A joint press release issued last year by U.S. federal bank regulatory agencies announced the requirement for financial institutions to provide a notification within 36 hours after a confirmed cyber incident. These measures are a result of increasing cyberattacks targeting financial institutions in recent years. Managing this compliance in-house can be difficult for many organizations. Outsourcing to an MDR provider is an option, and in this blog, we outline 7 tips for finding the right one.
Cybersecurity attacks are prominent nowadays, with cybercriminals motivated to steal personally identifiable information (PII) and leverage this information for financial gain. As financial institutions frequently handle sensitive customer PII and finances as part of their day-to-day operations, they can be especially appealing targets to attackers.
Financial institutions know that they hold a great responsibility to their clients as stewards of both their money and their data. Sometimes this responsibility might seem overwhelming – it is no small feat for any organization to keep up with ever-evolving technologies, maintain regulatory compliance, stay ahead of cyber threats, and manage the complex requirements of the ordinary business day. Security controls are expensive to implement because they require investment in tools, people, training, and technology – and they all come with a cost.
Thankfully, these institutions can offload some of the burdens to a Managed Detection and Response (MDR) provider that can perform some of the heavy lifting and ultimately be a first-responder should a security incident occur.
If your organization plans to enlist the help of an MDR provider to enhance your security posture, here are 7 key things to consider in your evaluation:
In addition to these considerations, institutions should also select an MDR provider that is a good fit for the needs of their operations and within budget. Overall, any MDR provider you choose should demonstrate their efficiency and effectiveness in improving your organization’s cybersecurity posture and act as a direct extension of your in-house IT team or work directly with your other IT partners.
Explore what SilverSky has to offer as an MDR provider. If you have any questions, contact us.
Trish manages security programs and supporting capabilities within SilverSky.
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