Mitigating Third-Party Risk
Can you trust that your partners – such as outside consultants, merchant payment processing services, and joint ventures – are keeping your data safe from attackers? Take full control over the varying degrees of access you offer to third parties – and what they can see on your network – with WatchGuard Firebox appliances that enable you to easily control and audit which personnel can access sensitive network resources.
Financial institutions are experiencing mounting pressure from regulatory bodies to adopt MFA (multi-factor authentication) as part of their security programs, like the New York Department of Financial Services (NYDFS) “23 NYCRR 500” regulation, which mandates the use of MFA by any medium to large financial services entity in New York. WatchGuard AuthPoint implements enterprise-grade MFA using a mobile app to facilitate user authentication.
Partnering with FinTech to Support Digital Banking
While three-quarters of large financial firms recognize the importance of collaboration with fintech, 71 percent are also concerned with the risks associated with these firms (ComputerWeekly.com, “Cyber security fears are a barrier” April 7, 2017) , in part because young fintech companies typically have limited budget for security. Banks and fintech must ensure that a robust security infrastructure is deployed to protect end user data – which should include current threat intelligence to identify and mitigate known and unknown threats.
30% of today’s customers plan to increase their use of nontraditional ways of payments, fund transfers, finance, loans, and saving.
40% of Americans haven’t stepped foot in a bank or credit union in the last six months
Acquiring banks can be fined $5,000 to $100,000 per month for PCI compliance violations
(PCI Compliance Guide)
57% of organizations don’t have a complete inventory of the 3rd parties they share sensitive data with.
“I’m in finance, so I tend to ask questions when investments start costing the company more money. If it wasn’t so effective, I’d have to know a lot more about managing it than I do. When something just works, it doesn’t come up. And WatchGuard just works.”
Liz King, Financial Controller, OxfordSM