Finance is a fast-paced industry that’s embraced the digital revolution. Banks and investors track current market conditions and require accurate, real-time data. Trades are completed in nanoseconds. Through IoT, the financial industry will connect and understand the purchasing behavior of clients. Biosensors, beacons, and other IoT technologies will provide the financial industry with real-time analytics to drive increased profit.
LIFE AS A TARGET
The primary motivation for cyber attacks is financial. This makes the finance industry one of the leading targets for cyber criminals. Banks, credit unions and other financial institutions are a top target for phishing and ransomware attacks. Smart devices offer tremendous potential for finance with instant access to customer data, but IoT devices are a blind spot that expose financial companies to attack or unauthorized entry. In October 2016, the Mirai botnet specifically targeted and spread through insecure IoT devices. Most of these devices were in businesses that had no idea they had been compromised.
IoT AS THE ATTACK VECTOR
Financial organizations are strictly regulated and must meet a variety of regulatory and compliance requirements. FINRA, SOX, GLBA, and PCI DSS require proper processes and solutions in place to protect critical business and customer information. Unmanaged IoT devices expose a risk, as most do not offer any ability to install an agent for security. In order to provide adequate protection of IoT devices, organizations need full asset discovery for all devices on and off approved networks, and an ability to track the behavior and monitor the connections made by those IoT devices. It is the new attack vector.
THE AGENTLESS APPROACH
Armis provides instant protection of IoT and unmanaged devices for financial organizations with an agentless IoT security platform. It allows devices to connect safely to the network. Armis monitors the activity and interactions of these devices to automatically identify anomalous behavior or suspicious connections to ensure financial institutions remain secure and compliant.