Insider threat challenges in finance Industry – Effective solutions to regulate compliance

With 44%, the finance industry faces the most threats to its data-centric operations as the recent study on Insider Threat Challenges in 2024 from Securonix reveals. The rising threats indicate that the finance industry needs to strengthen its security posture to meet regulatory compliance and mitigate risks, posing challenges to its data privacy and business trust.

The industry is facing an urgency to curb the most risks arising from within - that is intentional, negligent, and accidental insiders causing the increasing damage to organizational security and reputation.

Let's further discuss the potential challenges and effective solutions to predict and prevent insider risks for improved compliance and data privacy in the finance industry.

Fintech security landscape

Data is at the center of finance service operations, which attracts insiders to take advantage of their authority and cause data breaches for personal and monetary gains. The early detection of malicious insiders is important to respond in real-time and stop the potential harm to sensitive business information and credibility.

The inability to identify and control rising insider threat instances can cost the finance industry hefty regulatory fines and loss of business. For fintech businesses, now is the high time to act and gain firm control over ill-intent insiders to mitigate instances of unauthorized data exposure and workplace non-compliance.

What are the effective solutions to enable compliance

Leveraging advanced security and compliance solutions can help you define real-time monitoring and gain actionable insights to stay ahead of threats and trigger corrective actions against activities hinting at compliance or data breach risks.

AI-enabled real-time monitoring

Integrate AI-enabled real-time monitoring with the information-intensive workflows in your finance services to stay alerted of whether your teams in data-sensitive roles are aligned with regulatory compliance or showing any indications of risks to data privacy. You can get the data that matters to respond at the right moment to ensure secure and efficient business processes.

Behavioral and predictive analytics

Define monitoring against risky behavior to measure how compliant your workflows are, and whether it hints at any risks to tackle. Act the moment such instances occur and stop them from leading to harmful threats to workplace compliance and business data confidentiality.

Automated actions against non-compliance risks

Set self-triggered actions enabled by AI security against compliance or data breaches – involving employees leaving the system unattended in remote or hybrid work, presence of multiple persons in remote workplaces, unknown person at the desk, or mobile use at work – to mitigate the risk of compliance breach and unauthorized data exposure.

Ensure secure and efficient operations

The high liability of the finance industry for regulatory compliance demands strong security measures to strengthen the protection and make the work environment threat-resistant. Experience a robust security and compliance solution today, and see how it can enable you to regulate your finance services for safe and efficient operations.