Case Study: Leading Bank reduces fraud risk with RiskLens

RiskLens Clarifies Complicated Decision on Multifactor Authentication

Leading Bank worked with RiskLens to better understand its exposure to a stealthy fraud scenario involving stolen customer credentials and draining bank accounts over time. The bank believed multifactor authentication might be the right defense, but it needed help determining the actual risk and the most effective place to deploy controls.

RiskLens used its FAIR-based cyber risk quantification platform and Monte Carlo modeling to analyze both the potential data warehouse breach and the downstream online fraud. The assessment showed the current annualized loss exposure at about $2.5 million, and found that MFA at either the application or database level offered similar reduction, while encryption of data at rest reduced expected annualized loss exposure to just $89,000.