Binary Defense Helps Financial Institution Tune Current SIEM
Company Size
1,000+
Region
- America
Country
- United States
Product
- Binary Defense SIEM Tuning
- Binary Defense 24/7 Monitoring
- Binary Defense Training Services
Tech Stack
- SIEM (Security Information & Event Management)
- 24/7 SOC (Security Operations Center)
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Brand Awareness
- Customer Satisfaction
- Digital Expertise
Technology Category
- Cybersecurity & Privacy - Endpoint Security
- Cybersecurity & Privacy - Network Security
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Intrusion Detection Systems
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- Cybersecurity Services
- System Integration
- Training
About The Customer
The customer is one of the largest banks in the United States, offering a wide range of financial products and services for both individuals and businesses. The bank provides 24-hour ATM and mobile banking options for its customers. Given its size and the nature of its operations, the bank handles a significant amount of sensitive information, making it a prime target for cyberattacks. The institution had already implemented a Security Information & Event Management (SIEM) system but found it lacking in providing continuous monitoring and advanced threat detection capabilities. The bank also recognized the need for its cybersecurity team to receive further training to stay ahead of evolving cyber threats.
The Challenge
Financial institutions are frequent targets for cyberattacks due to the sensitive information they store, such as bank accounts and social security numbers. Hackers attempt to breach these institutions at an alarming rate, averaging 30 attempts per second per institution. With limited internal resources and budget constraints, it is often challenging for financial institutions to create and sustain their own 24/7 Security Operations Center (SOC). One of the largest banks in the United States faced this issue, having implemented a Security Information & Event Management (SIEM) system that was unable to provide around-the-clock monitoring. Additionally, the bank's cybersecurity team required advanced training to handle the latest threats in the industry.
The Solution
Binary Defense stepped in to act as an extension of the bank's cybersecurity team. They began by tuning the existing SIEM system to monitor for threats 24/7. This involved learning about the bank's unique challenges and customizing the SIEM to detect abnormal activities specific to the institution. Binary Defense also provided extensive training to the bank's internal cybersecurity team, teaching them how to respond to alerts and developing remediation plans for potential attacks. This collaborative approach ensured that the bank's team was well-prepared to handle any cyber threats. Additionally, Binary Defense alerted the bank to multiple attack types that had not been previously reported, thereby helping the institution avoid significant potential damage. The 24/7 monitoring by Binary Defense's SOC also detected both penetration tests and actual malicious threats, providing an added layer of security.
Operational Impact
Quantitative Benefit
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