IT teams at mid-market financial services organizations are facing an age-old, common issue: having limited resources on hand to accomplish an ever-growing list of responsibilities. Digital threats to their organizations and the personal data they house are increasing on a daily basis, while at the same time regulatory oversight and compliance mandates add even more to their workloads.
Without an increase in staff to offset the rising to-do list, it only makes sense to turn to service providers for help.
Managed security services are not new for financial services security and operations leaders. But a segment of these services – known as managed detection and response (MDR) – represent an evolution in how specific functions are delivered and how they can help create or strengthen a modern security capability.
MDR providers deliver a collection of services that can help a financial services IT team conquer that to-do list by taking over several responsibilities, thereby freeing up the internal teams to focus on higher-value actions for the company. Some of the services MDR providers handle include: 24/7 monitoring and network visibility, threat detection, incident response services and analytics, to name a few. Services can be automated or conducted by human experts, or a combination of the two.
There are five critical areas of an MDR solution that financial services IT teams should ensure their services vendor of choice can provide. These are:
- Proactive Posture: The MDR service provider works as a direct, integral extension of the financial services company’s own IT team.
- Threat Intelligence: The MDR solution identifies and evaluates emerging global and industry threats, acting as a threat intelligence agency that warns of new dangers and takes action to counter them.
- Vulnerability Discovery: The MDR solution continuously scans the customer’s network— 24 hours per day year-round—searching for any and all weaknesses.
- Attack Analysis: The MDR service provider can detect, deconstruct and prioritize attacks, sifting out false positives through multiple layers of expert investigation – and enabling the internal security team to focus on the most important or immediate risks.
- Auditable Support: The MDR solution itself is auditable – and maps to the customer’s auditing requirements, aligning directly with key portions of the Federal Financial Institutions Examination Council’s Cybersecurity Assessment Tool (FFIEC CAT).
A solid MDR solution from a reputable service provider can either strengthen or create a transparent and powerful, yet auditable infrastructure that gives financial services firms what they need to face their ever-growing list of security responsibilities. By delivering detailed reports on regulatory requirements that match each company’s specific needs, MDR can make it easy for overtaxed IT teams at financial services companies to document compliance and smooth the audit process.