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Enhancing Security Operations in the Financial Services Sector

Enhancing Security Operations in the Financial Services Sector

Banking and financial services (BFSI) organizations face a wide range of threats, ranging from supply chain risk and information theft to online fraud and data tampering. With cyber attacks such as the Emotet banking trojan, NetWalker ransomware, the Cerberus financial trojan, and others on the rise – and new threats emerging on a daily basis – safeguarding critical data and infrastructure assets is a top priority. As detailed out in the new SecOps solutions from ServiceNow, organizations can develop a proactive dashboard and manage a smart security operations center (SOC) to ensure network and information robustness.

New Innovations in Technology Create A Highly Complex Information Technology Ecosystem

Many BFSI firms are now confronted with an IT ecosystem of unexpected complexity. This is due to the use of new payment systems, cloud and mobile technologies, automation, and other factors. Legacy systems must still be maintained, while new applications are being developed at incredible speeds. Furthermore, many organizations use multiple tools, which adds to the complexity. Dispersed, interconnected IT systems increase the attack surface, generate an increasing amount of alerts – and make maintaining cyber resilience even more difficult.

Improving SOC Capacities is Essential for Innovation and Cost Reduction

Given this innovation diversification and dispersion, how can BFSI organizations maintain SOC efficacy while keeping costs low? This is more important now than ever. With the pandemic forcing businesses to improve security on a shoestring budget, organizations must be able to bring in enhanced SOC capabilities in a sustainable way that reduces operational costs while demonstrating security value.

As a result, organizations that want to drive business growth should take the steps to improve their security operations:

Using a hybrid resource model – Supplement your internal team with resources from a third-party security services provider. Ensure that they provide a flexible model, both operationally and commercially, to fill your gaps while maintaining full transparency of activities.

Simplifying security visibility – Adopt a threat-centric approach to vulnerability management and implement a cloud-scalable security monitoring infrastructure that can handle large data volumes to gain visibility into threats and vulnerabilities and effectively monitor multiple environments.

Enhancing capabilities with Orchestration and Automation – Using orchestration and automation to increase the speed of security operations and lighten the team’s workload, you can streamline operations and improve the efficiency of human analysts.

An Advanced MSSP Helps You Build a Smarter SOC

With the threat landscape changing all the time and the percentage and scope of cyber-attacks in the BFSI industry increasing, an enhanced Managed Security Services Provider (MSSP) provides a solution. An advanced MSSP can act as a bridge between the people, processes, and technologies that will help you achieve your objectives.

By collaborating with an advanced MSSP, you can supplement your SOC with cyber security experts in areas such as incident response, managed detection and response, threat hunting, threat intel tracking, and vulnerability assessments.

If you want to learn more about Security Operations and how to augment your SOC, get in touch with us at https://www.dxsherpa.com/

Author : Animish Raje