Financial Organizations Are a Growing Target
Today's reality is that banks, hedge funds, insurance brokers and others financial institutions are an attractive target for cyber attackers. While breaches at these organizations don’t always make national news, cyber attacks are growing in frequency for several reasons:
Less Mature Security and Compliance Programs
Smaller financial organizations struggle to match advanced security technologies, security best practices, and staffing of larger enterprises, often leaving more entry points exposed. Financial institutions are required to comply with a broad range of regulations such as GLBA, NYDFS, PCI DSS, SOX and FFIEC to protect customer information and financial systems.
Financial services organizations no longer have a simple on-premises network, and increasingly use mobile, cloud-based, or hybrid solutions. Increasing number of applications create potential weak links and vulnerabilities exposing a financial institution to loss of sensitive data, financial fraud, and business disruptions.
Cybercriminals often view mid-sized organizations as a prime entry point due to poor security posture, small IT staff, and lack of security and compliance vigilance.
Financial Services Challenges
Banks, hedge funds, insurance brokers and other financial institutions face major challenges when protecting financial and customer data in today’s threat landscape. In addition to protecting consumer data and financial records, IT security teams must also deal with auditing mandates for GLBA, FFIEC, SOX, PCI DSS, and a patchwork of federal, state, and industry regulations.
The laborious task of monitoring, analyzing, and understanding the thousands of log events and vulnerabilities across an IT environment is extremely time consuming, people intensive, and challenging even to a large well-funded enterprise.
How Cygilant Helps Financial Services Organizations
Due to limited IT budgets, it is common for banks, hedge funds, insurance brokers and other financial organizations to have a small IT team that tasked with all aspects of IT operations. As a result, lean IT teams are challenged to protect their critical IT assets from cyber attacks and comply with regulations.
Cygilant’s SOCVue services offer an affordable suite of subscription-based services to deliver increased security visibility and guidance effectively reducing cyber risks and meet compliance requirements placed on financial services institutions. Cygilant can help you monitor and protect your organization from a costly data breach. Our team of GSOC security analysts, working as an extension to your IT team, provide 24x7x365 monitoring of your IT environment to detect, analyze and respond to suspicious activity from cyber attacks. We conduct periodic vulnerability scans and provide guidance on fixing vulnerabilities and patches based on business risk to continually reduce the attack surface, all the while providing an auditable record to help you meet regulatory requirements. Our goal is to help you continuously improve your cybersecurity posture while meeting regulatory mandates at an affordable cost.
We save our customers 100s of hours and 1000s of dollars every week, and give them peace of mind with 24x7 detection and response to security incidents and vulnerabilities. Get in touch to learn how we can help your organization be more resilient to cyberattacks and compliance mandates.