Industry Brief: Financial Services

The Financial Services Industry
Is Under Attack

Financial Services Firms Are Targets
Financial services firms have long been a primary target ofcybercriminals, both because of the client data they haveand the potential for large payouts. In 2022, 74% of financial
services firms were the target of one or more ransomware
attacks, and 63% paid the ransom. The average breach costfirms $5.97 million in 2022, according to IBM, among the mostexpensive of any industry.
Sensitive Data Is At RiskCybercriminals target financial services firms because ofvaluable data, which can be leveraged to launch downstream
attacks on client businesses. Information such as businessplans, tax records, intellectual property, compliance audits
and forms of personally Identifiable Information (PII) put both
employees and customers at risk.
Hybrid Model Introduces New Risk
As FINRA and similar regulatory agencies relaxed in-officerequirements for the industry in the wake of the COVID-19
pandemic, firms have maintained a hybrid work model.
However, home networks and personal devices may have
weaker security measures compared to corporate networks
and devices. This creates more entry points for attackers toexploit and gain unauthorized access to sensitive informationor systems.
Compliance Is Costly and Chaotic
Stringent regulatory frameworks, such as Sarbanes-Oxley(SOX) and Payment Card Industry Data Security Standard(PCI DSS), require certain controls to maintain complianceand ensure the secure exchange of sensitive information.
Non-compliance is increasingly an issue, with 74% of banking
CISOs in a 2022 KPMG survey reporting it as a primary issueand area of focus.4
2022 Verizon Data Breach Investigations Report
VMWare, Modern Bank Heists 5.0
3IBM, Cost of a Data Breach Report 2022
4KPMG, Cybersecurity: 2022 Banking Industry Survey

Industry Experiences Record Rise inRansomware Attacks

82%
of data breaches involved compromised
credentials according to Verizon Data
Breach Investigations Report 20221

74%
of financial institutions experienced one ormore ransomware attacks in the last year2$6M
the average cost of a data breach in 20223

12© 2023 Keeper Security, Inc.

Industry Brief
Cybersecurity for Financial Services Firms

Cybersecurity Starts with Protecting Your Passwords, Secrets and Credentials
Keeper Security’s next-gen privileged access management (PAM) solution delivers enterprise-grade
password, secrets and privileged connection management in one unified platform.

Keeper gives financial services firms the visibility and control they need to prevent credential-based cyberattacks byenabling IT administrators to manage employee password usage and systems access throughout the data environment.
With Keeper, firms gain privileged account session management, secrets management, Single sign-on (SSO) integration,privileged account credential management and powerful credential vaulting and access control.

Protect Employee Passwords and Credentials
Keeper’s unique security architecture protects dataand systems with a solution that is quick to deploy
and easy to use. Securely store, share and manage
passwords across the entire organization.
Simplify Secure Remote Access
Securely manage your remote desktop connections
from anywhere – no VPN required.
Streamline Compliance and Audits
Provide on-demand visibility of access permissions toyour organization’s credentials and secrets.

Enables organizations to securely
manage, protect, discover, shareand rotate passwords with fullcontrol and visibility to simplify
auditing and compliance.

keepersecurity.com | sales@keepersecurity.com

Delivers a fully-managed,
cloud-based solution to secure
infrastructure secrets such as API
keys, database credentials, accesskeys and certificates.

Provides an agentless remote desktop
gateway for instant privileged session
management, remote infrastructureaccess and secure remote databaseaccess with RDP, SSH keys, database
and Kubernetes – without the needfor a VPN.

2© 2023 Keeper Security, Inc.
© 2023 Keeper Security, Inc.