Banks and financial services possess vast amounts of sensitive user data, such as addresses, phone numbers, email addresses and social security numbers - all of which offer lucrative payoffs for the attackers.
That is why financial services remain to be one of the most targeted industries for cyber attacks. The Financial Services Information Sharing and Analysis Center, estimates that banks deal with 400 serious threats each and every day. If this number alone is not enough of a headache, CEOs and CISOs need to consider also the financial implications of a potential data breach.
Along with healthcare, data breaches to the financial sector are extremely costly. According to the 2017 Cost of a Data Breach Study: Global Overview from IBM Security and the Ponemon Institute, the cost of financial sector data breach per record is $336 (vs. mean cost of $225).
The high cost stems from two factors. First of all, regulations impose hefty fines on lost customer data. Due to high importance of customer trust in the sector, financial industry players suffer from higher than average levels of abnormal customer churn in the event of a breach.
Case Study: Valley National Bank
Valley National Bank, with over 200 branch locations and 3.500 employees serving 30 counties across New Jersey, Manhattan, Brooklyn, Queens, Long Island and Florida, were facing daunting challenges to its cybersecurity regime.
- It was difficult to view what was happening on the endpoints. This contributed to the fact that time to detect was too long for an effective incident response.
- Given the size of their operation, the daily volume of correlated endpoint events exceeded 1500 and was tying up resources. Security analysts would waste days sifting through many disparate logs from different intrusion prevention/detection systems, firewalls and other sources.
- Applying remediation on endpoints would often take key users and systems out of commission, disrupting customer experience and halting operations.
Knowing they need to boost their endpoint security and start processing all alerts in real-time, Livni looked to an automatic incident response solution that would do just that - handle events automatically and accurately.
“Automatic is always preferable over hiring more staff. Repeatable automated processes are always more accurate.” declared Livni. “Suddenly, we were able to find errors on the part of administrators that would never have been found with any other system.”
Secdo empowers Valley National Bank security and IR teams to slash incident response time significantly, improve endpoint visibility and build up cyber defenses to prevent future attacks.
Using Secdo, Valley National Bank gets:
- Continuous collection of all activities, events and behaviors from each endpoint and storage of all events on a secure server in anticipation of events
- Detection time closer to real time
- Correlation of real, not perceived, events
- Advanced suite of remediation tools enabling remediation on endpoints themselves
“With Secdo, we are the masters of our own destiny. The team still does a fair amount of investigation and incident response, but now that Secdo has streamlined that process, we’re able to get more involved in business initiatives and innovation where we weren’t able to before without growing the team by two-fold.”
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