Cyber security data breaches are becoming increasingly common and severe. Today, banks, insurance companies, investment firms, and other financial institutions are considered to be prime targets. Due to the sensitivity and importance of their data, these institutions suffer approximately 300X more cyber breaches than any other industry.
In 2018, the financial sector reported 819 cyber incidents, an explosive increase from the 69 incidents reported for 2017 – including the infamous Equifax data breach. The total numbers for 2019 won’t be available until next year, yet we know that the financial sector has already experienced a number of significant attacks already this year. Such breaches included the attacks on Capital One, First American Financial Corp., Desjardins Group and Westpac/PayID.
Despite these pervasive cyber security threats, financial institutions are still failing to prevent, defend, prepare and respond effectively to attacks – particularly when it comes to network security. In many cases, the problem stems from executive leadership not prioritizing the cybersecurity budget or emphasizing its importance. Few organizations make prevention a priority, few apply the top recommended CIS controls or prepare employees on how to respond effectively in the event of a security incident. Unfortunately, poor network access control and other cyber security oversights lead to hundreds of millions of dollars in losses, the exploitation of personal data and more.
Some financial institutions, however, have already decided to take proactive measures this year to obtain risk monitoring, visibility and access controls. One such group is Royal London, the UK’s largest mutual life, pensions and investment company. Faced with limited network and device visibility, they had a variety of security and compliance issues to contend with. However, since implementing Portnox CORE, the company and all of its locations have instituted a higher level of cyber hygiene.
CORE is a simple to operate network access control solution that provides full visibility into every endpoint and component on the network, along with risk monitoring and enforcement capabilities. It is simple to deploy and manage and has received numerous cyber security awards.
From the moment Portnox’s on-premises NAC solution was implemented, Royal London’s security team has been able to successfully handle all challenges associated with visibility, control and compliance enforcement. This includes the ability to see all endpoints on the network, and ensure that they are properly secured according to company policies, privacy standards and regulatory compliance.
Furthermore, as risk-monitoring and other network security enforcement actions that would otherwise have to be done manually are now automated, Royal London’s IT team can devote their time to more important tasks, thereby increasing efficiency and productivity.
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