According to a report, financial institutions are at greater risk of data breach due to a lack of proper controls. security. In particular, the NetWrix conducted a series of surveys, according to which financial institutions tend to use insufficient cybersecurity control, making them more vulnerable to malicious means. attacks, compared to companies operating in other sectors.
In the 2020 Risk & Data Security Report, Netwrix reports that financial institutions typically make two major mistakes. First, IT teams provide them to employees promptly access in sensitive and confidential data based solely on the user's request. Second, they are usually overloaded with data subject access (DSAR) requests. These errors have resulted in sensitive data from one-third of financial institutions being found in places they should not be, in the last year alone. In addition, almost 70% of unauthorized exchange cases data have led to data breach. Finally, about 44% of CISOs and CIOs in financial institutions do not have or do not know if they have a key performance index (KPI) to report IT security and the risk they face in cybersecurity.
Ilia Sotnikov, Product Management Representative at Netwrix, said that with his pandemic COVID-19 have increased significantly digital payments, while financial institutions are creating more and more data, which makes the financial sector a tempting target for them. hackers. He added that poor and incorrect access management practices, as well as the lack of control over sensitive data, make the sector vulnerable to these ever-increasing threats.
Therefore, Sotnikov points out that financial institutions need to mitigate security risks by developing technologies allowing them to regularly check and correct royalties as well as transfer their sensitive and confidential data to a secure location storage. This will help them improve their safety despite increasing workload and reduced resources.