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How Managed Security works for financial institutions

October 17, 2022 | 3 Minutes Reading

Financial institutions are under constant threat from cyber criminals who are looking to exploit any security vulnerabilities in order to steal sensitive customer data. A robust security system is essential in order to protect both the institution and its customers from these threats.

How Managed Security works for financial institutions

Managed security services can provide financial institutions with the peace of mind that their systems are being constantly monitored and updated to defend against the latest threats. By outsourcing this responsibility to a team of experts, institutions can focus on their core business goals while still maintaining a high level of security.

The need for future-proof security for financial institutions 

In today’s digital world, financial institutions cannot afford to take risks with their security. Managed security services provide them with the comprehensive protection they need to keep their operations running smoothly and their customers’ information safe.

While it seems like stating the obvious, security is arguably the most important aspect of running a financial institution. Here's why-

  • Financial institutions handle sensitive customer data. If this data were to fall into the wrong hands, it could be used for identity theft or fraud.

  • Financial institutions are a prime target for cyber attacks. Hackers know that if they can gain access to a financial institution's systems, they can cause havoc that directly affects your customers. 

  • A security breach at a financial institution could have serious consequences for the global economy. If confidence in the banking system were to be shaken, it could trigger a major financial crisis.

  • Financial institutions are required by regulators to have adequate security measures in place. If they fail to do so, they face heavy fines and unwelcome consequences.

  • Good security is good for business. Customers want to know that their money is safe and secure and that they can trust their bank or credit card company with their personal information. Strong security helps financial institutions build and maintain customer confidence and loyalty

 

Enter Managed Security Services


Managed security services (MSS) are comprehensive, end-to-end solutions that proactively protect an organization’s data and infrastructure from threats. The service provider is responsible for the security of the customer’s network, including routers, firewalls, servers, and other devices. They use a variety of tools to monitor the network for potential threats and respond to incidents if they occur.

Organizations that outsource their security to a managed service provider can focus on their core business goals, confident that their data and systems are safe. This is because MSS helps free up internal resources and benefits from the provider’s expertise in designing, implementing, and managing security solutions.

How Managed Security works in financial institutions?

Managed Security offers round-the-clock monitoring to financial institutions, encouraging them to stay on top of their business goals and performance. Here are some of the ways Managed Security Services providers (MSSPs) create a robust security environment for financial institutions:

  • Threat awareness and management

MSSPs help financial institutions by providing them with threat intelligence and alerts. Threat intelligence is information about current and future cybersecurity threats. This can include details about new malware or weaknesses in security systems that could be exploited by attackers. MSSPs collect this intelligence from a variety of sources, including their own network of security experts, data gathered from customer networks, and public sources such as social media and the news.

Alerts are notifications sent by an MSSP to its customers when it detects a possible threat. These alerts can help financial institutions take steps to protect their systems and data, such as patching vulnerabilities or implementing new security measures. 

MSSPs also provide 24/7 monitoring of customer networks to look for signs of an attack in progress. By working with an MSSP, financial institutions can have peace of mind knowing that their cybersecurity risks are being proactively managed.

  • Incident response 

Incident response is a crucial part of managed security for financial institutions because it helps them minimize the damage caused by security incidents and minimize the risk of future incidents occurring. By having a plan in place and training staff on proper procedures, financial institutions can be better prepared to handle any type of security incident that may occur. An incident response plan outlines the steps that need to be taken in the event of a security breach and can help minimize the damage caused by an attack.

In the event of a security incident, the first step is to assess the situation and determine the extent of the damage. This includes understanding what data has been compromised, how it was accessed, and what systems were affected. Once the scope of the incident is understood, steps can be taken to contain it and prevent further damage. 

Next, efforts will be made to identify the cause of the incident and who is responsible for it. This information can be used to help improve future security measures and prevent similar incidents from happening again. Finally, steps will be taken to restore any data or systems that were compromised in the attack.

  • Risk assessment and mitigation 

The managed security model is built on the premise that financial institutions face a constantly evolving array of threats. In order to effectively manage these risks, organizations must have a comprehensive and up-to-date understanding of the threat landscape. This understanding forms the foundation for an effective risk management strategy, which should be tailored to the specific needs of the organization.

In order to maintain a comprehensive understanding of the threat landscape, financial institutions must have access to reliable and timely intelligence. This intelligence can be used to inform decision-making around risk mitigation strategies. Additionally, intelligence can help organizations identify potential vulnerabilities and assess the likelihood of future attacks.

What financial institutions should look for in their Managed Security Service Providers?

In order to get the most out of their investment in a Managed Security Service Provider, financial institutions should consider the following factors:

  • The MSSP's ability to meet compliance requirements: Does the MSSP understand and keep up with the latest compliance regulations? Can they help your organization meet its compliance obligations?

  • The MSSP's experience: How long has the MSSP been in business? Do they have experience working with financial institutions specifically? What is their track record?

  • The MSSP's technology: What security tools and technologies does the MSSP use? Do they have experience with the specific tools and technologies your organization uses?

  • The MSSP's customer service: How responsive is the MSSP when you need help or have questions? Do they provide clear and concise answers? Are they available 24/7/365?

 

How financial institutions can benefit from Managed Security Services?

The benefits of managed security services are many and varied, but can be summarized as follows:

  • Improved security posture

By partnering with a managed security service provider, financial institutions can improve their overall security posture by leveraging the MSSP's expertise, tools, and processes.

  • Reduced costs

MSSPs typically offer economies of scale that allow them to deliver their services at a lower cost than financial institutions could achieve on their own.

  • Increased efficiency

MSSPs can help financial institutions to optimise their security operations and improve efficiencies. By offering a secure environment, managed security can boost productivity, performance, and innovation in business. 

  • Improved compliance

MSSPs can assist financial institutions in meeting various compliance requirements related to data privacy and information security.

Wrapping up - Is Managed Security the optimal solution for your security needs? 

For financial institutions, which handle sensitive customer information and must adhere to strict regulations, the cost of a data breach can be back-breaking. In addition to the direct costs associated with a data breach, such as notification, investigation, and recovery, there are also indirect costs, such as lost business and reputation damage.

Managed security services can help financial institutions reduce the risk of a data breach and improve their overall security posture in more ways than one. By outsourcing security management to a team of experts, financial institutions can free up resources to focus on other business areas. In addition, managed security services can help financial institutions keep up with the latest security threats and technologies. If you are looking for a reliable managed security service provider, Spectra may just be the right MSSP for you.

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