Financial Services Companies Seek to Add Security Even as Posture Improves

A new case study highlights how a financial services company partnered with Observable Networks to drastically improve security.

Financial Services Case StudyWould it surprise you to know that in 2015, financial services organizations detected three percent fewer data security incidents than in the previous year? Then again, maybe it shouldn’t be that surprising when you consider the fact that financial services companies also invested more in cyber security in 2015, to the tune of a 14 percent increase in spending. It’s an encouraging statistic considering financial services remains one of the top target industries for cyber attacks.

But the investment made by financial services industries is paying off. According to Verizon’s 2016 Data Breach Investigations Report, the ratio of security incidents to confirmed data breaches is approximately half, a ratio that is more successful than in other industries. For example, retail’s ratio of incidents to confirmed breaches is over 75 percent.

Faster, more effective security for financial services

So what are financial services companies doing differently? Recently we published a case study profiling a financial services client’s recent success with Dynamic Endpoint Modeling. This story helps illustrate the mindset that is leading to the positive trend in reduced security incidents and thwarted data breaches: a focus on speed and results.

Like most organizations today, this financial services firm relied heavily on traditional security tools, such as firewalls, signature-based antivirus products, SIEMs, malware-removal systems, and others. The company also needed a security solution that could work with increasing levels of data encryption. Security is so important because, as part of “business as usual,” this organization must collect, process, store, and transmit data on its clients’ behalf, including personally identifiable information (PII). Protecting this data is critical to enhancing client satisfaction, complying with industry-specific security regulations, and preserving this organization’s reputation.

Overall, it was looking for a more innovative security solution to complement its existing security portfolio. Or, as the firm’s vice president in charge of security, explained, “We were looking for a better way to identify possible threats much faster.” The security team recognized the need for a next-generation security solution, one capable of responding to emerging trends that present challenges conventional solutions simply can’t address. Today’s security tools must evolve to keep pace with new and advanced threats.

“Unfortunately, in today’s security world, chances are good that someone is going to attempt to breach your network or perform some other kind of attack,” says the vice president. “How quickly you can detect these attacks and take effective action can become a critical advantage.”

A new security edge

That advantage was achieved with Observable Network’s Dynamic Endpoint Modeling. We invite you to download the full case study for the details on how endpoint modeling enabled the company to thwart a possible threat almost immediately after implementing the free 60-day trial, which helped cement Observable Networks as a new component of their overall strategy.

As the case study explains, this financial services company is now thrilled with the security advantage and peace of mind it has gained from its use of dynamic endpoint modeling. It provides real-time insight into all endpoint device behavior and delivers immediate alerts whenever a device starts to act in an unusual manner. This helps the team detect successful attacks just as they are beginning. “Dynamic Endpoint Modeling gives us the information we need to detect and defend again data leaks and attacks much faster than other security tools.”

Download the full case study to learn more.

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