations should:
- Simplify and accelerate regulatory compliance
Map everything and isolate compliance-related applications and systems. Granular visibility will help you understand how to reduce the risk of breaches quickly and easily.
- Protect essential systems
Separate critical applications such as money transfers and customer applications from the rest of the general IT infrastructure.
- Prevent unauthorized lateral movement
Isolate IoT, third-party access, access routes and terminate access at the target applications, to reduce lateral movement.
- Adopt Cloud, PaaS, and other emerging technology cost-effectively and securely
Use a single view for visibility, set security policy across all infrastructures and enforce security via a unified set of tools.
Micro-segmentation controls allow financial institutions to reduce their attack surface and quickly detect breaches within the data center. It is also a great first step for those looking to implement a Zero Trust model.
Not sure where to start?
Projects covering buzzwords such as isolation, restriction, ring-fencing, segmenting, and white-listing are all initiatives that might be suitable for micro-segmentation. A phased approach is best. This will allow you to go at the pace you want. Pick the user groups and applications that will give you most value and go from there. You don’t have to rip out any infrastructure or install any new hardware. And of course you can contact activereach and we can talk you through your options.
For information at a glance download the Guardicore infographic Why Banks Need Micro-Segmentation.
Contact us or give us a call on 0845 625 9025 to discuss micro-segmentation or how you can start your Zero Trust journey. Ready to see the results for yourself today? Find out now what your network could look like with micro-segmentation by signing up for a free trial.