Island
island
The Path to Secure and Productive Operations in Financial Institutions
Significant Gap in Visibility and Control Created by DX Acceleration
Introduction
The financial industry continues to grow and innovate rapidly, but with it come various challenges.
New financial products, services and partnerships form complex inter-systems, creating significant visibility and compliance challenges. Employee productivity and retention has become a pressing issue for many companies as they struggle to cope with changing conditions and increasing competition.
At the same time, cybersecurity threats continue to evolve, putting sensitive financial data at significant risk of data breach.
In response to these challenges, many financial organizations are grappling with effectively serving the needs of their customers and employees while protecting against privacy breaches and potential risks.
table of contents
1. Financial services biggest challenges
1-1. Interconnectivity of financial systems
1-2. Tighter regulatory environment
1-3. Comfortable working environment for employees
1-4. Sophistication of cyber attacks
1-5. Insufficient Visibility and Complex Control in SaaS Solutions
2. Risks to which the financial industry is exposed
3. The way forward for the financial industry
3-1. Flexibility
3-2. Visibility
3-2. Governance
4. Enterprise browser led by Island
5. Island Solves Many Critical Use Cases for Financial Services Firms
1. Financial services biggest challenges
1-1. Interconnectivity of financial systems
As financial services organizations become more dependent on outside sources, outsiders have more access to a wide variety of sensitive information, greatly increasing the risk of information leakage.
1-2. Tighter regulatory environment
Constantly new regulations require organizations to better control the protection of their data, systems, networks and people. GDPR, PCI, SOX, FFIEC, BCBS, CISA and other regulations continue to evolve and introduce new regulatory challenges.
1-3. Comfortable working environment for employees
The financial services industry is experiencing near-record levels of young worker turnover despite significant wage increases. Developing and retaining young talent attracted to new hybrid ways of working requires an optimized operational experience that allows them to work productively from anywhere.
1-4. Sophistication of cyber attacks
Modern attackers are well aware of the most popular mitigation products and continually update their tactics to adapt. Today's sophisticated phishing techniques, ransomware campaigns, business emails and other cyberattacks are constantly targeting businesses.
1-5. Insufficient Visibility and Complex Control in SaaS Solutions
Financial services organizations continue to move from self-hosted to SaaS services for banking and other critical applications. While this migration helps reduce costs and improve the user experience, it also reduces critical visibility and complicates the controls security teams need to prove compliance and protect key assets. .
2. Risks to which the financial industry is exposed
Many of the world's leading financial services organizations such as Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, UBS, etc. was fined heavily.
2022Crowe Bank Compensation and Benefits Survey*(2)
The breach forced the company's IT staff to cut off access to critical services, including VDI, and prevented access to email, networks and internal document management systems. Some attorneys have reportedly turned to personal computers to access client documents.
Downloaded the personal information of8.2 million customers who blocked former employees*(3)
3. The way forward for the financial industry
The financial services marketplace is hyper-competitive, the threats numerous, and regulations continually expanding and becoming more complex. Therefore, it is important for companies to effectively navigate these challenges. There are three main points to keep in mind:
3-1. Flexibility
Flexible financial services organizations can leverage new technologies to stay ahead of their competitors by reducing costs, creating new revenue streams, and improving employee and customer experiences.
3-2. Visibility
As new capabilities are introduced within an organization, security teams must have the deep visibility needed to protect sensitive data from misuse and data loss.
3-2. Governance
As DX advances, financial services organizations must maintain effective operations and governance over key processes to protect sensitive data and ensure compliance.
4. Enterprise browser led by Island
Island pioneered the enterprise browser and is the ideal enterprise workplace where work flows smoothly while being fundamentally secure. With the core needs of financial services organizations built naturally into the browser itself, Island gives you the same smooth Chromium-based browser experience users have come to expect while giving you complete control and visibility over the last mile. and governance.
5. Island Solves Many Critical Use Cases for Financial Services Firms
- Protect sensitive information across all your SaaS and web applications with integrated DLP, secure storage, and dynamic last-mile controls like screenshot protection, copy/paste controls, and data masking.
- Enable secure access to financial applications and documents by contractors or third parties with full audit trails of all actions and last-mile controls to prevent data leaks.
- BYOD or BYOPC access using application perimeters ensures sensitive data stays within corporate systems and under your control.
- Safe browsing to block malicious content and phishing or other web-based threats and full forensic logs to investigate incidents.
- User experience enhancements help employees work better, perform common tasks faster, and deliver a world-class employee experience to help attract and retain top talent.
"It's very rare to be able to significantly enhance an organization's security posture and add security tools that end users truly enjoy."
Vice President and CISO, The Bank of Marion, Tim Ringle
* (3) Source: https://www.theverge.com/2022/4/5/23012328/block-reports-cash-app-investing-contacting-customers-sec-filing
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