How Banks Can Prevent Data Breaches

Keeper Security's next-gen Privileged Access Management (PAM) solution is the best way to protect banks from ransomware and other cyber threats.

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Information Security Management System ISO 27001 Certified

Banks Are Under Attack From Cybercriminals

Banks and Financial Services Firms Are Top Targets for Cybercriminals Cybercriminals target both the monetary assets and sensitive data held by banks such as credit card numbers, bank account details, transaction records and more. Banks are also targeted by sophisticated nation-state actors and politically-motivated hacktivists - making the financial services sector the most breached industry in 2022.	The average cost of a data breach for financial organisations in 2023.
Distributed Workforces Have Widened the Attack Surface Area The ongoing adoption of hybrid and remote working environments in the post-pandemic era has significantly broadened the attack surface for financial organisations as employees access sensitive data and systems from home and through a variety of devices. As a result, IT teams are challenged with the need to defend drastically diverse environments.	Attacks targeting the financial sector have more than doubled since the global pandemic and the shift to remote work.
Weak Passwords and Secrets Management Continue To Be a Challenge The vast majority of data breaches are caused by weak, stolen or reused passwords. Employees manage credentials across a large number of different systems in order to perform their daily job duties. Likewise, DevOps employees work with various secrets such as SSH keys, API keys and more. IT administrators often lack control and visibility over employee credentials.	Of all data breaches are due to the human element.
Financial Services Firms Deal With Stringent Compliance Requirements The financial services industry is subject to stringent regulations for cybersecurity compliance including Sarbanes-Oxley (SOX), the Payment Card Industry Data Security Standard (PCI DSS), Statement on Standards for Attestation Engagements No.18 (SSAE-18) and more. Heterogenous IT environments and limited reporting capabilities across systems and regions make compliance reporting costly and chaotic.	The percentage of banking CISOs that named non-compliance as a primary issue.

Why Keeper Is the Preferred PAM Solution for Banks and Financial Services Firms

Keeper’s next-gen privileged access management platform provides a scalable, easy-to-use and cost-effective PAM solution.

Agentless and clientless
Fast and easy to deploy
Simple pricing
No implementation fees
Reduced operational costs
Over 50+ integrations

Keeper Helps Banks Meet Cybersecurity Compliance Requirements

Regulatory and industry compliance standards mandate that financial services organisations enhance customer privacy protections, minimise systemic cyber risk, and harmonise security and privacy protocols. Here is how KeeperPAM^® can help:

KeeperPAM Features for Compliance	Compliance Requirements
Audit Trail and Activity Monitoring Maintain detailed logs of all privileged access activities such as password alterations, access activities and more. Demonstrate compliance by providing a comprehensive record of privileged access activity and audit capabilities. Example: Basel III emphasises the need for robust risk management practices, which include controlling and monitoring privileged access.	Audit
Role-Based Access Control (RBAC) Centrally administer system access by allotting precise authorisations to employees based on their designated roles and responsibilities. Ensure that only authorised individuals have access to sensitive financial data and systems. Example: The Federal Financial Institutions Examination Council (FFIEC) mandates the implementation of strong access controls, including risk-based authentication.	Strict Access Control
Secure Password Management and Rotation Mandate regular password changes and secure storage of credentials by managing and rotating passwords for privileged accounts, reducing the risk of unauthorised access. Example: The General Data Protection Regulation (GDPR) mandates the implementation of appropriate security measures to protect personal data.	Strong Password Requirements
Encryption and Data Protection Keeper is SOC 2 and ISO 27001 compliant - with the longest-standing compliance in the industry - as well as FedRAMP and StateRAMP Authorised. Keeper's encryption has been certified by the NIST CMVP and validated to the FIPS 140 standard by accredited third-party laboratories. Example: ISO 27001 mandates robust data encryption capabilities.	Secure Data at Rest and in Transit
Two-Factor Authentication (2FA) Integration Seamlessly incorporate 2FA to bolster security, offering an additional safeguard against unauthorised entry, even in the event of a compromised password. Example: PCI DSS Requirement 8.3 mandates the use of multi-factor authentication for all non-console administrative access and all remote network access to payment card data systems.	Authentication and User Verification

Privileged Access Management for Banks

Hundreds of financial institutions rely on Keeper to tightly control and monitor privileged access to critical systems and data, mitigating the risk of data breaches and unauthorised transactions.

KeeperPAM™ provides the most critical components of PAM unified in one scalable and cost-effective platform:

Privileged Account and Session Management (PASM)
Secrets Management
Single Sign-On (SSO) integration
Privileged Account Credential Management
Credential vaulting and access control
Session management, monitoring and recording
Privileged Elevation and Delegation Management (PEDM)

Enterprise Password Manager
(EPM)

Enables organisations to securely manage, protect, discover, share and rotate passwords with full control and visibility to simplify auditing and compliance.

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Keeper Secrets Manager
(KSM)

Delivers a fully-managed, cloud-based solution to secure infrastructure secrets such as API keys, database credentials, access keys and certificates.

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Keeper Connection Manager
(KCM)

Provides an agentless remote desktop gateway for instant privileged session management, remote infrastructure access and secure remote database access to RDP, SSH keys, database and Kubernetes endpoints – no VPN required.

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