Veriato for Finance

Enterprise Insider Risk Management Solutions for Financial Services Organizations

Used and Loved by Thousands of Customers In Over 35 Countries

Enterprise Solutions For Financial Services Firms

Get Ahead of Insider Risk

Veriato’s AI-powered algorithm analyzes user behavior patterns and automatically alerts you to any abnormal or suspicious activity.

Our machine learning algorithm analyzes hundreds of signals to generate and assign individual risk scores to each user.

Establish Robust Data Security Protocols

Monitor application, network and web usage. Track file and data access. Use AI to generate risk scores to safeguard against data breaches and insider threats.

Simplify Audits and Regulatory Compliance

Easy-to-use, customizable dashboard puts key user activity monitoring insights at your fingertips.

Get detailed user activity information on each user, generate detailed reports and set up real-time alerts.

Your Company Requires the Highest Level of Threat Management

Monitor Use Interaction with Sensitive Data

While other applications provide an audit trail of access to records, financial services organizations need to understand detailed PII and other sensitive data usage and access to ensure data security and compliance. User activity monitoring solutions from Veriato allow detailed tracking of data being accessed, applications used and much more.

Demonstrate Regulatory Compliance

Finance organizations deal with complex corporate and regulatory compliance requirements and audits. Veriato insider threat management solutions help meet those requirements by demonstrating that protective controls are in place and are effective. Proactively monitor for potential threats, set up fully customizable, real-time alerts and make reporting easier.

Conduct Reviews
& Audits

Veriato helps financial services organizations conduct audits and mitigate any data breaches by logging detailed, contextual and rich user activity data. Our software makes staying compliant and running audits much easier, with real-time alerts to customizable reporting and dashboards. User activity data is collected continuously, and a data trail is available for audits and internal investigations.

Financial Industry Case Studies

Finance – Historical Information, Investigating an Issue Around Data Theft, Unusual Activity

A regional credit union works with Veriato to record user activity, ensure compliance and investigate data theft.

Common Employee Monitoring Questions

What Is Insider Risk Management?

Insider Risk Management is a crucial strategy employed by organizations to mitigate risks posed by individuals within the organization who have access to sensitive information and systems. It focuses on identifying and managing potential threats that insiders, whether employees, contractors, or partners, might pose to the organization’s data security, financial integrity, and operational stability. Insider Risk Management encompasses a range of practices including monitoring user activities, controlling access to information, and educating staff about security policies and procedures.

What Are Insider Threats in a Financial Institution?

The financial industry, given its reliance on vast amounts of confidential data and financial transactions, faces significant insider risk challenges. These include:

  • Data Breaches: Unauthorized access to sensitive financial information can lead to significant financial loss and damage to reputation. The average cost of a breach for a financial services firm was $5.4M in 2023. 
  • Fraud: Insiders might misuse their access privileges for personal gain, committing fraud that can be costly to detect and rectify.
  • Compliance Violations: Failure to adhere to regulatory requirements can result in hefty fines and legal consequences.
  • Operational Disruption: Insider threats can disrupt operations, affecting customer trust and service delivery.
What Are The Key Features of Our Financial Industry Solution?

Veriato offers comprehensive solutions designed to help financial services firms manage and mitigate insider risks effectively. Veriato’s solutions help:

  • Get Ahead of Insider Risk: Utilizing AI-powered algorithms, Veriato analyzes user behavior patterns, identifying abnormal activities and automatically alerting relevant personnel. This proactive approach ensures that any potential insider threat can be addressed promptly.
  • Establish Robust Data Security Protocols: By monitoring application, email, and web usage, along with tracking file and data access, Veriato helps firms establish strong data security measures. The AI-generated risk scores are pivotal in safeguarding against data breaches and insider threats.
  • Monitor User Interaction with Sensitive Data: Veriato’s solutions go beyond providing an audit trail of access to records. They enable financial firms to monitor detailed interactions with PII and other sensitive data, ensuring data security and compliance with regulatory standards.
  • Demonstrate Regulatory Compliance: Financial organizations face complex compliance requirements. Veriato aids in demonstrating that effective protective controls are in place by enabling proactive monitoring, customizable alerts, and simplified reporting.
  • Conduct Reviews & Audits: Veriato assists financial organizations in conducting thorough audits and addressing data breaches efficiently. By logging detailed user activity data, the software supports compliance efforts and simplifies audits. Continuous data collection and the availability of a rich data trail aid in internal investigations and audit processes.
Why is Insider Risk Management Important in the Financial Industry?

In the financial industry, where trust and integrity are paramount, insider risk management is essential for several reasons:

  • Protecting Sensitive Information: Ensuring the confidentiality and integrity of customer data and financial records.
  • Maintaining Regulatory Compliance: Adhering to strict industry regulations and avoiding penalties for non-compliance.
  • Safeguarding Reputation: Preventing incidents that could damage the organization’s reputation and customer trust.
  • Ensuring Operational Continuity: Avoiding disruptions to financial services and operations critical to customer satisfaction and business success.
How to Get Started with Veriato?

Getting started with Veriato’s insider risk management solutions involves a few key steps:

  • Understand Your Needs: Assess your organization’s specific risk profile and security requirements.
  • Schedule a Demo: Schedule a demo and see firsthand how Veriato can address your insider risk management needs.
  • Implement Solutions: Work with Veriato’s team to implement the right solutions tailored to your organization’s unique challenges.
  • Educate Your Team: Ensure that your staff is well-informed about security policies and the importance of data protection.
Other Frequently Asked Questions

What are the common signs of insider threats in the financial industry?

Common signs of insider threats include unusual access patterns or attempts to access sensitive data without a valid reason, frequent use of unauthorized external storage devices, discrepancies in financial transactions, unauthorized sharing of confidential information, and violations for company policies and security practices. Monitoring for these signs can help in early detection and mitigation of insider risks.

 

How can financial institutions balance employee privacy with insider risk management?

Balancing employee privacy with insider risk management involves implementing measures that are respectful of personal privacy while ensuring the security of sensitive information. This can be achieved by clearly communicating the purpose and scope of monitoring activities to employees, limiting monitoring to professional activities and areas, and ensuring that monitoring practices comply with legal requirements and ethical standards.

 

What role does employee training play in preventing insider threats?

Employee training is crucial in preventing insider threats. Regular, comprehensive training sessions can educate employees about the importance of data security, the potential risks associated with insider threats, and the best practices for safeguarding sensitive information. Training should also cover how to recognize and report suspicious activities, reinforcing the role of employees as a first line of defense against insider risks.

 

How does artificial intelligence (AI) enhance insider risk management strategies?

AI enhances insider risk management strategies by providing advanced analytics and machine learning capabilities to detect unusual patterns of behavior that may indicate insider threats. AI algorithms can analyze vast amounts of data in real-time, identify deviations from normal behavior, and automatically alert security teams to potential risks. This enables quicker responses to threats and more effective prevention of data breaches and fraud.

 

Can insider risk management solutions integrate with existing security systems?

Yes, insider risk management solutions can integrate with existing security systems and infrastructure. This integration allows for a unified approach to security, enhancing the ability to monitor, detect, and respond to insider threats across all systems and platforms. Integration also facilitates the sharing of intelligence and alerts between systems, improving the overall effectiveness of the organization’s security posture.