The financial sector is experiencing a surge in data breaches. In 2020, financial organizations experienced a 238% increase in cyber attacks. The average cost of a data breach tops $5 million USD. This surpasses the average cost across all sectors at $3.86 million USD.
The most common types of attacks include:
- Phishing schemes
- Business email compromise attacks
- Distributed Denial-of-Service (DDoS) attacks
Financial organizations can reduce their cyber risk with:
- Advanced cyber security solutions to remediate malware at the system endpoints.
- Strengthening perimeter solutions so threat actors cannot gain entry.
- Secure remote access programs to save the organization from breaches.
- Mobile security solutions to protect against operating system threats.
- Phishing exercises to show gaps in prevention and defense mechanisms.
NimbusID’s non-physical biometric MindPrint solution offers a true change in thinking to online identity. All authentication methods employed today to gain access to a network or online account are simply based on an Assertion. It does not prove the correct identity of the human person behind any device used for authentication. MindPrint provides the “Identity Test” for all, and any access authentication used in the market today. Device-based authentication and the MindPrint Identity Test paired together, provides the highest attribution that the end-user is no one else other than the legitimate owner of the account; reducing access breach to its minimum, and beneficially eliminate traditional phishing attacks. MindPrint ensures increased convenience and maximal security at the same time. This is a level of security that we have not enjoyed since the time before our computers became networked and accessible remotely.
Use Case Examples:
- A bank account, initiating a transaction or confirming authorization for a transaction.
- Withdrawing funds from an ATM machine.
- Initiating a transaction to transfer funds from a savings to checking account.
- Email authorization for ACH Transfer Requests, Confidential Spreadsheet, thwart ACH impersonation
- Payment made to utility account.
- Access to enterprise applications such as Peoplesoft, Dynamics 365 and other enterprise apps.
- A Privileged account to Administer a CRM tool such as WordPress, Joomla, Magenta or any PHP or IIS or Apache hosted websites.
- An Office 365 account, SharePoint, Outlook web access and other enterprise apps.
- No need to memorize passwords
- No PW resets that confuse the end user and force them to attempt to remember another password
- Lower IT costs
- No cards, dongles or additional hardware to maintain