SECURING The Future of Financial Services

eBook

Your Essential Guide to Overcoming Cyber Threats With Check Point Software

I N T H I S E B O O K :

• FINANCIAL INSTITUTIONS NEED THE BEST CYBER SECURITY

• SECURITY CHALLENGES FOR FINANCIAL INSTITUTIONS

REGULATORY PRESSURES

INCIDENT RESOLUTION

MARKET EVOLUTION

REMOTE WORKFORCE SECURITY

EMERGING TECHNOLOGIES

• STAY AHEAD OF EVOLVING CYBER THREATS WITH CHECK POINT

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F I N A N C I A L I N S T I T U T I O N S N E E D T H E B E S T C Y B E R S E C U R I T Y The financial services sector is a prime target for cyber criminals due to the vast amounts of sensitive data, complex systems, and financial assets at stake. With cyber threats evolving rapidly, financial institutions face increasing challenges in safeguarding their operations against sophisticated attacks, from ransomware and phishing to advanced persistent threats and insider breaches.

72% of financial institutions suffered a ransomware attack last year.* Beyond financial loss, the reputational damage can be irreparable.

Consequences of Successful Attacks on Financial Organization (Q1-Q3 2023)**

Leak of confidential information

Disruption of activity

Use of resources to carry out attacks

Direct financial losses

Legal responsibility

64%

40%

3%

3%

3%

*IDC CISO/CIO Thought Leadership Survey, March 2024

** Finextra The State of Cyber Crime in the Financial Services Sector, February 2024

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https://engage.checkpoint.com/financial-services https://www.checkpoint.com/resources/items/2024-idc-cisocio-thought-leadership-survey-infobrief-changing-role-of-the-ciso?mkt_tok=NzUwLURRSC01MjgAAAGVNIsJpPNJUdxFZD5pZL3-KQo28i-oV4X0uvklkbw2nOygnQLuwk2b18TNV6puR_ZVCAJ3Stf961q5wjHM7NYt https://www.finextra.com/the-long-read/942/the-state-of-cybercrime-in-the-financial-sector

R E G U L AT O R Y P R E S S U R E S : S W I F T I N C I D E N T R E P O RT I N G A N D D ATA P RO T E C T I O N

The Total Cost Of Financial Crime Compliance*

$61 billion $85 billion

$45 billion

$15 billion

*Forrester, True Cost of Financial Crime Compliance Global Study, June 2023

Financial institutions are subject to stringent regulatory requirements. They must protect sensitive customer data and report cyber incidents promptly to regulators. Failure to meet these requirements can result in severe penalties and reputational damage. Financial institutions often struggle to meet these regulatory expectations while managing complex IT environments.

Check Point Software simplifies regulatory compliance by automating policy updates and compliance checks. Our technology supports regulations like GDPR, SOX, GLPE, and PCI-DSS and provides real-time incident reporting to ensure financial institutions meet their regulatory obligations. By offering unified, seamless management, Check Point helps reduce the burden of compliance while ensuring continuous protection of sensitive financial data.

North America EMEA

APAC

Latin America

Total global costs: $206 billion

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https://fintech.global/2023/09/27/financial-crime-compliance-costs-skyrocket-to-206-1bn-globally/ https://fintech.global/2023/09/27/financial-crime-compliance-costs-skyrocket-to-206-1bn-globally/ https://www.checkpoint.com/industry/financial-services/ https://www.checkpoint.com/infinity/ https://www.checkpoint.com/downloads/products/compliance-datasheet.pdf

FA S T E R I N C I D E N T R E S O LU T I O N A N D C Y B E R T H R E AT R E S P O N S E In the financial services industry, the ability to resolve incidents quickly is critical to maintaining trust and avoiding operational disruptions. Time-to-resolution is particularly important since delays in responding to attacks can lead to severe financial and reputational damage.

Organizations Took 33 Days on Average to Complete the Forensic Investigation of the Cyber Attacks in 2023.*

Occurence to discovery

Discovery to containment

Time to complete forensic investigation

Discovery to notification

Average number of days

60%

0%

33%

0 10 20 30 40 50 60 70

2%

*Statista, Cyber Incident Response Timeline U.S., 2023

Check Point’s advanced threat detection and automated incident response capabilities minimize Mean-Time-to- Detect (MTTD) and Mean-Time-to-Respond (MTTR). Check Point Software integrates AI and machine learning to proactively detect threats, while automated workflows ensure fast remediation of incidents. By drastically reducing response times, we enhances operational resilience for financial institutions.

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https://engage.checkpoint.com/financial-services https://www.statista.com/statistics/194119/average-time-span-until-a-cybercrime-incident-is-resolved/#:~:text=In%20most%20cases%2C%20companies%20reacted,took%2060%20days%20on%20average https://www.statista.com/statistics/194119/average-time-span-until-a-cybercrime-incident-is-resolved/#:~:text=In%20most%20cases%2C%20companies%20reacted,took%2060%20days%20on%20average https://www.checkpoint.com/cyber-hub/cyber-security/what-is-incident-response/ https://www.checkpoint.com/infinity/

E V O LV I N G M A R K E T A N D S U P P LY C H A I N S E C U R I T Y As financial institutions partner with third-party service providers (such as Uber and Amazon) and embrace API banking, their attack surface expands. Securing the supply chain and ensuring the security of third-party integrations becomes crucial to maintaining a robust security posture.

Check Point’s Zero Trust architecture ensures granular control over users, devices, and third-party access to financial services. With API security measures, financial institutions can protect against unauthorized access and secure all interactions within the supply chain. By enforcing strict access policies and ensuring the security of APIs, we help institutions manage their digital relationships securely.

Check Point is a valuable vendor in terms of security solutions and advanced threat protection. Among others, Check Point is also used for the protection of critical environments that require increased security.

Antonis Hassiotis, Senior Network Engineer, Aegean Baltic Bank

READ THE CASE STUDY

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https://www.checkpoint.com/industry/financial-services/ https://www.checkpoint.com/cyber-hub/network-security/what-is-zero-trust/what-is-a-zero-trust-architecture/ https://www.checkpoint.com/cyber-hub/network-security/what-is-vpn/covid-19-and-secure-remote-access-best-practices/ https://www.checkpoint.com/cyber-hub/cloud-security/what-is-application-security-appsec/what-is-api-security/ https://www.checkpoint.com/customer-stories/ab-bank/

R E M O T E W O R K F O R C E S E C U R I T Y Remote work is popular due to its flexibility and convenience, allowing employees to remain productive from anywhere. However, with this flexibility come new risks— identity access management, device security, and supply chain vulnerabilities. To safeguard sensitive financial data in this increasingly remote workforce, financial institutions need robust security solutions that protect their networks and users across diverse environments.

78% of Financial Technology Firms Offer Full Flexibility, Letting Employees Choose When or if They Work From the Office.* * BankingDive: Flex Index survey, March 2023

Over 2/3 of Banks Allow Flexible Work.**

** Fortune, Wall Street CEOs like Jamie Dimon talk about how going remote ‘doesn’t work,’ but most banks are actually flexible, March, 2023

Check Point Software secures users, devices, and access across the hybrid workspace. We prevent sophisticated attacks across emails, web applications, devices, and remote corporate access.

78% 2/3

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https://www.checkpoint.com/industry/financial-services/ https://www.checkpoint.com/industry/financial-services/ https://www.bankingdive.com/news/bank-fintech-financial-services-return-to-office-scoop-survey/644467/ https://fortune.com/2023/03/07/remote-work-wall-street-banks-flexible-two-thirds-support-survey-jamie-dimon/ https://fortune.com/2023/03/07/remote-work-wall-street-banks-flexible-two-thirds-support-survey-jamie-dimon/ https://fortune.com/2023/03/07/remote-work-wall-street-banks-flexible-two-thirds-support-survey-jamie-dimon/ https://www.checkpoint.com/harmony/

S E C U R I N G E M E R G I N G T E C H N O LO G I E S Financial institutions are increasingly adopting cutting-edge technologies like blockchain, Decentralized Finance (DeFi), IoT banking, and digital currencies. While these innovations bring operational efficiencies, they also introduce new attack vectors and security risks that need to be managed proactively.

Blockchain and DeFi Growth in 2024

*Exploding Topics, 41+ Brand New DeFi Statistics, January 2024

We offer advanced threat prevention capabilities that secure emerging technologies. Whether it’s blockchain-based financial systems or IoT devices in banking, our AI-powered threat detection ensures that vulnerabilities are detected and mitigated in real time. We offer proactive defense mechanisms protect institutions from both known and unknown threats, safeguarding the adoption of these innovative technologies.

DeFi Value Locked Blockchain Spending

Do lla

r A m

ou nt

(B ill

io ns

)

$52 Billion

$19 Billion

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https://engage.checkpoint.com/financial-services https://explodingtopics.com/blog/defi-stats https://www.checkpoint.com/ai/threatcloud/ https://www.checkpoint.com/ai/threatcloud/

All Blocked!

Malware Blocked Zero+1 Malware Prevention Rate

Phishing Blocked Web Phishing Links Missed

Zscaler CiscoFortinet Palo Alto Networks

99 .8

%

84 .0

%

69 .4

%

4. 1% 3

.5 %

75 .4

%

47 .8

%

2. 8%

47 .0

%

S TAY A H E A D O F E V O LV I N G C Y B E R T H R E AT S W I T H C H E C K P O I N T Financial institutions cannot afford to leave any gaps in their security. With the increasing complexity of cyber threats, regulatory pressures, and the rapid adoption of digital platforms, having a comprehensive security solution is more important than ever.

Check Point Software is ranked as the #1 cyber security platform in a Miercom Zero Trust Platform assessment.

Stop Chasing Alerts and Start Preventing Threats

See For Yourself: Miercom 2024 Security Benchmark Report

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https://www.checkpoint.com/industry/financial-services/ https://www.checkpoint.com/resources/report-3854/miercom-zero-trust-platform-assessment-2024

ACT NOW

DON’T WAIT TO ENHANCE YOUR FINANCIAL INSTITUTION'S SECURITY.

https://engage.checkpoint.com/financial-services