The digital transformation has significantly enhanced efficiency within the financial sector, but not without elevating the cyber risk landscape. Recent findings by the International Monetary Fund (IMF) reveal a stark reality: cyberattacks have more than doubled since the pandemic, spotlighting the financial sector’s vulnerability due to its handling of sensitive data and transactions. Companies have faced enormous penalties for data breaches, with losses quadrupling to $2.5 billion since 2017. The financial industry’s interconnectedness not only facilitates these attacks but also their potential to undermine trust in the global financial system. Check Point Research confirms this threat, our threat intelligence found that from January to March 2024, financial institutions experienced 1,172 attempted cyber attacks on average, per week.
Given the escalating threat landscape, underscored by heightened digitalization and geopolitical tensions, the IMF calls for strengthened cyber security measures to safeguard financial stability. The sector’s reliance on third-party IT and cloud services further complicates its exposure to cyber risks, necessitating a comprehensive and collaborative approach to cyber security.
Check Point Infinity Global Services stands at the forefront of cyber security innovation, offering unparalleled expertise and services tailored for the financial sector. Leveraging the power of AI and cloud technologies and providing a proactive defense strategy through its Advanced Risk Assessment and Threat Exposure Management Services. This strategic approach not only aligns with the IMF’s recommendations for bolstering cyber security resilience but also addresses the unique vulnerabilities faced by the financial sector today.
Evgeny Kogan, Head of Strategic Consulting at Check Point Software, highlights the significance of Infinity Global Services’ offerings: “The financial sector’s increasing digitization expands the potential for cyber threats alongside the growing attack surface landscape. It’s imperative not just to defend against these threats but to proactively understand, discover, prioritize and mitigate them, ensuring the security of the financial infrastructure. Infinity Global Services excels in this arena by offering a customized Threat Exposure and Risk Assessment Strategy for each organization’s unique needs. As a recent example, after using our services, a global financial services organization saved up to 80% on its insurance costs. ”
Check Point IGS division excels in key areas crucial for the finance sector:
- Continuous External Attack Surface Management (EASM): Essential for the financial sector, EASM takes a proactive stance in identifying and mitigating vulnerabilities within internet-facing assets. This critical service safeguards sensitive financial data and transactions against cyber threats by relentlessly monitoring and analyzing the external digital landscape. In doing so, it allows financial institutions to preemptively close security gaps before they can be exploited. This forward-thinking approach not only strengthens the security posture but also supports regulatory compliance and upholds the institution’s reputation by averting potential cyber incidents.
- Comprehensive Cyber Risk Assessment: Standing at the core of Check Point’s services, risk assessment and analysis employs esteemed frameworks like NIST CSFv2 and CISv8 RAM, offering actionable insights for robust risk management. The objective extends beyond merely addressing present threats; it aims to foresee and neutralize prospective vulnerabilities, ensuring a fortified defense mechanism for the future.
- In-depth Cyber Landscape Understanding: This pivotal service equips financial entities with the essential knowledge and strategies to combat contemporary cyber threats effectively. Leveraging advanced threat modeling and mitigation techniques, including STRIDE and PASTA, Check Point’s seasoned Threat Intelligence security experts provide a deep dive into evolving risks and tailor the most effective defense mechanisms, ensuring institutions stay several steps ahead of cyber adversaries.
- Simplified Compliance Achievement: Navigating the maze of industry-specific regulations becomes straightforward with Check Point’s expert guidance. Whether it’s adhering to DORA, NIS2, or ISO27001 standards, the aim is to ensure financial organizations not only comply with regulatory mandates but do so in a manner that significantly reduces their cyber threat exposure, thereby safeguarding their operational integrity.
The engagement process with Check Point Infinity Global Services team starts with comprehensive planning six weeks ahead of the onsite evaluation. This exhaustive groundwork is pivotal in optimizing the three to four-day onsite engagement, concentrating on an exhaustive evaluation of the organization’s cyber security framework. Post-visit, Check Point’s specialists then meticulously sift through their discoveries, formulating customized advisories typically within a three-week timeframe, adjusted according to the assessment’s breadth and findings.
To encapsulate, as the financial realm forges ahead through a progressively digital and interlinked ecosystem, the imperative for steadfast cyber security defenses has escalated unprecedentedly. At the vanguard of this crusade, Check Point Infinity Global Services endows financial institutions with the indispensable tools, acumen, and methodologies essential not just for enduring but for flourishing amidst cyber adversities. Entrusting Check Point ensures financial entities can navigate their future with assurance, fortified by the apex of cyber security proficiency.
Contact us at: services@checkpoint.com