Why Endpoint Security is Critical for Today’s Hybrid Financial Workforce

The number of remote teams in the finance industry has been growing over the past couple of years. A recent study shows that more than 30% of employees in finance and insurance in the U.S. work remotely, while 38% work in a hybrid structure.

Remote or hybrid work offers several benefits, including higher productivity and reduced operational costs for financial firms. Despite these benefits, if not properly monitored, remote workforces can create significant security risks to your organization.

A recent report by Gitnux revealed that over 52% of the surveyed organizations experienced some form of cyber threat resulting from remote work in 2023. When teams operate remotely, it becomes much harder for IT and cybersecurity departments to implement the necessary security controls to protect every device.

At RFA, we support organizations with remote teams by implementing proven strategies to secure IT infrastructure and endpoint devices, even outside the office. In today’s post, I’ll explain why endpoint security is crucial for firms with remote teams and also share the proven strategies we use  tackle this challenge.

Why Endpoint Security Matters for Financial Firms

Before I dive into the security controls we use for remote teams, here’s why endpoint security matters.

Endpoints as the “frontline” of cyber defense!

Endpoint devices, such as laptops, phones, tablets, and desktops used by staff, partners, and contractors, are often outside your core network. This means the security controls implemented on your network typically do not apply to these devices.

As a result, they are often the first target for attackers, who may attempt to send phishing links, create fake login pages, or insert malicious USB devices if they gain physical access. If these devices are not properly protected, attackers can then move inward and potentially access your infrastructure.

Some of the common consequences of a compromised endpoint include:

• Financial loss: Money can be lost through fraudulent transfers made using the compromised device, ransomware payments, and recovery costs (forensics, overtime, legal).
• Huge Regulatory penalties: Breaches involving customer data can trigger investigations and fines that can be up to millions of dollars. In 2023, Morgan Stanley paid $6.5 million in settlements following a data breach that exposed customer information.
• Reputational damage: Clients and other stakeholders like investors lose trust fast. Even a contained incident can lead to lost deals, tougher due-diligence questions, and higher cyber-insurance premiums.

Five Proven Strategies for Securing Remote Teams

Zero Trust approach—this is the most effective strategy we use

Zero Trust means no automatic trust for any user or device, whether it is inside or outside the office. Here is how we use zero trust for endpoint security:

• Continuous Identity Verification: Re-authenticate based on risk  factors such as location, device health, behavior, and other unique factors that may apply to your organization.
• Verify the device: Make sure your systems only allow access from managed, compliant devices (encrypted, patched, and protected).
• Least privilege Access: Give users only the access they need, and only for as long as they need it. This can be easily implemented by grouping users with similar resource needs and assigning them permissions only to the resources required for their job.
• Segment access: Keep high-value systems isolated so one compromised endpoint can’t reach everything.

Endpoint Detection and Response (EDR) tools

We use EDR tools like Microsoft Defender for Endpoint to monitor devices in real time, spot suspicious behavior, and respond as fast as possible. EDR tools simplify monitoring and managing dozens, hundreds, or even thousands of endpoint devices. EDR tools allow you to quickly view the status of all devices from a single dashboard..

These tools enable :

• Behavior-based detection: Modern EDR tools use machine learning to detect and stop unknown threats, not just known signatures.
• One-click isolation: By using EDR tools, it is possible to automatically cut off an infected device from the network or stop it from connecting to the organization’s system to stop the spread.
• Rich telemetry: EDR tools also send detailed logs to your SIEM/SOAR for threat hunting and compliance reporting.

Enforcing the use of Secure VPNs on all Endpoint Devices

To protect data in transit for remote teams, the use of VPNs must be mandatory. VPNs encrypt traffic as it is sent from user devices to your organization’s systems, minimizing the risk of man-in-the-middle attacks. The system should also be configured to automatically block traffic if the tunnel drops (using a kill switch).

Most VPNs also have the option to use split or full tunneling. Most of the time, I recommend using full tunneling as it ensures that all traffic leaving the user’s device is encrypted. With careful consideration, split tunneling can also be an option, where only traffic going to the organization’s systems is encrypted. However, this adds extra complexity to the configuration.

Regular patching and device compliance checks

Out-of-date software is one of the common causes of cyber attacks. The famous Equifax data breach in 2017 was also caused by unpatched software. Use EDR tools to automate patching for OS, browsers, plugins, and any other app on all endpoint devices.

As I shared earlier, all endpoint devices that do not have the required patches should always be blocked from accessing the organization’s systems. I also recommend using staged rollouts by testing the latest patches with pilot groups before pushing broadly. This eliminates the risk of widespread disruptions if a patch causes unexpected issues.

Employee awareness and ongoing security training

You can use all the latest security tools, but if your teams lack basic cybersecurity knowledge, these investments could be wasted. Your people are the targets—make them harder to trick.

Some of the basics your remote teams need to know include:

• Phishing and social engineering: These are the most common ways attackers trick their targets into sharing sensitive inform. Phishing simulations should also be conducted to test employees’ ability to recognize and respond to malicious messages.
• MFA prompts: Your teams need to understand how to use the different MFA methods, including passkeys, authentication apps, hardware tokens, and biometric options. Clear guidance ensures they can authenticate securely and consistently without disrupting their workflows.
• Home network basics: These include making router updates and security configurations, WPA3/WPA2-AES, no default passwords, and separate guest Wi-Fi.
• Just-in-time prompts: Also consider using short reminders within the tools people already use, such as email, chat, or SSO pages. For example, you could implement a popup on a login page (SSO) to remind users to check for suspicious URLs.

My Final Thoughts

Endpoint device security should be a top priority, especially for businesses that rely on hybrid or fully remote teams. With modern EDR tools, it is now much easier to monitor and manage endpoint devices and ensure they meet minimum security requirements before accessing your systems.

By using strategies like Zero Trust, regular device patching, and enforcing the use of VPNs, financial firms can significantly reduce the risk of breaches originating from endpoint devices. Combining these technical measures with ongoing employee training ensures that both people and devices remain strong lines of defense in a hybrid or remote work environment.

RFA can be your security partner if your organization needs help implementing endpoint security and other critical security controls. Our expert security teams have decades of experience and are currently trusted by over 650 clients globally. Send us a message today to learn more.