Financial Services

Cybersecurity Challenges for Financial Services

IT security is an ongoing concern for the financial services sector. The financial services sector is also highly regulated by frameworks including PCI DSS, FFIEC, and NYDFS.

Financial services experience the highest volume of security incidents and have the highest annual cost of cybercrime – averaging $18.28 million for U.S. companies (Accenture). Additionally, any breach tarnishes a brand’s image and diminishes customer confidence.

While many financial institutions turn to traditional security information and event management (SIEM) platforms to detect cybersecurity threats, the usefulness of these systems ends after IT is notified of a potential security event. The team is often left uncertain of the threat’s severity and the appropriate next steps.

A SIEM requires regular maintenance and optimization to defend against the latest cyber-attacks. This is done in large corporations by a 24/7 security operations center (SOC) staffed by a group of specialized IT security analysts to sift through alerts, determine the severity of each, take action on the most important ones, and feed and maintain the system on an ongoing basis. A SOC demands a skill set and resources that not every financial services company has available to them. 

Addressing the Financial Services Security Gap

Blumira provides an advanced threat detection and response platform that alerts your team about critical cyber threats in real-time and provides automated and actionable response capabilities that reduce the overhead associated with traditional SIEM products.

Our detection platform distills ten million log events down to one item that your existing IT team can take action on. Other IT security solutions generate 200 times more data points, and all of those demand human intervention to prioritize and define needed actions.

Blumira does that work for your team, so they can focus on actually disrupting the cyber threat to prevent or contain damage. It is easy to implement and intuitive to use, allowing existing teams to get it up and running in a few days, not months.

Blumira makes your company stronger and helps you meet compliance mandates painlessly. Adopt a more effective approach to cybersecurity in financial services. Contact us for a demo today

Additional Resources

PCI DSS Logging, Threat Detection and Response

When it comes to security event logging, reporting, audit trails, anomaly and threat detection, as well as tracking critical security control systems, Blumira helps you both meet and exceed PCI DSS compliance. Blumira’s cloud-based SIEM and security platform is PCI DSS compliant.

The Modern SIEM Evaluation Guide

Learn more about how to choose a SIEM that quickly detects and responds to threats – without significant overhead or a fully staffed security team.