Salt Security allows Berkshire Bank to accurately secure its growing API activity
alt Security , a leading API security company , has
S announced that Berkshire Bank , a leading socially responsible community bank with office locations in New England and New York , has selected the Salt Security API Protection Platform to secure its growing ecosystem of APIs . The Salt platform enables Berkshire Bank to reduce business risk by shielding itself , its partners and its customers from rising API-based cybersecurity threats , while augmenting the company ’ s Zero Trust security model .
We looked at other solutions but only Salt had the full range of capabilities we wanted – complete API visibility , protection across build and runtime and seamless integration into every facet of our API ecosystem .”
Digital Transformation , mobilisation , cloud migration and application modernisation represent the new technology frontier for financial services and APIs are the delivery vehicle to get there .
Berkshire Bank joins a growing number of financial services institutions that have chosen Salt Security to secure their and their customers ’ critical data , including Ally Bank , Apiture , City National Bank and Finastra , among others .
“ As a business enabler that supports multiple FinTech partnerships , Berkshire Bank wants to bring innovative and convenient financial offerings to market as quickly as possible ,” said Ryan Melle , SVP , Chief Information Security Officer , Berkshire Bank . “ However , we will never do so at the expense of our customers ’ security . Salt Security makes it easy for us to mitigate the risk of API-based exposure when storing and sharing information online about our customers ’ financial data .
Largest ransom pay-outs by cyber-insurers averaged £ 3.2 million in the past two years
anaseer , an enterprise security
P company , has released its latest report on the state of the cyberinsurance industry . The survey of global insurers across the UK and US found that 82 % are expecting the rise in premiums to continue , with 74 % of insurers agreeing that their inability to accurately understand a customer ’ s security posture is impacting price increases .
Insurers also see the increasing cost of ransomware as a leading factor ( 78 %) affecting premium rises , with largest ransom pay-outs by insurers in the last two years averaging £ 3.26 million in the UK and US $ 3.52 million in the US .
The cyber landscape is continuously evolving . Ransomware is now considered the greatest cyber threat to the UK , while the US was the most targeted region in 2021 , accounting for 53 % of all ransomware attacks globally . To help combat the ransomware crisis , Panaseer found that 87 % of insurers want a consistent approach to analysing cyberrisk and 89 % want direct access to customer security metrics and measures proving the status of security controls .
As explained by Andreas Wuchner , a cybersecurity and risk expert and advisor to Panaseer , “ Metrics and measures will absolutely have a bigger role in insurance . There is a new market developing where insurers will offer a reduction on pricing if you provide a quarterly report through a specific security platform , because they know it ’ s a good product that helps to improve cyber hygiene . It is likely we will see the old way of doing cyber insurance coming under pressure , as there are smaller , more agile organisations capable of doing more and offering support .”
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