Keepnet's Threat Intelligence: A European Bank’s Success in Mitigating the Risk of Compromised Accounts

Introduction

With its formidable team of 23,052 staff members, this European bank is one of the dominant banks in Europe. In an era of increasing cyber threats, the bank has proactively identified and managed potential vulnerabilities that could come from such a large employee base, especially the risks associated with their online activities. Their primary objective is to take preventive steps to mitigate these risks.

One of the Bank's top concerns is its corporate accounts' security. The bank is well aware that compromised accounts can provide a direct entry point for hackers. Therefore, they were determined to unearth any potential breaches and take preventative measures.

In addition to focusing on its internal staff, the Bank was equally concerned about the risks involved with its supply chain. They were committed to keeping a vigilant eye on the dark and deep web, monitoring for any leaked data, and responding quickly and effectively when required.

In pursuit of these objectives, the bank turned to Keepnet Threat Intelligence. This solution helped the bank to spot potential dangers from compromised accounts and take speedy actions to eliminate such threats.

Successful Outcomes

The potential financial loss was reduced by a total of $20,000,000.
Threat Intelligence helped the bank to constantly check for vulnerabilities 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.

“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.”

Laura Bale, CISO of the European Bank

Return on Investment (ROI)

The average loss per breach

$4 million

The number of compromised accounts

100

The number of employees that use the breached passwords

Total potential loss prevented: $20,000,000

How Keepnet Labs Stepped In:

With Keepnet Labs, 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, the Threat Intelligence platform saved the bank an average 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.

Operational Results

Successful Identification: The client identified compromised accounts and minimized the risk.
Simple and Affordable: Threat Intelligence operated silently and did not disrupt bank’s everyday tasks.
Breach Overview: The Bank got data 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 Savings: Our client achieved significant total savings of an average of $20,00,000.
Always-On Safety: Just like a never-sleeping security guard, Threat Intelligence helped the bank to constantly check for risks and act on issues promptly.
Rebuilding security policies: By revealing the potential vulnerabilities, the procedures for password usage and Multi-Factor Authentication, along with asset management, were refined and updated.

Take Action Now

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