Insider Risk Management for Financial Institutions

Protect sensitive data and critical assets. Comply with cybersecurity requirements.
Identify and manage insider risks.

The challenge

Financial institutions regularly handle sensitive customer data that is incredibly alluring to cyber criminals. Syteca provides a rich set of insider risk management capabilities to build strong cybersecurity in financial services and ensure the strongest possible protection of critical assets.

The risk of insider threats within the finance industry has grown alarmingly in recent years. The worst part is that insider threat incidents are harder to identify and contain, since insiders know the ins and outs of your organization. Hence, the consequences are often more harmful than those of external attacks.

Financial services companies face these challenges in protecting their critical systems and maintaining a strong cybersecurity posture:

Safeguarding financial records and customer data

Complying with security and privacy laws and regulations

Ensuring secure collaboration with vendors

Detecting insider threats and ensuring timely incident response

Getting complete visibility into employees’ activity

Building an agile security architecture with centralized management

Cybersecurity solutions for financial institutions play a crucial role in effective employee, partner, and third-party vendor risk management. Syteca is reliable cybersecurity software for the financial industry that provides a rich set of insider risk management capabilities to help you prevent insider threats and ensure the protection of your critical assets.

Syteca enables
financial institutions to

Deter insider
threats

Get transparency in how employees and vendors handle the organization’s critical data.

Secure
critical data

Protect critical financial data from accidental exposure and malicious breaches.

Comply with IT
security requirements

Facilitate compliance with specifications and guidelines on cybersecurity for financial services.

Manage privileged
access

Ensure high-end security for privileged accounts to keep your most valuable assets safe.

Rising threats in the financial industry

The average cost of a data breach in the financial industry is $5.90M – 28% higher than the global average.

According to the Cost of a Data Breach Report 2023 by IBM Security.

34% of data breaches in the financial sector are caused by insiders.

According to the 2023 Data Breach Investigation Report by Verizon.

Financial services use 24% of their budget to combat insider risk.

According to the Market Guide for Insider Risk Management Solutions by Gartner.

The ultimate cybersecurity solution for financial institutions

Banking

Financial services

Insurance companies

Control access to your critical assets and avoid data losses that can lead to financial and reputational damage.

Manage third-party risks to prevent data breaches caused by vendors, contractors, and service providers.

Reinforce security procedures to protect your clients’ financial and personal data.

Keep cybersecurity threats at bay by swiftly detecting and responding to suspicious activity within your IT environment.

Maintain compliance with laws and regulatory standards, enhancing your cybersecurity posture and fostering trust among your clients.

If you’re looking for cybersecurity solutions for financial services, Syteca has you covered. It’s a full-cycle cybersecurity solution for financial institutions that can help you deter, detect, and disrupt insider threats.

Industry recognition

Included in 2021 Kuppingercole Leadership Compass for PAM

Included in the Gartner 2025 Market Guide for Insider Risk Magement Solutions

Value Added Partner

Mentioned in NIST Special Publication

A guide to insider risk management fundamentals

Managing insider threats in financial
services, banking, and insurance

Get a detailed guide to insider risk management for financial institutions
and learn how to effectively prevent insider-related incidents.

Download White Paper

How Syteca strengthens cybersecurity in the financial industry

Leverage a set of powerful features to ward off insider threats, enhance financial services cybersecurity, and ensure the confidentiality of data on critical assets.

View on-screen user activity in real time and record it in a video format enriched by informative text metadata. Syteca Client captures users’ actions even in offline mode to make sure nothing goes unnoticed and to provide you with insightful evidence for investigating incidents.

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Ensure that only the right people have access to your sensitive data by verifying the identities of users accessing critical endpoints with two-factor authentication (2FA). Syteca also helps you eliminate uncertainties related to the use of shared and default accounts with secondary authentication.

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Reduce risks of data breaches caused by users accessing your critical assets from outside your network. Leverage Syteca’s capabilities to set granular access permissions and monitor the activity of telecommuters, third-party vendors, and outsourced service providers.

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Receive immediate notifications about users’ unusual behavior and suspicious activity. Syteca lets you use predefined or custom notifications and configure automated responses to eliminate cybersecurity incidents in healthcare companies the fastest way possible.

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Generate a wide variety of reports with Syteca to facilitate and supplement your audit process. Create reports with custom parameters and schedule reports to be regularly generated and emailed to security officers.

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Granularly manage user access rights to ensure that only users who need to work with valuable data can access it. You can also use Syteca to limit privileged users’ ability to access sensitive data outside of working hours or provide users with temporary credentials.

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Anonymize the monitored data you collect to protect your users’ personally identifiable information, thus, preserving privacy and complying with the relevant standards, laws, and regulations. The data can be de-anonymized for inspecting security incidents.

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Get more with enterprise-grade insider threat detection software

FAQ

Considering all the valuable and sensitive information financial entities handle, it’s no wonder they are an attractive target for cyberattackers. Data breaches within the financial services industry can result in monetary losses, operational disruptions, reputational harm, regulatory fines, and other negative outcomes. To protect sensitive data and ensure the stability of critical systems, it’s crucial to deploy cybersecurity solutions for financial services.

Financial services companies face a range of cyber threats including phishing attacks, malware infections, ransomware, DDoS attacks, and insider threats. Therefore it’s vital to deploy security solutions for financial services institutions that can protect them against both external and internal attacks.

Employee training is essential as it enhances threat awareness and fosters a culture of security within the organization. Well-trained employees are better prepared to identify social engineering attacks, handle sensitive data more securely, and adhere to information security policies more conscientiously. This significantly reduces the likelihood of data breaches resulting from negligence and human error.

Financial institutions need to have a comprehensive incident response plan to mitigate a data breach efficiently. The plan should involve measures for detecting and containing the breach, assessing the extent of the damage, mitigating the consequences, and notifying affected parties.

Financial institutions can enhance the cybersecurity posture by implementing multi-factor authentication, encrypting sensitive data, conducting employee training, and performing regular security audits. Financial institutions can further bolster cybersecurity by deploying robust firewalls, antivirus software, data loss prevention systems, and insider threat prevention solutions.

More FAQ

Financial industry case studies

Case study

Ready to strengthen your defenses with Syteca?

Consult our experts on the most efficient insider risk management approach to meet your organization’s cybersecurity needs.

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Insider Risk Management for Financial Institutions

The challenge