Success Story: Securing Email Accounts with Keepnet
Discover how a European bank successfully minimized cyber risks from compromised accounts.
Introduction
With a team of 23,052 staff members, this European bank is one of the largest in Europe. The bank wanted to actively manage potential risks from its large employee base, particularly its online activities. Their main goal was to take preventive measures to reduce these risks.
The security of corporate accounts was a top concern. The bank knew that compromised accounts could be a direct entry point for hackers, so it was dedicated to finding potential breaches and taking preventive steps.
The bank also worried about risks from its supply chain. They wanted to monitor the dark and deep web for leaked data and respond quickly to threats.
To achieve these goals, the bank chose Keepnet’s Threat Intelligence product. This product helped the bank spot dangers from compromised accounts and took fast action before the damage occurred.
Successful Outcomes
The potential financial loss was reduced by a total of $20,000,000.
Threat Intelligence helped the bank constantly check for data breaches on corporate email accounts and act instantly.
Understanding the Risk of Compromised Accounts
Since compromised accounts are 87% more vulnerable to phishing attacks, it poses a considerable risk for a bank with such a substantial workforce not to closely monitor their risk and exposure levels. The potential risks they needed to address include:
Potential Financial Losses: The bank could face significant financial losses if a data breach leads to information getting into the wrong hands.
Damage to Reputation: Trust is critical in the banking industry. A data breach could make customers, employees, and partners lose trust in this bank, damaging the strong reputation they've worked hard to build.
Disruptions to Operations: Having to deal with suspicious activities or actual breaches can take up a lot of time and resources, disrupting the normal flow of business and potentially affecting profits.
Risk of Identity Theft and Fraud: Data breaches often involve stealing personal information, which can be used for identity theft or fraud.
In order to manage these risks, the bank turned to Keepnet's Threat Intelligence Platform. This tool helped them to see the vulnerable employees and create an action plan related to the accounts that were breached.
Potential Loss Prevented
The average loss per breach | $4 million |
The number of compromised accounts | 100 |
The number of employees that use the breached passwords | 5 |
Total potential loss prevented: $20,000,000 | |
How Keepnet Stepped In:
With Keepnet, the bank gained the following benefits:
Uncover Vulnerabilities: By continuously scanning for compromised email accounts, the bank could proactively assess the effectiveness of its defense mechanisms. This enabled them to anticipate potential threats and devise strategies to counter them.
Monitor Data Leaks 24/7: The Threat Intelligence Platform enabled the bank to discover leaked accounts and passwords from email addresses associated with their domains. This constant monitoring helped prevent potential security breaches in real time.
Prevent Loss: By preventing security incidents, Threat Intelligence helped prevent a potential loss of $4 million for each data breach.
Detailed Breach Information: The platform provided detailed information about the data breach, including when it occurred, the compromised email address, password types, the data leak source, and the number of employees involved.
Ensured Regulatory Compliance: Regular phishing simulations and awareness training provided by Keepnet ensured that Koton remained compliant with cybersecurity regulations, minimizing the risk of penalties and legal consequences.
Automated and Ongoing Training: Keepnet's platform allowed for continuous analysis of risky behaviors, increasing employees' awareness of potential threats and instilling good reporting habits through automated training modules and reminders.
Operational Results
Successful Identification: The client identified compromised accounts and minimized risk.
Simple and Affordable: Threat Intelligence operated silently without disrupting the bank's daily tasks.
Breach Overview: The Bank got a report on when the breach happened, which email addresses and passwords were affected, where the data leak came from, and how many employees were involved.
Strategic Results
Potential Loss Prevented: Our client prevented a $20,000,000 potential loss.
Always-On Safety: Threat Intelligence constantly checked for email account data breach risks and promptly addressed any issues.
Rebuilding Policies: Our client updated password policies, Multi-Factor Authentication, and asset management.
“Using Threat Intelligence, we always look for possible data leaks tied to our employees and supply chain. This helps us stop any security breaches almost as soon as they happen. This forward-thinking strategy helps us spot which of our employees might be at risk. From there, we make a plan. This might involve staff training, making people use Multi-Factor Authentication (MFA), or changing passwords. We might also come up with new procedures, depending on the situation. This proactive approach boosts our defenses and saves us about $20,000,000 on average by averting potential data breaches.”