strongDM released a special report for the financial services (finserv) industry that details the security risks created by access workarounds, and how organizations can break the cycle formed due to lack of access and poor productivity.
Monitoring and controlling access to systems and infrastructure is critical for finserv. Mismanaged access and accidental exposure caused by privileged user errors doesn’t just increase the chances of being breached, it also creates a serious risk of non-compliance.
There have been some significant access-related breaches over the years in finserv, many of which have resulted in penalties for the companies involved. Examples include the First Horizon breach in 2021 that resulted in an unauthorized party using stolen credentials to access 200 customer accounts and the Block breach this year where a former employee was able to access and download reports with sensitive customer data without permission. Perhaps the most notable of access-related breaches in finserv was the Equifax breach in 2017, which resulted in $1.4 billion in costs to the organization.
Another source of risk is the inability of finserv technical teams to be productive. When technical teams can’t access the systems they need, workarounds like shadow IT, shared credentials, or maintaining backdoor access can emerge and put organizations at increased risk.
The report details the benefits of how finserv organizations can address the access-productivity gap.
To download the report click here: https://www.strongdm.com/report/access-productivity-gap-in-financial-services
