Financial services firms are facing a growing threat from sophisticated identity-based attacks aimed at stealing billions and disrupting transactions. These attacks not only jeopardize financial stability but also erode the trust that institutions have worked hard to build over the years.
Cybercriminals are constantly evolving their tactics, exploiting vulnerabilities in identity security within the industry. From leveraging AI techniques to commit synthetic fraud to using deepfakes to impersonate individuals, the financial sector is under siege from a variety of threats.
Rate Companies, formerly Guaranteed Rate, is one institution that is taking a proactive approach to defending against these AI-driven threats. As the second-largest retail mortgage lender in the U.S., Rate processes billions of dollars in transactions daily, making it a prime target for cybercriminals. Katherine Mowen, the company’s SVP of information security, leads the charge in implementing AI across Rate’s infrastructure to safeguard customer, employee, and partner identities.
Mowen emphasizes the importance of AI threat modeling in protecting against identity-based attacks. Rate has adopted a zero-trust framework, where every decision is anchored around identity and continuous verification. The company operates with a “never trust, always verify” approach, defining least privileged access and monitoring transactions in real-time to enhance security.
To combat the short window for detection and response in today’s threat landscape, Rate has implemented the “1-10-60” SOC model, aiming to detect, triage, and contain threats within minutes. By leveraging AI tools like CrowdStrike’s Falcon platform, Rate has been able to scale its cybersecurity defenses to meet the industry’s demands.
Lessons learned from Rate’s approach include the importance of identity and credential monitoring, reducing noise-to-signal ratio in security operations, defining a clear cloud security strategy, and consolidating tools for improved visibility. By prioritizing real-time responses, adopting a zero-trust mindset, and automating SOC workflows, organizations can enhance their resilience against identity-based attacks.
Looking ahead to 2025, it is crucial for industries to prioritize identity security, fight AI with AI, prioritize real-time responses, enforce zero trust principles, and automate SOC workflows. By staying ahead of evolving threats and leveraging AI technologies effectively, organizations can strengthen their defenses and protect against increasingly sophisticated attacks.
In conclusion, the financial services industry must remain vigilant in the face of evolving cyber threats, especially those targeting identities. By adopting proactive measures like AI threat modeling and zero trust frameworks, institutions can defend against attacks and safeguard their operations and reputation.
