Banks and fintechs have allowed a record number of employees to work from home in response to the COVID-19 pandemic. For many of these organizations, a remote workforce will become the new normal despite data security concerns prohibiting them in the past.
It’s not just bank and fintech employees driving the demand for mobile access. Customers are also looking for fully remote solutions, and it’s unlikely they’ll return to bank lobbies once they’ve become accustomed to mobile banking.
This remote user influx means a larger attack surface consisting of less-secure devices connecting to a cloud-based network. As a result, cybersecurity teams face a perfect storm of issues leading to some notable breaches.
Remotely securing corporate devices can be complicated, and Bring Your Own Device (BYOD) programs present unique security-related challenges. Traditional Mobile Device Management (MDM) solutions for BYOD devices are heavy-handed and raise personal privacy issues.
With Europe’s General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and other US privacy laws raising concerns, finding the best bank data security solution can be daunting.
Remote work has always challenged IT departments, but the recent work-from-home shift has introduced new risks and expanded others. As network access point numbers grow, the potential attack surface also increases. Data breaches are rising due to more remote users. Residential systems are typically less secure than company-maintained networks, and attackers take advantage of this weakness.
It’s not just home systems that are vulnerable. Company phones and tablets are joining the office network every day. These mobile devices have fewer security options, such as multi-factor authentication, antivirus, or virtual private networks (VPNs). When a mobile device has these features, few employees use them.
Some companies migrate to enterprise-wide cloud solutions like Amazon Web Service (AWS) and Azure to support this remote work model. These cloud infrastructures can help support remote work, but they come with obstacles. Data becomes more vulnerable when it moves to the cloud because security teams lose direct control over the data. This lack of accessibility leads to a significant rise in data breach risks.
Increased mobile demand will reward banks and fintechs that adapt to the changing landscape. However, maintaining banking security standards during these transitions may offer challenges. Chief among these issues is the need to meet regulatory expectations. Cybersecurity regulations for banks are stringent. Regulators aren’t likely to forgive bank data security gaps and will expect organizations to select tools that will evolve with demand.
Anyone who has spent time in a compliance role is used to the paradoxical nature of regulations. Privacy laws demand that banks and fintechs protect customer banking data and overall bank security. Simultaneously, information security laws require surveillance of these same populations to protect organization-held sensitive data.
At first, these regulations appear in conflict. How can an organization perform sufficient surveillance to prevent intrusion while also respecting customer and employee privacy?
Solving this regulatory puzzle means exiting the trust model of security. In a trust model, the company identifies “trusted entities,” whether that is a device or a user, and then exchanges sensitive data with this entity.
Ditching the Trust Model
The flaw in trust-model paradigms is that they rely heavily on the authorized user’s security training and awareness. Because they depend on users, trust models are fallible. With a compromised endpoint device, all accessible data is at risk.
Hypori Virtual Mobility™ reduces the dependency on security training and moves the organization to a secure paradigm, enabling long-term remote work models and endpoint security..
Virtual Mobility Infrastructure (VMI) prevents data loss because sensitive data is never on the endpoint device. Hypori® resolves two problems facing banks and fintechs. Hypori allows the remote workforce to use and access the corporate network in an intuitive, confidential environment. Hypori also strikes a balance with regulators and secures sensitive data and protects the device user’s privacy.
Hypori is lightweight and cross-platform, enabling easy end-user access to the enterprise network with personal devices. The tool doesn’t impact the device’s performance, unlike MDM tools, which often demand that users modify their settings and give up control of their device. Hypori delivers military-grade, regulatory compliant virtual mobility that is user-friendly, centrally managed, and cost-efficient.