1. Improve Visibility into Bank Security Controls
What banks can’t see can hurt security. Lack of visibility into the type of tools being used and how they interconnect can create significant security shortfalls that firms can’t afford — especially when it comes to the increasing use of digital consumer data and its corresponding compliance requirements.
Silos remain the biggest barrier to security insight. Despite recent efforts to remove them, the security posture at many banks is still driven by departmental differentiation — since frontline service, credit processing and investment management teams have disparate risk thresholds, for example, separation of security remains common. And while this may address individual issues, it presents a potential problem at the edge: What happens to data in the gaps between these departments?
As a result, getting the big picture starts with a high-level view of the current security environment. By taking stock of how solutions are deployed, what they’re protecting and where they interact, it’s possible for firms to pinpoint obvious gaps and lay the groundwork for a consistent financial security strategy.
2. Evaluate the Cybersecurity Landscape
Armed with better insight, banks need to dig in and discover what’s working, what isn’t and what needs to change to boost overall security.
For many banks, there are as many gaps in security as there are overlaps. For example, the use of multiple security vendors’ services as part of a layered approach to improving protection led to several sets of security controls on the outside, inside, workstation and data center. That, in turn, led to a lot of overlap, but also left huge gaps in protection.
To solve for this, it’s critical for banks to start with a full-asset approach and work backward, using the goal of a holistic security environment to inform evaluation. For example, if multiple departments have differing tools for the same purpose, such as encrypting and obfuscating data in transit, the result is both costly for banks and may lead to significant security risks during the handoff of data between operational silos.
By replacing three disparate data controls with one consistent, cloud-based solution, it’s possible for banks to remove expensive operational overlaps and simultaneously address security gaps without negatively impacting operational performance. The result is both more cost-efficient and effective at protecting key data.