A lucrative industry for cyber criminals
Across the financial services arena, retail banks, lenders, and wealth management firms are rich targets for malware, ransomware, trojans, and other attacks. Financial institutions are expected to keep client information secure while staving off threats from all angles, locations, and devices. They must weigh risk, assume an effective attack defense posture, and maintain service uptime — while simultaneously operating under some of the world’s toughest regulations and compliance standards.
A financial institution’s security reputation is everything, and with good reason: Studies show that as many as 95% of customers would leave a bank if it was responsible for their personal data leaking out into the wild.
Strict government, banking, and technology compliance rules for data protection, reporting, risk management, privacy, and money laundering allow zero margin for error. CISOs, IT professionals, or anyone in charge of fortifying access to apps, platforms, and services feel the pressure.
Security pros in the world of money and credit have their hands full with everything from NIST certification to ledger systems; from financial sector profiles (FSP) to FSP access control. Financial institutions also face ever-more-sophisticated threats.
Cisco Umbrella’s flexible, cloud-delivered security is an attractive answer to these challenges. The Umbrella Secure Internet Gateway (SIG) package offers simplified security management and maximized security efficacy, with features that include a secure web gateway (SWG), cloud-delivered firewall, cloud access security broker (CASB), DNS-layer security, data loss prevention (DLP), remote browser isolation (RBI), advanced threat intelligence, and more — so organizations can stay secure, end-to-end.
Key figures and cybersecurity trends
$52 B
Losses in 2021 alone due to criminals using personal information to steal money
96%
Threat detection rate — Umbrella is the highest in the industry, confirmed by a third party
60%
More phishing attacks against financial services orgs than the next closest sector, higher education
Building security resilience for digital banking
As the financial services industry — and fintech specifically — gets more decentralized and cloud-focused, hybrid environments are no longer outliers. Electronic transactions and interactions that take place over networks, apps, and platforms, outside bank or credit union control, are ubiquitous.
But financial institutions, including fintech firms and insurance companies, must scale responsibly based on security need. The way to accomplish this is through trusted, guiding principles for building and sustaining security resilience.
Security resilience is more than avoiding phishing, ransomware, and other attacks. It is about learning from mistakes, embracing actionable intelligence, and prioritizing what’s important to increase your ability to withstand unforeseen shocks and emerge stronger than before.
Cisco Umbrella is a key part of the Cisco Secure portfolio of proven products that provide security resilience for the unpredictable. Organizations worldwide trust Cisco Secure to protect 840,000 networks, 67 million mailboxes, and 87 million endpoints.1
Learn how you can build your future based on our multi-cloud enterprise security platform.
Cisco Umbrella helps financial institutions:
Close security gaps
Well-integrated technology equals better security. When financial institutions see where gaps in security exist, they’re able to monitor and protect assets within the environment, so they don’t fall into the hands of cyber criminals who exploit private information for profit.
Prioritize based on risk
By using Umbrella Investigate, organizations have access to threat intelligence insights to help prioritize incidents and simplify response. Security staff can weigh what to investigate and what to remediate, triage based on risk, protect users against identity theft, fend off ransomware, and more.
Bounce back quickly
By automating threat protection and orchestrating responses to attacks, financial institutions strengthen their security posture. And, by testing disaster recovery and business continuity frequently, an organization is 2.5 times more likely to keep up security resilience.2
Umbrella has provided a level of confidence for our organization’s leadership and IT team that we are proactively providing secure access for our team members.
Kirk Martin, IT Manager, Lake Trust Credit Union
TechValidate
