Financial services organizations are high-profile targets for potential data breaches. If for no other reason than: “Because, that’s where the money is.” What was purported to be true for the infamous bank robber Willie Sutton way back when is true for cybercriminals today.
Hackers will resort to any and all tactics when it comes to cyber battles with banks and financial institutions—siphoning money through an ATM network, holding IT operations hostage with ransomware, or maybe phishing attacks to get account-holder information. You name it; they’ve tried it. And often succeeded.
Unfortunately, financial services firms—particularly regional banks and credit unions—are stretched thin in their cybersecurity efforts and lack the ability to maintain compliance in the face of budget constraints and a cybersecurity skills shortage. The maturing of managed detection and response (MDR) offerings helps solve both issues. Arctic Wolf’s AWN CyberSOC™ service gives financial institutions the ability to better monitor, detect and respond to cybersecurity threats while, at the same time, meeting their regulatory obligations around mitigating cybersecurity risk and ensuring resilience.