In the past year, 84% of financial institutions experienced account takeovers. It can cost up to 8.3% of their annual revenue.
Financial service firms may experience up to 300 times more cyber attacks per year than other firms.
Financial organizations continue to experience the 2nd highest data breach costs, USD 5.90 million.
HOW ENZOIC HELPS
Banks, Credit Unions, and Financial Institutions harbor massive amounts of confidential data. As digital services expand, these entities become prime cyberattack targets, with account details and credit card information regularly traded on the Dark Web.
By securing employee and customer information, mitigating third-party risks, and maintaining adherence to regulations, financial institutions can protect their own systems and the data of their customers.
Enzoic provides a simple and secure defense platform that checks internal and external passwords and credentials to identify at-risk accounts and remediate cyberattacks.
Automatically monitor for compromised credentials and guard employee and consumer data, all while maintaining a frictionless and secure authentication process.
Minimize IT workloads by automating password best practices, and discover when legitimate passwords and credentials become compromised on the Dark Web.
Automate your password policy by identifying and remediating security risks while generating compliance documentation.
“It is not enough to write a policy requiring enhanced security measures if those requirements are not implemented or are only partially implemented, especially in the face of known attacks.”
FINRA produced guidance for organizations to tighten their cybersecurity, but no advice was provided regarding the issue of password hygiene.
Three tips that financial organizations in the credit, banking, and insurance industries could benefit from to keep data and networks secure.
Credential stuffing attacks are posing major risks to banks and credit unions. Read how to address the vulnerabilities in open banking.