Financial institutions are second only to Healthcare facilities when it comes to cyberattacks1.
The banking industry saw a 1318% increase in ransomware attacks in 20212.
The average cost per breach within financial services in 2021 was $5.72 million3.
The financial services industry is literally “where the money is”, making it a leading target for cybercriminals. Increased customer adoption of internet banking, mobile apps, and instant payments has increased the industry’s attack vectors and introduced new vulnerabilities. In addition, financial institutions are responsible for protecting clients’ Personal Identifiable Information, staying compliant with regulatory requirements and keeping pace with technological innovation.
Critical Start’s Managed Detection and Response (MDR) Services simplify breach prevention to help financial institutions stay ahead of emerging threats, optimize their security investments, improve security team effectiveness and avoid the tangible and intangible costs of a breach.
ZTAP is the backbone of our managed detection and response (MDR) services. Our Trusted Behavior Registry™ (TBR) within ZTAP enables us to auto-resolve false positives – the largest volume of alerts—at scale, and our SOC utilizes ZTAP to handle 100% of your alerts.
Customers can reduce attacker dwell-time with our MobileSOC iOS/Android app. It goes far beyond ticketing and notifications by letting you triage and respond to alerts, so you never miss an event.
“Prior to the relationship with Critical Start, my SOC analysts were experiencing what we all call alert fatigue. Critical Start has really been able to reduce those alerts. Our SOC Analysts are able to get through every alert they toss our way. I’ve been able to take our level three and level four analysts and put them back to work at what they were really hired to do.”
“The biggest lesson is transitioning from alert overload to being at a point where we do have eyes on alerts, where every alert is truly possible. It’s something that a lot of people sell and not a lot of people do very well. Being able to come into this relationship, then where we’re at today, it kind of opened my eyes to: There is the opportunity and the possibility to do this.”
How can financial services companies defend against evolving threats, keep data safe and ensure business continuity? Watch our webinar where we discuss ongoing cybersecurity threats to financial institutions, steps you can take to protect your business and how managed detection and response (MDR) services can help.
Financial services companies know the importance of meeting compliance standards, yet for cybersecurity meeting these standards doesn’t always mean you’re secure. Check out our blog for the top 18 security controls to protect your environment.
Quack-Bot, or Q-Bot, is notorious for staying a step ahead of financial services protections. MDR services can help you stay a step ahead of Q-Bot. Learn how in this blog post.
For financial institutions, being compliant should be the result of a strong cybersecurity program – not the other way around. Check out our guide to MDR for financial services.
1 Center for Strategic & International Studies
2 The Six Biggest Cyber Threats for Financial Services in 2021”, Edward Kost, December 16, 2021
3 IBM Security Cost of a Data Breach Report 2021