Insert Partner logo here. Financial Mobility Balancing Security and Success

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1 Financial Mobility Balancing Security and Success

2 Copyright 2012 Fiberlink Communications Corporation. All rights reserved. This document contains proprietary and confidential information of Fiberlink. No part of this document may be used, disclosed, distributed, transmitted, stored in any retrieval system, copied or reproduced in any way or form, including but not limited to photocopy, photographic, magnetic, electronic or other record, without the prior written permission of Fiberlink. This document is provided for informational purposes only and the information herein is subject to change without notice. Please report any errors to Fiberlink. Fiberlink will not provide any warranties covering this information and specifically disclaims any liability in connection with this document. Fiberlink, MaaS360, associated logos, and the names of the products and services of Fiberlink are trademarks or service marks of Fiberlink and may be registered in certain jurisdictions. All other names, marks, brands, logos, and symbols may be trademarks or registered trademarks or service marks of their respective owners. Use of any or all of the above is subject to the specific terms and conditions of the Agreement. Copyright 2012 Fiberlink, 1787 Sentry Parkway West, Building Eighteen, Suite 200, Blue Bell, PA All rights reserved. 2

3 Financial Mobility Balancing Security and Success Table of Contents Prosperity Through Mobility... 4 Financial Mobility Concerns... 4 Consumerization Cost Savings Productivity Boon... 6 Mobile Security for Financial Services... 7 A Case in Point... 9 The Time to Act

4 No financial services company can afford to relax when it comes to IT security. Banks, investment firms, and insurance providers must protect sensitive customer and company data. They can only reveal financial reports containing facts and figures after certain dates and/or to a select set of people. They must follow government regulations, such as Sarbanes-Oxley (SOX), which includes strict guidelines and stiff penalties for non-adherence; and they must line up with industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS), to ensure a secure environment for processing, storing, and transmitting credit card information. Aside from the legal requirements put in place to protect information, professional ethics dictate that IT departments of companies providing financial services do all they can to make sure no breaches occur. By 2014, 90% of companies will support personal devices and apps Prosperity Through Mobility At the same time, most companies need mobile technology to compete. Gartner predicts that by 2014, 90% of companies will support corporate applications on personal mobile devices, and 80% will have a mobile workforce equipped with tablets. The finance industry is no stranger to this trend. Helping sales people access information in the field, or helping executives view business documents while outside the office, are just two examples of how financial services companies are already benefiting from anytime, anywhere access to corporate systems. Employees in every industry are now asking to carry around a single device for both business and personal use, a trend known as bring your own device (BYOD). This variety of device types holding both personal and company data and applications guarantees a host of security challenges for IT departments in finance. Financial Mobility Concerns Even before the shift towards BYOD began, financial services companies have had to address several security issues whenever they moved corporate information outside company premises. When using mobile technology in business, these organizations have been concerned with a myriad of challenges: Complying with local, state, and federal regulations: To protect clients and financial markets, each jurisdiction has a set of legal requirements companies must abide by. Preventing data loss: Given how easy it is for handsets to be misplaced or stolen, data loss prevention is of utmost importance for any IT department supporting the use of smartphones, tablets, or even laptops. Enforcing security policy on mobile devices: With handsets in the field transmitting data over wireless networks, enterprises have amended their corporate security policies, but they also have to make sure the rules and guidelines are being followed. Ensuring the use of passwords on mobile devices: Since employees frequently look for workarounds to avoid having to use long or complicated passwords on mobile devices, IT departments are finding it challenging to ensure password protection on all devices is consistent with corporate policy. 4

5 Many companies have had additional mobile device management and security requirements, such as these: Controlling access to certain smartphone features: Some organizations have policies against the use of cameras or voice recorders in certain sites or in certain situations. Tracking device usage: Business units like to measure productivity and understand what s happening in the field by collecting information such as how long employees use specific applications. Managing software licenses: Enterprises need to adhere to software license agreements, and can only do so if they can keep track of the number of people using a given application. Tracking assets: Companies need to keep inventory of hardware in the field. Preventing professionals from going over the limit on their voice and data plans: To avoid extra costs, IT departments do what they can to ensure employees don t go over the limits of communication plans. As if all those concerns were not enough, companies now have to overcome added challenges resulting from two things inherent to the BYOD concept: 1. Personal and professional data and applications sit on the same device. You need to disable a device when it gets lost, but you can only disable what belongs to the company, leaving the employees private data and applications untouched. The same goes for the case where workers leave the company. By no means can you allow enterprise data or applications to remain on the device, but it s just as important to leave private data intact. 2. Devices from different manufacturers and running different operating systems have different built-in features. Configuration and security are two major aspects of enforcing corporate policy, but the variety of components and features makes configuring and securing a wide array of handsets very challenging. 5

6 Consumerization Cost Savings Productivity Boon Nevertheless, companies in all industries are opening up to BYOD for at least four reasons: 1. Employees at all levels want to carry just one smartphone for personal and professional use, and to ensure employee satisfaction, enterprises accommodate it. 2. There are some cost savings when employees bring a device they purchased on their own. 3. By giving workers a wider choice in which handset they use, training and support costs are reduced because they ll usually pick a model they re already familiar with or bring the one they already have. 4. Professionals who use one smartphone tend to be reachable at just about any time and can therefore respond more quickly to business emergencies. But BYOD is part of a bigger movement towards a general consumerization of mobile technology. People like to download apps from app stores, or their equivalents, for personal and business use, and they like to run those apps on their feature-rich smartphones. These days people are buying applications that perform important business functions in the same way they buy applications for personal use. There s very little anybody can do to stop this overall trend. But why should they? Along with consumerization comes innovation. Out with the stodgy, non-intuitive enterprise applications, and in with sleek, intuitive applications that cost a fraction of what people pay for their traditional counterparts. Forward-looking companies are opening up to BYOD, and the consumerization of mobile technology in general, and allowing their workforce access to best-in-class applications. How are these companies standing up to the challenges mentioned above? Many IT directors are scanning the market in search of mobile device management (MDM) platforms to mitigate security risks and increase visibility. They want a platform that will allow them to offer BYOD and at the same time, help them meet the audit requirements of SOX and help them conform to the security requirements of PCI DSS. They re looking in the right direction, but some MDM systems offer a more powerful set of features than others, and some systems are architected for a higher degree of scalability. 6

7 Mobile Security for Financial Services To help companies securely manage smartphones, tablets, and even laptops, Fiberlink s MaaS360 product delivers a comprehensive mobility management offering one which provides IT departments with 360 visibility and control across devices, apps, and documents that spends a lot of time outside of company networks. Ever mindful of market trends and changing needs of enterprise customers, Fiberlink has designed MaaS360 to specifically address BYOD and consumerization: Broad device and OS support. Rapid accommodation of new devices and operating systems. Reduced risks through a complete view of all business operations on both the companyand user-owned devices, and in a manner that isolates business information from personal information. Separation of personal documents and apps from work materials. Identification of devices that are out of compliance and automatic action to remedy the situation based on a pre-configured policy. Support for different policies for different groups of users. Protection of employee privacy by hiding personal information from business apps. Wipe of corporate applications, documents, and settings without touching personal information in the event an employee leaves the company. Blacklists to prevent workers from using certain applications. MaaS360 specifically helps companies in the financial services industry secure the mobile enterprise by easing the tasks to manage mobility: Ensuring compliance to industry regulations through detailed reporting and automated processes. Tracking device activity and locations in real time. Instantly locating a lost device, and wiping it clean of confidential information. Setting up password and encryption policies quickly and easily. Restricting app or device usage remotely. Setting up Wi-Fi and VPN profiles over the air (OTA). Monitoring the security of devices without slowing down users or IT. Control the synching of apps, docs, and data with icloud. Deploying apps and pushing documents securely to end users. Preventing employees from forwarding sensitive documents, such as financial reports. 7

8 MaaS360 makes managing mobility efficient: A single system securing all smartphones, tablets, and laptops with centralized policy management across multiple platforms. Web based management console to automate time- and resource-intensive mobile device management tasks. End-to-end mobile lifecycle management from device enrollment through configuration, security, monitoring, application management, expense management and support. Easily define and implement powerful compliance enforcement rules based on specific events, context, and location. Vertical industry expertise with built-in best practice policies and compliance reporting. Because MaaS360 is a cloud-based solution, companies benefit in many ways: Deployment is fast and easy because there are no servers to install or complex network reconfigurations to make. Through the MaaS360 Cloud Extender, you can easily tie in existing infrastructure, extending enterprise capabilities to a mobile environment. New devices can be enrolled in minutes individually or in bulk, so you can start small and expand as needed on demand. Because it s in the cloud, updates are automatic so you are always on the latest version supporting the latest mobile OSs and security features without having to schedule maintenance windows. With FISMA certification and SOC-2 Type II compliance, MaaS360 meets the highest standards of operational security for highly regulated industries. 8

9 A Case in Point Like many companies, Desert Schools Federal Credit Union has recently made changes in the types of mobile devices they sanction for business use. With a wider range of hardware and operating systems to support, the credit union went to market to find a mobile device management (MDM) solution, which would streamline the process of enrolling new devices, while at the same time providing security and visibility to the IT department. The credit union s four most important requirements were: 1. To manage devices as securely as BlackBerry Enterprise Servers managed the BlackBerry devices they previously used almost exclusively. 2. To configure and manage all devices remotely. 3. To be able to wipe lost or stolen devices remotely. 4. To enforce password policy on all devices. Desert Schools Federal Credit Union reduced costs by 75% MaaS360 stood out for Desert Schools Federal Credit Union not only because the solution met all their selection criteria, but also because it was cloud based, which meant a dramatic savings in cost and time. While other products required significant upfront investment in infrastructure, Desert Schools could get started at nearly 75% lower cost an important factor to any financial services company competing in today s market. Today the credit union uses MaaS360 not only to remotely manage, troubleshoot, and secure all iphones and ipads, but also to ensure data loss protection by providing functions to wipe confidential information from devices identified as lost or stolen. What s more is that while they are not currently restricting apps or device usage, the credit union feels safe in knowing they have the option to instantly blacklist apps should any pose a threat. The Mobile Intelligence features of MaaS360 interactively produces summaries of the credit union s mobile device operations and compliance; and to further facilitate compliance, MaaS360 analytics provide detailed hardware and software inventory report, along with configuration, security, and vulnerability details. Because MaaS360 is so easy to use, the credit union has saved money by taking Level 2 Engineers off the job of mobile device enrollment, and having them focus on more strategic tasks. Marty Rios, Director of Enterprise Services at Desert Schools Federal Credit Union quantifies the results: With MaaS360 s simplicity, we reduced the time to enroll devices from two hours to ten minutes. We ve not only cut device set up time by 92%, but we re also able to assign such MDM tasks to our service desk employees, cutting resource costs by 50%. 9

10 The Time To Act The old adage that time is money has never been truer than it is today, especially for financial services companies. Customers want products and services now. What s more, when they don t get the quality they expect, they take their business elsewhere and they do so quickly. These are some of the reasons speed and agility are so important for success. Both can be achieved through wireless technology, and both are improved when a rich set of applications are made available to workers using the devices most familiar to them. Now is the time to act, and Mobile Device Management will help make it all possible. But success all comes down to selecting the right platform. The companies who make the wrong choice can only go as fast as their MDM system allows them to go. On the other hand, those who choose wisely no longer have to perform the most tedious tasks, and are freed to focus on their core business. They are the companies who win in their respective markets. All brands and their products, featured or referred to within this document, are trademarks or registered trademarks of their respective holders and should be noted as such. For More Information INSERT CONTACT INFORMATION HERE WP_201210_