The digitization of financial services, banking, and insurance brings modern technology and its adaptation to an evolving service. These sectors require flexible operations with vendors, partners, and clients, often sharing information across different applications and platforms confined by volatile changes from customers, digital services, and interconnected devices. Innovation helps to maintain these industries with a successful and agile competitive boost. Fintech, a newly adaptive sector, mixes financial services with technology, improving automation services and innovative processes.

However, to maintain the competitive Fintech Remote Access Security edge, privileged accounts must maintain controlled and regulated access to the most vital components within the industry. Customer data, financial information, and applied technology audits require an efficient and streamlined Fintech Remote Access Security policy to protect data privacy and guard access to sensitive data. Any kind of breach in banking, financial services, or insurance services can cause massive disruption to the organization’s operations, legal prosecutions, loss of customers, and lead to a damaged reputation.

An increase in the supervision of digital data contributes greatly to an organization’s wealth and growth. Banking, financial and insurance institutions need to confront new Fintech Remote Access Security challenges, as new diverse-interconnected channel models are implemented. Customer, partner, and organization data often intertwine and are exchanged across many levels. These sectors require comprehensive credential security and access control, In 2021, around 44% of breaches were caused by internal actors.

Where around 83% were personal data compromises while 32% where credential data compromises. With malicious insiders, digital innovation for Banking, Financial and Insurance industries need to maintain control and need-to-know access to their vital and sensitive data. Moreover, these industries need to secure their internal operation strategies against industrial espionage.

The enlarged technological ecosystem, has stable expansion over all sectors. Many hybrid environments are beginning to adapt on-premise connections, cloud-based systems and remote access connections. The banking, finance, and insurance industries have a lot of ground to cover, from 3rd party vendors/contracts, IoT connectivity, legacy or core systems, interbank communications, data exchanges, and many more components that need to apply a Fintech Remote Access Security solution to store and hold user credentials, while maintaining secrets/password management.

Furthermore, all components contain a user role or account were administrative or privileged users/accounts hold authenticated and authorized access. Unintentional or intentional exposure or exfiltration of these accounts gives attackers the edge to compromise and disrupt organizations. Banking and financial institutions are one of the most regulated-bodied industries. With inter-communications and regional overlapping, each institution must follow its regional compliance regulations, such as PCI-DSS or GDPR. Exposure of unregulated compliances can bring forth lawsuits, costs, damaged reputation, and distrust from partners and clients. Hence, it is essential that appropriate compliance regulations are met, and institutions are confronting newly modified/updated requirements.

Banking and Financial institutions are on of the most regulated-bodied industries. With inter-communications and regional overlapping, each institution must follow its regional compliance regulations, such as PCI-DSS or GDPR.

Exposure of unregulated compliances can bring forth lawsuits, costs, damaged reputation, and distrust from partners and clients. Hence, why it is essential that appropriate compliance regulations are met, and institutions are confronting newly modified/updated requirements.

To help Banking, Finance, and Insurance institutions combat these challenges, Fudo provides privileged access control security and active monitoring solutions. With active monitoring, your organization can record all active sessions connected, from internal users or 3rd party contractors, providing administrators complete control with the ability to intervene if necessary. Moreover, you can track the compliance regulations set within your industry, giving your business a full video playback of all active sessions and the potential to focus on more productive processes.

With controlled access, your organization can create a grid-like environment to secure critical resources from privileged users, giving them limited access to conduct their scope of work. Thus, mitigating any lateral movement and managing access to system components. With secret manager and password changers, you can keep privileged credentials secure, mitigating data breaches and privileged account theft. Furthermore, with several authentication methods, administrators can choose different methods tailored to your business infrastructure.

Fudo acts as a proxy between your users and your infrastructure, thus offering great Fintech Remote Access Security solutions from internal and external threats that aim to abuse privileged credentials and gain access to vital resources. With our threat prevention technology, Fudo can recognize behavior patterns for each user, from the slightest mouse movement to keyboard strokes.

Immediately flagging any suspicious activity allowing security officers to intervene at any time. Furthermore, Fudo offers dynamic rules and policies, disbanding any unwanted code execution by terminating, pausing, or blocking the active session to your critical resources.