The Game Changer for Cybersecurity in Finance: All-in-One Solution to Future-Proof Your Defense

In today’s digitally driven world, the financial sector faces an ever-evolving challenge: the constantly growing threat landscape and unstoppable cyber attacks on the industry. In 2023, the global average cost of a data breach reached $4.45 million, with a 15% surge over the last three years, leading to an increase in detection and escalation costs by over 40%. The growing costs of cyber defense encourage progressive organizations, primarily in the financial sector as a common target of offensive intrusions, to search for innovative solutions that rely on collective industry expertise to proactively thwart cyber attacks. Be the first to learn about emerging threats targeting the financial industry, automatically audit your data to see the blind spots in your detection coverage, continuously improve threat visibility, advance detection engineering and hunting procedures while leaving no chance for a breach to go undetected with the power of collective cyber defense.

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Navigating Through Financial Sector Threat Landscape

The financial sector’s high focus on cybersecurity is evident, as it has long been a prominent player in the cybersecurity game, given its substantial risks:

• Monetary losses (around $5.9 million per data breach in the financial sector which is 28% higher than the global average)
• According to the IBM Cost of a Data Breach Report 2023, phishing takes the top spot for initial attack vectors at 16%.
• Significant increase in ransomware attacks on the finance industry: 64% compared to 55% in 2022
• APTs targeted attacks that are highly focused on financial institutions to gain access to valuable data and financial systems.

In the high-stakes world of finance, the need for robust cybersecurity solutions is non-negotiable. And that’s where SOC Prime steps in as your cybersecurity partner in this relentless battle.

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Game Changer for Cyber Defense in the Financial Industry

Developing detection scenarios from scratch while constantly changing attack vectors poses challenges for SOC Teams. Working with the rule logic to address the most common industry-specific Techniques, Tactics, and Threat Actors became harder to manage, considering the constant evolution of threats. The core of the problem is the level of research and development required for the complex use cases, along with the time it takes to test, fine-tune, implement, and analyze false positives. Quick wins in security analytics can be achieved by tactically implementing threat-specific detection content aligned with MITRE ATT&CK®.

SOC Prime Platform delivers fully tested, ready-to-use Sigma rules tagged with ATT&CK and enriched with relevant threat intelligence for the most common cloud and on-prem SIEM, EDR, XDR, and Data Lake solutions. With the MITRE ATT&CK Coverage dashboard, organizations can track the real-time metrics on threat coverage and assess the progress over time on addressed ATT&CK techniques, tactics, and sub-techniques with the content from the SOC Prime Platform.

It normally takes 204 days to identify and 73 days for global organizations to contain a breach. In the financial industry, these numbers are slightly better, with breaches identified in 177 days and contained in 56 days on average. However, these figures underscore the need for swift detection and response to minimize risks. SOC Prime empowers security teams to proactively defend against digital attacks with curated, context-enriched detections ready to deploy in less than 24 hours after threat discovery.

This presents an opportunity for defenders to learn about threats faster, prioritize in minutes, deploy detection code in an automated fashion, focus their effort on operations, and preparing mitigation before adversaries have a chance to attack.

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Next-Gen Cybersecurity Solutions for Finance

Threat Detection Marketplace: SOC Prime curates tailored intelligence linked to 10,000+ unique Sigma rules for the latest threats, CVEs, and exploits, with over 140 new detections added each month, enabling progressive organizations in the financial sector to be always one step ahead of cyber adversaries. Leveraging Threat Detection Marketplace, organizations can save up to 10,000 hours per year on detection content research and development, enabling them to optimize the in-house team’s productivity and accelerate detection engineering procedures.

Learn how SOC Prime has helped Southern Europe’s industry-leading rural savings bank accelerate its detection content development process and save up to 600+ SOC team hours in less than 6 months. “Now our SOC Team can focus on other security operations that are a lot more important while constantly keeping our SIEM updated on complex SOC use cases we were not able to deliver before,” the company’s Project Manager & SOC Analyst shares the achievements covered in the financial case study.

Uncoder AI: Detection code creation, continuous improvement, and automated bi-directional query translation across 64 SIEM, EDR, XDR, and Data Lake query formats to simplify detection content migration in multi-tenant environments. Financial organizations can rely on Uncoder AI as a fully private tool, ensuring no code logging or data sharing with third parties, which is critical for security-conscious organizations in the financial industry.

Attack Detective: While detection stack validation normally takes up to 3 hours, SOC Prime’s Attack Detective allows performing an automated MITRE ATT&CK data audit in less than 300 seconds, which is 36X faster. Gain real-time attack surface visibility, identify cyber defense gaps challenging your business, prioritize detection procedures, and automate threat hunting routine to find breaches before adversaries can have a chance to attack. Tailor your threat investigation to find critical threats that most recently hit organizations in the financial sector to enable active threat-informed defense without additional SOC investments.

With a commitment to innovation, SOC Prime has been at the forefront of cybersecurity for years. We understand that cybersecurity is not a one-size-fits-all solution, especially in the financial industry. That’s why we offer customizable solutions that cater to your unique needs and challenges.

SOC Prime Platform is designed to provide you with the tools and insights you need to stay one step ahead of cyber threats. Join the ranks of financial institutions that trust SOC Prime to protect their digital assets and reputation: https://tdm.socprime.com/signup?ref=fin