Varonis Helps Genesis Financial Solutions Maintain Data Control and Loss Prevention

NEW YORK, Sept. 21, 2016 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (NASDAQ:VRNS), a leading provider of software solutions that protect data from insider threats and cyberattacks, today released details on how its software is helping Genesis Financial Solutions, the leader in providing access to second-look financing for credit-challenged customers,  dramatically improve control of its data and the efficiency and effectiveness of its regulatory compliance.

As a financial institution, lender and America’s largest second-look and supplemental point-of-sale financing provider, Genesis Financial Solutions understands the importance of data protection, control, security and compliance. While the company was meeting its compliance guidelines, it needed a solution to provide insight into where its sensitive data is held, who owns it, who has access, and who is using and possibly abusing that access. After an extensive search, Genesis Financial Solutions found and implemented Varonis DatAdvantage and DatAlert.

Matt Farnham, Information Security Officer at Genesis Financial Solutions, said, “We often hear that we have a strong data ownership program in place.  It’s something we’ve been focused on for a while, but it would not have been possible to reach this level without Varonis. Manually this process would have taken additional staff and weeks to create, but with Varonis I can do it myself in a matter of minutes. If you have a lot of sensitive data and you don’t know definitively who has access to which files, I don’t think there’s another business software out there that does what Varonis DatAdvantage is doing.”

Data Control and Loss Prevention

With the help of Varonis DatAdvantage, Genesis Financial Solutions is able to implement a least privilege model so that employees only have access to the data they need to do their job. It also makes it easy to identify who has access and set alert triggers for any unusual activity, anomalies or lack of use that could indicate potential threats.

Farnham added, “During the implementation process, it was eye opening to see how granularly Varonis could show us who had access to which files. Now if a file is encrypted, moved or deleted, we’ll be able to remediate it quickly. This is particularly useful for recent malware gaining traction, like ransomware. We run ransomware tests often, and the Varonis blog is a great source for rules to test.”

Alerting Helps Detect Potential Vulnerability

Varonis DatAlert provides Genesis with another valuable detection capability. “The alerting gives us peace of mind,” Farnham said. “For example, we have an alert set up around administrative access. Whenever a new user is assigned administrative privileges, we get an alert. So far, every time it’s happened, it’s been a legitimate new user to our help desk or infrastructure team. But I know that DatAlert works, and I’m glad to get that e-mail, because if somebody were given administrative privileges incorrectly, or some kind of malware took over someone’s account privileges, we would know right away.”

Additional Resources

About Varonis
Varonis is a leading provider of software solutions that protect data from insider threats and cyberattacks. Through an innovative software platform, Varonis allows organizations to analyze, secure, manage, and migrate their volumes of unstructured data. Varonis specializes in file and email systems that store valuable spreadsheets, word processing documents, presentations, audio and video files, emails, and text. This rapidly growing data often contains an enterprise’s financial information, product plans, strategic initiatives, intellectual property, and confidential employee, customer or patient records. IT and business personnel deploy Varonis software for a variety of use cases, including data security, governance and compliance, user behavior analytics, archiving, search, and file synchronization and sharing. With offices and partners worldwide, Varonis had approximately 4,800 customers as of June 30, 2016, spanning leading firms in financial services, healthcare, public, industrial, insurance, energy and utilities, media and entertainment, consumer and retail, technology and education sectors.

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