Bank’s Success on Securing Email Accounts
Learn how a European bank minimized cyber risks by proactively identifying compromised accounts and taking immediate action, safeguarding against potential breaches and financial loss.
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
Prevented a potential financial loss of $20,000,000.
Constantly checked for data breaches on corporate email accounts and acted 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 the Bank Enhanced Security:
Identified compromised accounts and minimized risk.
Operated silently, without disrupting the bank's daily tasks.
Provided detailed reports on breach incidents, including affected email addresses, passwords, data leak sources, and the number of employees involved.
Operational Results
Prevented a total potential loss of $20,000,000.
Ensured continuous safety by constantly checking for email account data breach risks and promptly addressing any issues.
Updated and strengthened password policies, Multi-Factor Authentication, and asset management protocols.
Strategic Results
Continuously scanned for compromised email accounts, proactively assessing the effectiveness of defense mechanisms and anticipating potential threats.
Discovered leaked accounts and passwords from email addresses associated with their domains, preventing potential security breaches in real-time.
Prevented a potential loss of $4 million for each data breach by avoiding security incidents.
Get detailed information about data breaches, including when they occurred, compromised email addresses, passwords, password types, data leak sources, and the number of employees involved.
“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.”