Secure Bank and Customer Information
Founded in 1996 and operating in western Kentucky and western Tennessee, Planters Bank has grown to over 175 employees and more than $1B in assets. The full-service community bank provides financial products and services to consumers and businesses through its 13 branches.
The bank’s information technology (IT) team manages, secures, and monitors a diverse infrastructure that includes workstations, servers, firewalls, ATMs, and network infrastructure comprised of switches, routers, and WiFi access points. Planters Bank uses a layered defense strategy to protect bank and customer information, an approach that protects various bank systems and monitors for threats and anomalous activity. In addition, the bank works diligently to satisfy legislative compliance requirements found in the Federal Financial Institution Examination Council (FFIEC) guidelines. The Federal Deposit Insurance Corporation (FDIC) insures the bank and oversees compliance for these guidelines.
“We needed proactive insight into what happens on our network. Arctic Wolf raises our level of security awareness and provides valuable support that helps us quickly investigate suspicious behavior. And the service has made it easier to comply with FFIEC and FDIC requirements.”
Bruce McClure, Vice President and Manager of Information Systems, Planters Bank
Improve Cybersecurity and Fulfill Compliance Obligations
Prior to considering a managed detection and response solution, Planters Bank had no comprehensive approach to holistically monitor infrastructure or glean security insights from log data generated by its various IT systems. While, the IT team had piecemeal systems in place to monitor specific systems and reviewed logs the next day, they knew they lacked visibility and risked missing dangerous threats. According to Bruce McClure, vice president and manager of information systems for Planters Bank, “We didn’t have 24x7 coverage— we only monitored during bank business hours.” What’s more, an FDIC examination also recommended that the bank seek ways to improve security monitoring.
Initially, Planters Bank considered creating its own security operations center (SOC) in-house, complete with a security information and event management (SIEM) platform and associated software. “Planters Bank is a regional innovator for financial services and the IT team has to be forward-leaning to help enable that innovation. In evaluating security monitoring, we looked for a proactive approach to that would allow us to improve our security,” explained McClure.
McClure and his team decided that an in-house SOC would be cost prohibitive in terms of both required staffing and necessary technology. Planters Bank then evaluated using a managed security service provider (MSSP) model, but found MSSP offerings lacked the depth of monitoring and threat detection expertise it needed. Next up, Planters Bank learned of Arctic Wolf and its managed detection and response (MDR) approach to cybersecurity. The Planters Bank IT steering committee that included bank executives determined Arctic Wolf was the best option to meet its ongoing challenges and ramp up its cybersecurity posture.
McClure explained the decision this way: “Instead of dedicating staff to tune a SIEM and review event logs all day, we chose to focus on IT projects that would help improve the bank’s overall operations and security. We felt Arctic Wolf’s approach would give us improved security monitoring and also free our team to focus on projects that are of higher priority and greater interest.”
Elevate Bank Cybersecurity
Arctic Wolf’s service was deployed in early 2018 across the Planters Bank environment. “The deployment was quite smooth and straightforward,” said McClure. “There were some small configuration tweaks, but nothing significant.”
Arctic Wolf has provided Planters Bank with visibility across its environment and helped the bank improve its cybersecurity maturity as measured by the FFIEC Cybersecurity Assessment Tool that identifies risks and determines a financial institution’s cybersecurity preparedness. Arctic Wolf quickly identified malware activity and helped the bank’s IT team confirm information wasn’t transmitted from the compromised system. “We verified the malware had not replicated and that nothing was transmitted out of our organization,” McClure said.
Arctic Wolf has enabled Planters Bank to achieve its security and compliance goals. “Arctic Wolf provides an independent set of eyes that is watching our environment,” McClure said. “The Arctic Wolf Concierge Security™ team and reporting allow us to understand what goes well and what needs improvement going forward. While ‘out-of-the-box’ reports work in most cases, we also receive customized reports when we have specific reporting needs. This lets us effectively communicate our security posture to the board and stakeholders.”
Implementing Arctic Wolf Managed Detection and Response for security monitoring meant Planters Bank could prune its technology. The IT team turned off Solarwinds Log and Event Manager, a syslog server, and open source tools that generated data and alerts but didn’t add significant value for the team. According to McClure, “Arctic Wolf has reduced our time to get historical data. We no longer have to dig through logs for what we need. Instead, we go to the Concierge Security team and they deliver the data.”
In McClure’s eyes Arctic Wolf has firmly delivered. “Arctic Wolf has helped us improve our security posture and is one of the best companies I’ve ever worked with. At Planters Bank we’ve evolved to become a $1 billion-dollar financial institution, and Arctic Wolf helps us continue on our growth path without having to over-invest in security headcount.”