Financial institutions of all sizes find themselves the target of cybercrime. According to Javelin Strategy’s 2018 Identity Fraud Study, banks lost $16.8 billion to cybercrime in 2017, up from $16.2 billion in 2016. The impact of these attacks grew from 15.4 million customers in 2016 to 16.7 million in 2017.
In particular, banks and credit unions continue to experience increased losses as their attack surface expands with their adoption of innovative technologies designed to facilitate new customer financial services.
What’s more, the threats that financial institutions face are becoming more sophisticated. In addition to organized crime groups, changes in the geopolitical landscape mean that financial institutions now find themselves targeted by nation-states. And it’s not just big banks that experience attacks —smaller credit unions and community banks often present easy targets for financial crime.
Falling Short on Defense
In response to an increasingly challenging threat landscape, financial institutions see a compelling case for further investment in cybersecurity defenses. Unfortunately, some banks and credit unions opt for point solutions designed for a single, specific purpose, such as policing the perimeter with a firewall, instead of employing a more comprehensive strategy.
Point solutions often focus on prevention. If it fails, a point solution lacks the features and functionality to extend beyond its limited role in the bank’s defenses. And since there’s no easy way to manage multiple point solutions, the IT department finds itself consumed maintaining a hodge-podge of solutions and lacking security visibility across the enterprise. Inevitably, this leaves the financial institution at risk of attack.
Aligning People, Process, and Technology
Financial institutions must have security assets in place around the clock to mount an effective defense. Most banks and credit unions lack the resources to monitor their environment on a 24/7 basis. That’s why many security teams embrace outsourcing in the form of a security operations center (SOC)-as-a-service.
Using a SOC-as-a-service approach, financial institutions receive access to the people, processes, and technology needed to detect threats that might slip through their protective layers of defense. Regardless of the day or time of year, the bank receives the same level of attention from a team of security specialists with extensive experience combating attacks against the financial sector.
Address Security AND Compliance Challenges
Additionally, adopting a SOC-as-a-service allows financial institutions to satisfy compliance mandates while demonstrating to regulators their ongoing commitment improving their cybersecurity maturity. Banks can also fine-tune the alerts to match their tolerance for risk.
As the threat landscape evolves, financial institutions must continually adapt their approach. While it’s tempting to address a pain point with a point solution, this burdens IT security teams with less-than-optimal technology that does little to mitigate risk.
A SOC-as-a-service solution, however, combines all the elements organizations need for comprehensive security. Want to learn more? This case study demonstrates in detail how we keep financial institutions safe.