Teramind

Teramind’s Cyber Security in Banking

Unified User Activity Monitoring, Insider Threat Prevention, Cyber Security and Compliance Management in a Single Solution

Teramind for Financial Services: Identify and Stop Insider Threats

The Financial Services industry is a prime target for attacks from both internal and external threats. The reasons are obvious - the banking industry handles what the criminals want most:

  • Money
  • Intellectual property
  • Trade secrets
  • Personal information

Outside threats to the financial industry are significant, the biggest source of threat comes from the inside. That's why it is so important for proper cyber security in banking and financial institutions.

A majority of financial services cyber security threats come from insider attacks. These insider attacks are from “inadvertent actors,” such as employees who succumb to phishing attacks.

There are also financial services cyber security threats which might seem external but are actually insider threats in disguise. For example, a ’secure’ financial services company may expose itself to dangers giving access to internal systems to a fintech startup. The fintech startup may have a weaker security system that exposes the bank to new cyber threats.

As another example, financial institutions continue to outsource many operations to third-party vendors for efficiency and cost savings. However, this opens up a new avenue of threats for both the banks and their customers.

In order to stay ahead of all these insider cyber threats, financial services organizations need to widen their cyber security measures. Measures must include insider threat detection and data loss prevention solutions as part of their security toolbox.

Businesses must also make sure measures comply with security and data privacy regulations.

Teramind’s Cyber Security for Financial Institutions Combines Activity Monitoring, Threat Detection, and DLP

Teramind’s cyber security in baking includes:

  • User activity monitoring
  • Data loss prevention
  • Threat detection
  • Insider threats
  • Cyber security

With Teramind’s financial services cyber security system, organizations can implement effective endpoint monitoring. Monitoring ensures adherence to regulatory compliance when it comes to protecting sensitive financial and personal data.

Here are a few examples of Teramind’s cyber security for financial institutions:

  • Automatically locate important data and detect when it’s at risk.
  • Stop data and IP theft, sabotage, fraud, and other insider threats.
  • Detect insider trading by identifying when a user saw privileged information.
  • Restrict third-party access to confidential data.
  • Prevent document exfiltration over external drives, Cloud applications like:
    • Office 365
    • Social media
    • Email
    • File sharing sites
    • Dropbox
    • Google Drive
  • Block execution of unauthorized applications to minimize scam, ransomware, malware, or virus infection.
  • Stop data theft through printed or scanned documents.
  • Embargo on time-sensitive information (i.e. M&A announcement).
  • Conform with regulatory compliance.
Teramind for Financial Services value diagram

Cyber Security in Banking is Necessary for a Vulnerable Industry

Financial Services has Higher Cost of Data Breach

Financial services see average costs of $5.86M per data breach incident which surpasses the average cost across all sectors at $3.86M. Source: CSO Magazine.

$5.86M

Average Cost Per Data Breach Incident

The Majority of Cyber Attacks are Financially Motivated

A 2020 Breach Investigation Report found that 86 percent of cyber attacks are motivated by financial gain. Source: Verizon.

86%

of Cyber Attacks are Financially Motivated

Rising Risk of Cyber Attacks in Financial Services

Early in 2021, Keeper Security found that 70% of financial services organizations reported experiencing a cyber-attack in 2020. Source: Banking Exchange.

70%

Faced Some Form of Cyber Attack

Inadvertent Users are the Main Causes of Threats

53% of insider attacks comes from inadvertent actors. Financial services experienced the highest level of threat from inadvertent actors. Source: IBM.

53%

Insider Attacks Come from Inadvertent Users

Sensitive Data Types Teramind’s Cyber Security for Financial institutions

Banking

  • Personally Identifiable Information (PII):
    • Names
    • Addresses
    • Social security numbers
    • Date of birth
    • Driver's licenses
  • Payment Card Industry Data Security Standard (PCI DSS):
    • Cardholder data
    • CC numbers
    • CAV/pin
    • Magnetic code
    • SWIFT
    • ABA
    • Routing
    • Bank codes

Financial Markets

  • Personally Identifiable Information (PII)
  • Payment Card Industry Data Security Standard (PCI DSS)
  • Intellectual Property (IP):
    • Deal Management Information
    • Trading Algorithms
    • Financial Modeling
    • Code Snippets
    • IPO Plans
    • M&A Plans
  • Central Counterparties (CPP)
  • Electronic Trade Confirmation (ETC)
  • Central Securities Depositories (CSD)

Insurance

  • Customer master data, policy data, claims adjudication records, transactions, and other data
  • Protected Health Information (PHI)
  • Personally Identifiable Information (PII)
  • Payment Card Industry Data Security Standard (PCI DSS)

And More...

  • Billing/invoice, tax/VAT, GST/HST, signup, enrollment, and payment-related data
  • GDPR special data categories (Trade union data, Biometric data)
  • HIPAA health and clinical/EHR records
  • Other classified and unclassified data types like:
    • Controlled Technical Information (CTI)
    • For Official Use Only (FOUO)
    • Federal Tax Information (FTI)
    • EAR/ITAR protected data
    • Covered Financial Information (GLBA)

Teramind Helps You Comply With SEC Cyber Security Guidelines

The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) provides Risk Alert containing observations and general guidance1.Guideline comes from OCIE’s examinations of registered broker-dealers, investment advisers, and investment companies.

Teramind platform allows financial services firms to implement critical cyber security policies and procedures:

Data Inventory
  • Detailed inventory of assets, information and users

Teramind helps you keep track of all users, endpoints and data repositories with its Monitoring Agent. Individual user session, files and network resources are tracked with 12+ system object monitoring features.

Cyber Security
  • Penetration testing
  • Security monitoring and audit
  • Access control
  • Reporting

Teramind’s Policy & Rule Editor lets you conduct mock tests and drills for threats like insider attacks, insider trading, sabotage etc. The Policy & Rule Editor comes with detailed alerts and reports for data leak and breach incident investigations. In addition, Teramind lets you control access to sensitive resources and data by adhering to to the principle of least privilege (POLP).

Maintenance
  • Vulnerability scan
  • Patch management

Dynamic risk scoring and vulnerabilities scanning identify high-risk users, failing policies and applications before they can cause damage.

Establish & Enforce Controls
  • Acceptable use policy
  • User activity log
  • Termination of access

Teramind lets you monitor and enforce security rules for external and privileged users.

Mandatory Training
  • Employee education and training

Video recording of potential threat scenarios can be used to train new employees about information security best practices.

Management
  • Engagement of senior management

Teramind’s Enterprise dashboard lets senior management and CSO stay on top of their organization’s security health.

1Note: The guidelines were derived from SEC’s OCIE National Exam Program Risk Alert. The guidelines should not be considered as a comprehensive list as indicated on the document.

Teramind Platform is Ready to Provide Cyber Security for Financial Institutions

Teramind products are designed to meet the strictest security standards. Here's a summary of how we deliver our promise of Security First to banks and financial institutions:

Teramind is ISO 27001 certified. ISO 27001 is the highest international standard achieved in data security and privacy for our organization and products.

We use certified Tier-3 data centers. Our data centers are designed to handle mission-critical applications, deliver excellent SLA and fault tolerance.

Teramind’s cyber security for financial institutions has On-Premise and Private Cloud deployment options. Additional security and compliance required for regulated industries are also included.

Cyber security for financial institutions provides secure storage and access to your data. This includes:

  • Encryption at rest
  • Encryption on transit
  • Optional end-to-end encryption
  • RBAC
  • Transparent data retention
  • Deletion scheme

Teramind’s cyber security in banking conducts regular penetration testing to ensure our infrastructure security is up to date.

We have an Information Security Management System (ISMS), National Institute of Standards, and Technology (NIST) Cyber Security controls in place.

Our platform features multi-stage redundancy, high availability, auto-scaling, automated backup, fast RTO/RPO, and backed by premium support.

We have comprehensive security measures for network security, physical security, and continuous mentoring of our own internal staff.



Check out this page or download the brochure for more information on Teramind’s platform security.




Teramind Delivers Security, Control and Compliance for Financial Services Organizations

Establish Organization-Wide Visibility and Control

Teramind visually records every action that a user makes for over 12 objects, including:

  • Screen
  • Apps
  • Websites
  • Files
  • Emails, etc.

Uncover what your employees are up to, both online and offline. Each object related to cyber security in banking can be configured to take into consideration what needs to be monitored. You can also decide who has access to the monitored records.

You can specify who you want to monitor, how much you want to monitor, when, and for how long. This allows for instant administrative oversight in respect to all user activity while complying with any privacy requirements.

Sensitive Data Discovery and Classification

Teramind has built-in templates for many classified and unclassified data types, including:

  • Personally Identifiable Information (PII)
  • Protected Health Information (PHI)
  • Private Financial Information (PFI)
  • Cardholder data
  • Banking codes and more

Custom data types specific to your organization can be easily created using regular expression (RegEx) and natural language definitions. Combine OCR and fingerprinting with multiple logic, file origin, file properties, and data content to discover classified information.

Classified information can be discovered in structured data, unstructured data, or even images ‘on the fly.’

Powerful Policies and Rules Engine

The core of the Teramind platform is its automation. Teramind’s financial services cyber security system comes with hundreds of pre-defined policies and rules. For example:

  • Block email containing sensitive keywords
  • Stop the uploading of a confidential document
  • Detect screen capture
  • Prevent use of external drives, etc.

The templates cover virtually every use case of data loss prevention, insider threat detection, and compliance requirements. Just pick a policy or rule template, and all the data will be set automatically for you to edit.

Data Loss Prevention & Egress Control

Teramind helps you put exfiltration and egress controls in place to prevent illicit sharing of information. For example:

  • File Transfer rules to block external drives
  • Use Clipboard rules to prevent sharing of confidential information
  • Utilize Network rules to restrict download and upload operations
  • Social media and IM rules to prevent potential data leaks

There are hundreds of use cases where Teramind can proactively defend your data from malicious or accidental leaks or misuse.

Behavioral Anomaly Detection

With Teramind’s cyber security for financial institutions, you can define what constitutes dangerous or harmful user behavior. The sophisticated anomaly engine will automatically detect when a user, department, or group exceeds acceptable risk levels.

Teramind can detect anomalies in:

  • Applications
  • Emails
  • Network
  • File activities
  • Printing and more

Stop malicious and fraudulent attempts before they are even made. Immediately get notified about harmful user activity, lockout users, or take remote control of the compromised system.

Privileged User and Third-Party Monitoring

Teramind allows organizations to create profiles for privileged users, contractors, and other third parties. You can then define what information each of those profiles needs and can access.

Further rules can be set up by behavior policies so that access to sensitive information is segregated. Information can be segregated by the organization’s security policy or on a need-to-know basis.

Rules can also be created to notify the authorities of any suspicious privileged user activity. Suspicious activity may include:

  • Unscheduled changes
  • Unauthorized changes
  • Creation of backdoor accounts, etc.

Security Sandbox

Teramind allows you to create virtual servers on Windows, VMware Horizon, etc. Utilizing this capability, you can set up a Terminal Server for different groups. Users can then login to the server using RDP keeping out of your internal network and repositories.

You can record their activities separately, restrict access, or take control of the server in case of an incident. Stopping an incident early keeps the rest of your business immune from disruption.

Digital Forensics and Auditing

Detailed alerts for all users can be viewed, including any security incidents and what actions were taken. Warning messages can be configured to inform the users about nonconformity and influence corrective behavior.

Session recordings and history playback can be used to view the user's desktop for audit and evidence gathering purposes.

Risk Assessment and Treatment

Teramind has a dedicated Risk dashboard where the CSO and security analysts can an conduct organization-wide risk assessments. Risk can be profiled by users, departments, or by system objects.

Reports can be derived by severity of risks or by how many times security violations occurred. Unique Risk Scores helps you identify high-risk users or policies so that plans can be developed for treating the risks.

Unified Security Orchestration with SIEM and Threat Analytics Systems

Event triggers and logs from Teramind can be sent to SIEM and other analytics tools like:

  • HP ArcSight
  • Splunk
  • IBM QRadar
  • McAfee Enterprise Security Manager
  • LogRhythm
  • NetIQ Sentinel, etc.

Allowing you to share reports and threat intelligence with your security team or other departments. Teramind also has a set of RESTful APIs utilizing a simple token/endpoint framework.

The set of RESTful APIs can be easily utilized by an application supporting web service connections.

Compliance Management for PCI DSS, SOX, FFIEC and More

Financial services organizations are required to follow strict regulatory, cyber security, administrative, and privacy standards. Teramind has built-in support for many of these compliance regulations, including:

  • PCI DSS
  • SOX
  • FFIEC
  • GDPR, etc.

You can also customize Teramind to support special compliance requirements unique to your organization.

Teramind is Ranked #1 by:



And others.

Have a Look

Cyber Security Software for Financial Services Organizations with Flexible Deployment Options

Teramind Cloud - trust us the management of the Teramind deployment and infrastructure. Only install Teramind Agents on the machines you want to monitor and set up your users, policies and rules and let us take care of the rest.

Teramind On-Premise - control the Teramind implementation in its entirety. Stay off the cloud if that’s your firm’s operational model. Additionally, you can leverage LDAP groups and users to identify which users and groups to apply which policies and rules to.

Teramind Private Cloud - use your own secure, scalable private cloud implementation including AWS. Azure and more.



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