Augmenting Security Operations in the Financial Services Industry

Augmenting Security Operations in the Financial Services Industry

Augmenting Security Operations in the Financial Services Industry

By Ben Chant

January 11, 2021

Organizations in the Financial Services (FS) industry face a wide range of threats – from supply chain risk and identity theft to online fraud and data manipulation. 

With cyber attacks coming in the form of the Emotet banking trojan, NetWalker ransomware, the Cerberus banking trojan, and others – and new threats emerging every day – protecting crucial data and infrastructure assets is a top priority. 

As pointed out in our new eBook, Augmenting Your Security Operations Center: A Guide for Financial Services Organizations, developing a proactive security practice with a smarter Security Operations Center (SOC) is the key to ensuring your cyber resilience.

New Technologies Create a Highly Complex IT Ecosystem

Many FS companies now are facing an IT ecosystem of unprecedented complexity. This is due to the adoption of new payment platforms, cloud and mobile technologies, increased automation, and more. 

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Legacy systems still need to be maintained, however – while new applications continue to be developed at rapid speed. Moreover, many organizations deploy multiple tools, creating additional complexity. 

Dispersed, interconnecting IT systems create an expanded attack surface, generate an increasing number of alerts – and make it even harder to maintain cyber resilience.

 

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Augmenting SOC Capabilities is Key for Innovation and Cost Reduction

Given this technological diversification and dispersal, how can FS organizations maintain the efficacy of their SOC while keeping costs down? This is more important today than ever before.  With the pandemic forcing businesses to improve security on a limited budget, organizations need the ability to bring in advanced SOC capabilities in a sustainable way that helps them reduce operational costs and demonstrate security value. 

Therefore, organizations looking to drive business growth are encouraged to take the necessary steps to improve their security operations by:

  • Adopting a hybrid resourcing model – Augment your internal team with the resources you’re missing from a third-party security services provider. Ensure they offer a flexible model both operationally and commercially to fill your gaps without taking away control, and that they maintain complete transparency of activities.
  • Simplifying security visibility – Gain visibility into threats and vulnerabilities and successfully monitor multiple environments by adopting a threat-centric approach to vulnerability management and implementing a cloud-scalable security monitoring infrastructure that handles large data volumes.
  • Augmenting capabilities with Orchestration and Automation – Streamline operations and improve the efficiency of human analysts by leveraging orchestration and automation to increase speed of security operations and lighten the team’s workload.

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An Advanced MSSP Helps You Build a Smarter SOC

With the threat landscape constantly changing, and the number and scope of cyber attacks in the FS industry continuing to grow, an advanced Managed Security Services Provider (MSSP) offers a solution. An advanced MSSP can serve as the interface for bringing together the people, processes, and technologies that help you achieve your goals. 

Partnering with an advanced MSSP allows you to augment your SOC with cyber security specialists in areas such as incident response, managed detection and response, threat hunting, threat intel monitoring, and vulnerability assessments. 

If you want to learn more about how to augment your SOC, download the eBook Augmenting Your Security Operations Center – A Guide for Financial Services Organizations.

Be in touch with one of our professionals to hear how we can help you mitigate your organization’s cyber risk today!

Ben Chant
Written by Ben Chant
Ben Chant is a Security Evangelist and Product Strategy professional, with specialist experience in delivering disruptive cyber security solutions to market and communicating the value they bring to businesses. Before joining CyberProof, Ben has worked with market-leading security organisations including PwC, NTT and BAE Systems. Ben is an applied practitioner, holding certifications in Cyber Security and Business.