Thanks to frequent security audits, financial institutions spend a whole lot of time tracking down IT assets so they can demonstrate compliance and strong risk management practices. And while FIs usually have many security solutions in place that know about assets, those solutions are often siloed.
Without a centralized view, FIs often spend more resources tracking down assets to satisfy audits than they do implementing tools and processes to strengthen security posture.
The Axonius Cybersecurity Asset Management Platform helps financial institutions:
Maintaining and updating a device inventory is no easy feat for today's banks. The FFIEC Information Technology Examination Handbook devotes an entire section (II.C.5) to the importance of asset inventories.
Often used as guidance for audits and risk assessments, the FFIEC states that management should maintain and update an inventory of all devices, with the ultimate goal of using inventories to implement security controls to protect devices.
However, for today’s banks, maintaining and updating a device inventory is no easy feat. The rise of ephemeral devices like cloud workloads and IoT devices makes it hard to keep constant tabs on which devices are known and managed.
Axonius helps banks reconcile differences from existing asset inventories and find security coverage gaps by discovering all devices, users, and cloud workloads.
As credit unions have gone digital, the number of devices used have soared to include mobile devices, cloud workloads, and kiosks — on top of traditional workstations. Credit Unions regularly inventory IT assets in accordance with FFIEC and NCUA guidance.
The increase in the number of devices at credit unions means that IT and security teams are frequently tracking down IT assets to satisfy internal and external audits. Since IT and security teams at credit unions are often lean to begin with, this time spent satisfying audits often comes at the expense of other security and risk management activities.
Axonius powers credit unions large and small to gain a comprehensive, always-up-to-date asset inventory that drastically reduces the time needed to satisfy audits.
With much of FinTech driven by cloud computing, it's harder than ever to track and secure all devices in a dynamic environment.
Along with being frequently audited, FinTech companies must also demonstrate PCI compliance. This requires creating an asset inventory including “system components” — anything that processes or transmits cardholder information — including cloud databases, workstations, and even VoIP phones. See PCI Req. 2.4: Complete Inventory List.
Axonius lets FinTech companies unify all of their devices — whether on-premise or multi-cloud environments — to understand where protections are missing, and where vulnerabilities exist.
“We purchased Axonius to fill a hardware/software inventory need, but have found the system does so much more. The dashboards make it easy to monitor and report on information on almost any data the collectors can gather.”