Zero Trust Segmentation protects critical banking systems

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Zero Trust Segmentation protects critical banking systems

Financial services are critical infrastructure

Payments systems are vast and interconnected, personal and business banking is now performed from anywhere over a multitude of channels, Open Banking exposes core banking systems to 3rd party applications – organizations must be able to deliver these services reliably while ensuring they protect customer data, adhere to regulations, and maintain trust.
Further, the deep interdependencies between the Banks, the local and global economies they serve, and the potential threats to these systems in case of instability has led the finance sector to be classified as critical infrastructure.

Why is cyber security essential to BFSI?

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Protecting customer data

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Achieving regulatory compliance

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Enabling digital transformation

Disruption is prevalent and costly

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Financial services was the top industry targeted by cybercriminals for five consecutive years of 2016-2020

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The average cost of a data breach in financial services reached in 2021, 37% higher than the average across other industries, according to the Cost of a Data Breach Report 2022

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In banking, lost business accounts for 55% of the cost of a breach

Cyber resilience requires an “assume breach” mindset

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The objective of cyber resilience is to maintain the organization’s ability to deliver services continuously. This means doing so even when regular delivery mechanisms have failed, such as during a crisis or after a security breach.

Unlike cybersecurity, which is designed to protect systems, networks, and data from cybercrimes, cyber resilience is designed to prevent systems and networks from being derailed in the event that security is compromised.

Cyber resilience helps businesses to recognize that attackers can be successful in their attempt with the advantage of innovative tools, the element of surprise, and a target - this is the definition of an "assume breach" mindset. This concept helps businesses to prepare, prevent, respond, and successfully recover to the intended secure state.

Challenges to cyber resilience in financial services

  • A diverse technology estate makes delivery of consistent security posture a challenge
  • Complex processes mean realizing value from new capabilities is often slow
  • Regulatory demands often force over-burdening of controls (e.g., PCI-DSS scoping)
  • Pressure of accelerating digital transformation leads to an uneasy balance between productivity and security
  • Banking applications are highly interconnected (both within the bank and with counterparties), and as such are at increased risk of supply chain attacks

Illumio's value to the Banking sector

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Illumio enables banks to prevent cyberattacks from causing a major business failure by protecting critical applications and stopping ransomware and breaches from spreading to critical systems and data.

The result is that any attack will have limited impact. This ensures the continued protection of customer data, brand reputation, and the maintenance of regulatory compliance.

How does Illumio help?

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Protect customer data

  • Understand all access to systems that handle the enterprise’s critical data
  • Implement security policies to limit access to systems
  • Report and analyze all traffic that does not match rules
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Achieving regulatory compliance

  • Map dependencies of in-scope applications
  • Protect regulated applications with granular segmentation policies
  • Monitor policy and connectivity for compliance violations
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Enabling digital transformation

  • Visualize relationships between application components across the data center and cloud
  • Secure applications consistently as they transform from on premises to cloud native
  • Integrate with DevOps processes to automate security at scale

How Illumio provides bolsters cyber security to
banking and financial businesses around the world

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“Illumio CloudSecure will provide visibility and control over our cloud-native applications, so we can understand and respond to risk across clouds and on-premises environments together, to enhance resiliency, maintain compliance, and ultimately protect our business and our customers.”

Anonymous
Leading Australian financial institution

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“Segmentation became an imperative next step to mitigate risk and protect new and legacy workloads. We needed a way to accurately identify, visualize, and control lateral traffic.”

Nathan Powell
IT Operations Manager
Investa

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“Microsegmentation is a key control to protect company assets and limit the blast radius of a breach or ransomware attacks. We knew it would put the business in a much better place from a risk perspective.”

Anonymous
West Bend Mutual Insurance

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“Illumio is a strategic partner in our Zero Trust journey...Illumio Core will only further our ability to create and enforce modern security policy and transition parts of our business to the cloud with confidence and at hyper-scale.”

Jessica Ferguson
CISO
DocuSign

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