Finance Monthly August 2019 Edition

These tools and practices can help companies avoid problems caused by: Password Reuse: Criminals use credentials from prior breaches to access accounts on otherwise secure banking and credit card sites. A July study commissioned by 4iQ showed that nearly half of the consumers surveyed admitted to reusing passwords across multiple websites. Many financial services websites force regular resets – but some don’t, which is a glaring problem with a simple solution. Weakest Link in the Chain: As we’ve seen in the news recently, third-party vendors play a key role in a company’s security. All players in the supply chain must be doing their very best to mitigate their risk profiles, and scarily enough, your company’s efforts can be all for nought if a “trusted” partner is not doing its part. Employee Training (or lack thereof): Whether it’s a lack of training, willful negligence, or a bit of both, a company can invest millions of dollars on improving security measures only for an employee, no matter how high or low-level they may be, to make a costly mistake. As cybercriminals have more tools at their disposal than ever before, technical threat intelligence about a company’s IT infrastructure is simply not enough. Organisations must adopt a more proactive, agile and strategic approach, beyond just playing “whack-a- mole” in response to an attack. Identity intelligence equips incident response and forensic professionals with the information they need to accurately anticipate attacks and catch warning signs even earlier, thereby avoiding a devastating attack for their company. 46 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - IDENTITY INTELLIGENCE