Many
banks today still rely on a “castle-and-moat” approach—also known as “perimeter
security”—to protect data from malicious attacks. Like medieval castles
protected by stone walls, moats, and gates, banks that use perimeter security
invest heavily in fortifying their network perimeters with firewalls, proxy
servers, honeypots, and other intrusion prevention tools. Perimeter security
guards the entry and exit points to the network by verifying the data
packets and identity of users that enter and leave the organization’s network,
and then assumes that activity inside the hardened perimeter is relatively
safe.
Savvy financial institutions are now moving beyond this paradigm
and employing a modern approach to cybersecurity—the Zero Trust model. The
central tenet of a Zero Trust model is to trust no one—internal or external—by
default and require
strict verification of every person or device before granting access.
The castle’s perimeters continue to be important, but instead of
just pouring more and more investment into stronger walls and wider moats, a
Zero Trust model takes a more nuanced approach of managing access to the
identities, data, and devices within the proverbial castle. So, whether an
insider acts maliciously or carelessly, or veiled attackers make it through the
castle walls, automatic access to data is not a given.
Limitations
of a castle-and-moat approach
When it comes to safeguarding today’s enterprise digital estate,
the castle-and-moat approach has critical limitations because the advent of
cyberthreats has changed what it means to ward and protect. Large
organizations, including banks, deal with dispersed networks of data and
applications accessed by employees, customers, and partners onsite or online.
This makes protecting the castle’s perimeters more difficult. And even if the
moat is effective in keeping enemies out, it doesn’t do much for users with
compromised identities or other insider threats that lurk within the castle walls.
The practices below are all sources of
exposure and are common in banks that rely on a castle-and-moat approach to
security:
- A single annual review of staff access
rights to applications.
- Ambiguous and inconsistent access rights
policies dependent on manager discretion and insufficient governance when
staff moves occur.
- Overuse of administrative privileged
accounts by IT.
- Customer data stored in multiple file
shares and little idea who has access to it.
- Overreliance on passwords to authenticate
users.
- Lack of data classification and reporting
to understand what data is where.
- Frequent use of USB flash drives to
transfer files that include highly sensitive data.
How
a Zero Trust model empoMicrosoft support phone numberrs bankers and customers
The benefits of a Zero Trust approach have been Microsoft
support phone numberll documented, and a
growing number of real-world examples show that this approach could have
prevented sophisticated cyberattacks. HoMicrosoft support phone numberver, many
banks today still adhere to practices that diverge from Zero Trust principles.
Adopting a Zero Trust model can help banks strengthen their
security posture, so they can confidently support initiatives that give employees
and customers more flexibility. For example, bank executives would like to
untether their customer-facing employees—such as relationship managers and
financial advisors—from their desks and meet clients outside bank premises.
Today, many financial institutions support this geographic agility with analog
tools like paper printouts or static views of their counsel. HoMicrosoft
support phone numberver, both bank employees and customers have come to expect
a more dynamic experience using real-time data.
Banks that rely on a castle-and-moat approach to security are
hesitant to disperse data outside the physical network. As such, their bankers
and financial advisors can only tap the dynamic models
of proven and disciplined investment strategies if their client
meetings take place on bank premises.
Historically, it’s been cumbersome for bankers or financial
advisors on the go to share real-time model updates or actively collaborate
with other bankers or traders, at least not without VPNs. Yet, this agility is
an important driver of sound investment decisions and customer satisfaction. A
Zero Trust model enables a relationship manager or an analyst to harness
insights from market data providers, synthesize with their own models, and
dynamically work through different client scenarios whenever and wherever.
The good news is this is a new era of intelligent security—poMicrosoft
support phone numberred by the cloud and Zero Trust architecture—that can
streamline and modernize security and compliance for banks.
Microsoft support number365 helps transform bank security
With Microsoft support
number365, banks can make immediate steps towards a Zero Trust security by
deploying three key strategies:
- Identity and authentication—First
and foremost, banks need to ensure that users are who they say they are
and give access according to their roles. With Azure Active Directory
(Azure AD), banks can use single sign-on (SSO) to enable authenticated
users to connect to apps from anywhere, enabling mobile employees to
access resources securely without compromising their productivity.
Banks can also deploy strong authentication methods such as
two-factor or passwordless Multi-Factor Authentication (MFA), which can
reduce the risk of a breach by 99.9 percent. Microsoft support numberAuthenticator supports
push notifications, one-time passcodes, and biometrics for any Azure
AD connected app.
For Windows devices, bank employees can use Windows Hello,
a secure and convenient facial recognition feature to sign in to devices.
Finally, banks can use Azure AD Conditional Access to protect
resources from suspicious requests by applying the appropriate access policies.
Microsoft support numberIntune and Azure AD work together to help make sure
only managed and compliant devices can access Office 365 services
including email and on-premises
apps. Through Intune, you can also evaluate the compliance status of
devices. The conditional access policy is enforced depending on the compliance
status of the device at the time that the user tries to access data.
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