The primary security challenge is the high risk of ransomware attacks, with 79% of financial institutions experiencing at least one ransomware attack in the past two years. Despite robust traditional defenses, these attacks continue to exploit gaps between systems, leading to lateral movement and significant damage.
Key takeaways
- Ransomware is a persistent threat: Seventy-nine percent of financial institutions have experienced or detected at least one ransomware attack in the past two years, highlighting the need for advanced security measures.
- Microsegmentation is the missing piece: Traditional security tools, while essential, are not enough to prevent lateral movement and protect high-value assets. Microsegmentation offers the granular control necessary to contain threats, and its adoption is crucial for building true resilience.
- Insurers and regulators are taking notice: The scrutiny from insurers and regulators is intensifying, with 77% of financial institutions reporting that underwriters now assess their segmentation posture. This isn’t just about security anymore; it’s about meeting regulatory requirements and securing favorable insurance terms.
- Cost and complexity are major barriers: Financial institutions often struggle with the high costs and operational disruptions associated with implementing microsegmentation. However, the benefits in terms of faster attack containment and reduced risk far outweigh these initial challenges.
Frequently Asked Questions (FAQ)
Microsegmentation goes beyond traditional network segmentation by providing granular control at the workload and application levels. This allows for more precise isolation of high-risk assets and containment of threats, significantly reducing the blast radius and improving overall security posture.
Insurers and regulators are focusing on segmentation postures because breaches in the financial sector can have severe financial, reputational, and regulatory consequences. A strong segmentation posture is seen as a critical measure to mitigate these risks and ensure the stability and trustworthiness of financial institutions.
The top objectives are isolating high-risk assets (76%), containing ransomware (66%), countering insider threats (62%), and achieving regulatory compliance (58%). These objectives align with the unique challenges and high stakes of the financial services industry.
Achieving segmentation maturity can lead to lower cyber insurance premiums and improved claim approvals. Sixty percent of institutions with cyber insurance reported premium reductions, and 73% saw better claim approvals. Additionally, it simplifies audit reporting and can reduce attestation costs.
Akamai Guardicore Segmentation, with its AI-powered capabilities, addresses the key challenges of network complexity, implementation costs, and departmental resistance. It not only enhances security but also delivers a 152% ROI in less than six months.