Overview
Strengthening a bank’s operational resilience, 24/7
A specialist bank recognised that its security controls were not adequately addressing the potential cyber security threats it faced.
By choosing Redscan and its MDR service to significantly bolster its threat detection and response capabilities, the organisation has enhanced its operational resilience and ability to comply with the latest industry regulations.
The Challenge
Summary
- High volume of false positives
- Hybrid infrastructure
- Rigorous compliance requirements
Redscan has enabled a specialist bank to strengthen its operational resilience by improving threat visibility across its environment and absorbing the task of monitoring important infrastructure and assets around the clock.
While not having the risk profile of a Tier 1 bank, Redscan’s client knew that it could still be targeted by cybercriminals due to the large volumes of personal and financial data it processes. The risks were further increased because the bank operates across a hybrid environment encompassing legacy on-premises infrastructure and an increasing number of workloads in the Amazon Web Services cloud – including a recently launched online banking portal.
The bank recognised that enhancing its ability to swiftly detect and respond to threats 24/7 was vital because an attack could significantly impact its profits, reputation and ability to trade. In particular, it was experiencing a growing number of attacks and was worried about the consequences of breaches going undetected.
While the bank already had SIEM technology in place, this wasn’t providing complete threat visibility. In addition, investigating a high volume of false positive alarms was proving too time and resources intensive for the organisation’s small in-house security team. With the number of security events only increasing, the bank would have had to employ at least eight full-time professionals to monitor its entire infrastructure around the clock – an option that wasn’t viable for an organisation of its size.
The bank needed a managed security partner that could help it swiftly identify and mitigate cyber threats both inside and outside of regular working hours, as well as help meet the requirements of the GDPR, the Financial Conduct Authority and the Prudential Regulation Authority.
The Solution
Summary
- Turnkey security solution
- Reduced pressure on in-house team
- Decreased mean time to address threats
In order to identify the best partner and service for its needs, the bank’s Head of Cyber Security led a rigorous tender process. Redscan stood out as offering the turnkey security capability, offensive security expertise, and proactive approach the organisation needed to level up its security maturity and respond to a continually evolving threat landscape.
The bank recognised that Redscan’s outcome-focused Managed Detection and Response service, offered the people, technology and intelligence it required to swiftly identify and respond to current and emerging cyber threats.
Redscan’s Security Operations Centre (SOC) professionals operate as a virtual extension of the bank’s IT team, analysing and triaging alerts generated by the service’s underlying technology stack and providing the actionable insight and mitigation guidance it needs to respond to incidents whenever they occur.
Since subscribing to the service, the organisation has significantly reduced its mean time to detect and mean time to respond to threats.
The bank’s Head of Cyber Security commented:
“An important factor in our choice of security partner was the high level of security expertise within the team at Redscan. We also wanted to partner with a company that was around the same size as us, and on the same trajectory in terms of growth and ambition. We didn’t want to be a small fish in a large ocean of customers.”
“I definitely recommend, it’s an incredible security service. The SOC team are very knowledgeable and I value the fact that Redscan aggregates insight about the cyber–attacks it sees on other customers and retrospectively applies it to other organisations, so we all benefit from that knowledge. By working in partnership with Redscan, we have significantly improved our operational resilience.”
