According to BCG, cyber threats are 300 times more likely to target the broader financial services industry than businesses in other industries. Whether attackers attempt to access financial information, impersonate customers, commit fraud, or hold critical files for ransom, compromise is inevitable. Detecting and stopping active attack campaigns is more important than ever.
To keep up with the current threat landscape, drastic improvements in the security operations center (SOC) function of financial institutions are required. Vendor claims are not aligned with how threat actors use an ever-changing set of tools, tactics, and procedures to evade existing solutions. Security operations need dynamic AI-powered cybersecurity controls to improve the performance of SOC teams based on the multitude of new challenges they face.
Top Cybersecurity Challenges Facing Financial Services Organizations
Financial institutions, partners and consumers have proven to be the main targets of threat actor groups. While current defensive measures and XDR and SIEM solutions have been somewhat successful in stopping basic attack attempts, they have failed to thwart persistent and targeted attacks. Phishing and social engineering attacks evade defenses, so an initial compromise is inevitable.
Based on our own research with our customers, we have found that current key challenges include:
- Phishing attacks overwhelm security operations teams with false positives and too many downstream workflows
- State and national compliance and regulatory agencies are implicated in every breach
- A multitude of partners causes a large number of security breaches and an expanded threat landscape
- insider threats continue to elude current solutions for long periods of time
Gurucul TDIR Platform Uniquely Secures Financial Services Organizations
There is a real need to modernize cyber defenses for Financial Institutions. Financial industry security teams need to invest in threat detection, investigation, and response (TDIR) solutions that better align with their security objectives than the overstated claims of current vendors. Gurucul has spent over 10 years building open security analytical models and a true self-learning machine learning engine deployed as a cloud-native SaaS security operations platform.
- Collect data from any type of sourcewithout increasing licensing and storage costs
- Consolidate, correlate and normalize all security contexts in a single console
- Automatically detect threats ready to use and in real time
- Reduce noise and eliminate false positives by prioritizing contextual investigations
- Enable automated risk-based response delivered in targeted Playbooks
Gurucul is uniquely positioned to optimize the effectiveness of the financial services security team, regardless of skill set, and dramatically reduce resources and operational costs over time, while preventing business damage.
Block threats earlier in the kill chain
Here’s the key: the only way to keep internal and external attacks at bay is to detect and stop threats earlier in the chain of destruction. You need to use technology that can proactively stop fledgling malicious actors, before data exfiltration or business disruption occurs. Fortunately, Gurucul is here to help you with the most advanced analyzes to quickly detect the real incidents.
Boost your security operations and redefine cyber defenses for financial institutions with Gurucul’s TDIR platform. It is unmatched in its ability to analyze user communications and financial transactions for external security threats, internal threats, privilege abuse and fraud:
- Gain complete visibility without increasing costs
- Leverage deep analytics for advanced detection
- Increase operational efficiency and improve return on investment
- Take advantage of automated threat eradication
To learn more about how Gurucul can modernize cyber defenses for financial institutions, please contact: [email protected]. Let us show you how we can exceed your current and future needs for a better threat detection, investigation, and response (TDIR) solution for your SOC team.
The post Redefining Cyber Defenses for Financial Institutions appeared first on Gurucul.
*** This is a syndicated blog from the Gurucul Blog Security Bloggers Network | Security Analysis | Big Data Machine Learning Models authored by Sanjay Raja. Read the original post at: https://gurucul.com/blog/redefining-cyber-defenses-for-financial-institutions