How Financial Institutions safeguard digital assets and navigate security threats in real time with MDR services.
Financial Services Managed Detection and Response
Make an enquiry
We're accredited as world class cyber security experts
In today's rapidly evolving threatscape financial institutions are prime targets for malicious activity.
With the increasing complexity of threats, it's vitally important that these institutions have robust security measures in place. This is where financial managed detection and response services (MDR) comes in.
What Is MDR?
MDR services provide a proactive cybersecurity approach, integrating people, processes and technology to address cyber threats in real time.
Forrester describes MDR as “the use of advanced analytics, proactive threat hunting, and automated responses set by a managed security provider.”
Financial services managed detection and response are delivered by a team of security experts who monitor and manage security events, investigate suspicious activity, and respond to security incidents 24/7.
These solutions can be an element of an existing outsourced SOC service, or a more focused offering instead of a full managed SOC service.
To extend the service to include a wider view and additional advanced capabilities such as endpoint detection, a managed XDR service will protect the wider organisation.
Importance of MDR for Financial Services
Financial institutions are central to the global economy. They hold vast amounts of sensitive data, from individual account details to financial transaction records.
This valuable information makes them prime targets for cybercriminals.
It’s not just the data that makes them attractive, but the potential financial gain that can be reaped from a successful breach.
This draws the criminals to the backdoors of this industry more than any other.
The costs associated with cyberattacks on financial institutions are staggering.
Beyond the immediate financial implications, there’s the long-term damage to reputation, erosion of client trust, and potential regulatory penalties.
In an industry where trust is paramount, even a minor breach can have lasting repercussions.
Security services are not a luxury but a necessity. They offer a defence in depth strategy, combining real-time monitoring, advanced threat detection, and rapid incident response. According to Gartner, 50% of organisations will use MDR services by 2025.
By leveraging finance managed detection and response services, institutions can:
- Strengthen Security Capabilities: MDR solutions continuously hunt for and neutralise threats before they can cause significant damage to operations and reputation.
- Streamline Regulatory Compliance: With increasing regulatory scrutiny, these security services help financial institutions to maintain and demonstrate compliance, reducing the risk of penalties and ensuring data protection standards are met.
- Protect Valuable Assets: Ensure that digital assets, from platforms to transaction systems, remain secure against evolving cyber threats.
Discuss your cyber security options
Get in touch today to speak to an expert and secure your business, or call us on 0800 090 3734
60%
faster threat detection compared with traditional security measures
40%
reduction in costs for financial institutions utilising MDR services
70%
improvement in threat intelligence capabilities with MDR
Benefits of MDR for Financial Institutions
Unlike traditional security measures that operate on a reactive basis, MDR services offer proactive protection to safeguard security posture. With 24/7 monitoring, they actively hunt for and neutralise signs of malicious activity, ensuring threats are detected and addressed promptly, day or night.
This dual function offers real-time insights into the ever-evolving threat landscape, equipping institutions with the ability to protect against advanced threats. The analytics capabilities of MDR solutions allow finance institutions to anticipate threats and build mitigation processes, even before an attack.
With the digital landscape of financial services becoming increasingly complex, regular vulnerability assessments become paramount. Managed detection services not only identify weak points in the network but also ensure they’re patched promptly, reducing the window of opportunity for malicious activity.
When a security incident occurs, time is of the essence. Managed detection and response services provide real time incident response, ensuring minimal damage. Post-incident, a detailed analysis can be conducted, not just to understand the nature of the breach but also to refine security strategy, ensuring the institution is better prepared for future threats.
With CREST certified services financial institutions can demonstrate their commitment to cyber security with the international gold standard in security protection. This is a crucial factor for stakeholders and achieving efficiencies in cyber insurance premiums and regulatory auditing for security teams.
MDR Services for Financial Services: Key Features
DigitalXRAID’s Managed Microsoft Sentinel Service
At DigitalXRAID, we understand the unique challenges faced by financial institutions. Our services are tailored to address the specific needs of the finance sector, ensuring that your data and reputation remain uncompromised.
DigitalXRAID’s Managed Detection and Response service operates on a 24/7/365 basis, with a dedicated team of security experts monitoring networks, systems, and applications, keeping them secure and responding to security events in real time. We combine the best of technology with human expertise, ensuring that your organisation is always prepared, no matter how the threat landscape evolves.
Our security analysts operate as an extension of your own team, working seamlessly to provide world-class managed threat detection and response capabilities – identifying and neutralising attacks in just 8 minutes.
If you’re interested in learning more about how the MDR for Financial Services solution can protect your business, get a quote tailored to your business needs.
In the world of financial services, where trust is paramount in security services, DigitalXRAID stands as a leading MDR provider.
Our MDR service provides some of the highest qualified security professionals in the world.
The SOC is one of the first in the world to hold CREST certification and continues to be in the top 1% globally with this certification.
Unlike other MDR providers, DigitalXRAID has achieved government-grade security accreditations on top of the elite CREST certification, with ISO 9001 for Quality Management Systems, ISO 20000 for IT Service Management and ISO 27001 data security certifications added for complete peace of mind for customers.
Our managed detection and response services for finance are designed to offer peace of mind, ensuring that while you focus on your core business, we keep security threats at bay.
Protect Your Business & Your Reputation.
With a continued focus on security, you can rest assured that breaches and exploits won't be holding you back.
