My grandfather used to say, “Better safety than sorry.”
His message was as strong as his English was broken. Case in point – cybersecurity and the banks of today.
Earlier this year, hackers broke through the security firewall of the Central Bank of Bangladesh to make off with over $80 million. Between the years of 2013 and 2015, there has been a 183% increase in financial services data protection breaches worldwide. On top of maintaining a round-the-clock caution against such attacks, banks also carry the imperative to adhere to ever-evolving compliance standards.
In such a world of meticulous regulatory reform, banks are indeed highly sensitive to breaches and attacks of any kind. Why? Huge fines and legal battles aside, the reputational risk that such breaches pose to the core business of banking may leave them reeling from an undoable damage. And that is notwithstanding the fact that these breaches may indeed be mere lapses rather than outcomes of organizational or employee misconduct. So is there a way that these banks could detect (and thwart) any deviation – even a lapse ? Is there a way to look at each flow of data and weed out anomalous flows – in real time? Absolutely.
Cisco Tetration Analytics has this very ability to filter data flows inside a bank’s data center, identify anomalous flows and pin-point rogue flows in real-time. Tetration works on a zero-trust policy framework, thereby monitoring every single flow through a data center.. and there could be hundreds of billions of them! Based on unsupervised machine learning and behavior based algorithms, Tetration gives the richest insight into all the applications interacting within a data center. One of its kind and first in the industry.
For more information on Cisco Tetration Analytics and how it can help your banking business, click here.