During National Data Privacy Day, DefenseStorm shares how financial institutions can maintain stronger cybersecurity in 2017
As attacks rise, cyber security company explores proactive approach to mitigating the risk of fraud
ATLANTA, GA (January 23, 2017) — As part of Data Privacy Day, which will be observed Sat., Jan. 28, DefenseStorm, a security data platform that watches everything on a financial institution’s network and matches it to its policies, shares how financial institutions can establish and maintain a stronger cybersecurity program moving into the New Year.
As a Data Privacy Day Champion for the second consecutive year, DefenseStorm remains dedicated to safeguarding data and protecting sensitive information. However, with the sharp rise in cyber attacks – both in frequency and intensity – it is evident that no one is exempt from a potential attack. In fact, all organizations will encounter one at some point. For financial institutions in particular, this can be tremendously damaging, making cybersecurity preparedness critical. Moreover, cyber attacks continuously evolve; therefore, a one-time assessment is not enough to protect against fraudsters. Real-time testing of an institution’s defenses is crucial to uncovering vulnerabilities.
In addition to real-time testing for vulnerabilities, DefenseStorm offers other valuable insights and best practices to defend against modern-day cyber attacks, such as:
– Building flexible defense-in depth that neutralizes pervasive, evolving threats;
– Utilizing anomaly detection algorithms to uncover suspicious network activity from unknown threat actors;
– Investing in a Big Data platform that analyses event data in an actionable way; and
– Improving security awareness by educating peers about social engineering and trending threats.
Unlike other cybersecurity solutions, DefenseStorm is a single platform that actively manages detection, investigation, reporting and policy compliance. It is built from the ground up in the cloud with proprietary big data technology and machine-learning algorithms not available to legacy vendors, which enables the system to be faster and provide comprehensive analysis tools. DefenseStorm works with all existing security solutions and accepts events from every device on the network. Simply stated, it is an “all you can eat” data and security monitoring model designed for the needs of community banks and credit unions.
“There is great need for a solution like DefenseStorm, as there isn’t a cloud-based cybersecurity management solution that includes network monitoring, incident response workflow, policy governance, and real-time analytics all within a single solution, especially one that focuses on the banking vertical,” said Sean Feeney, CEO of DefenseStorm. “While banks have similar cybersecurity needs as other corporations, they have unique security needs that present a compelling requisite for a solution that keeps the most sensitive financial data secure from foreign attackers and organized criminals. We expect attacks to continue rising this year, making strong cybersecurity paramount.”
DefenseStorm is proven to positively impact banks’ approaches to security, resulting in as much as a 50-60 percent improvement in incident discovery. Additionally, the platform has generated as much as $30,000 to $60,000 in annual IT cost savings for a single institution, and a 95 percent decrease in incident response time.
Data Privacy Day began in the United States and Canada in January 2008 as an extension of the Data Protection Day celebration in Europe. Data Protection Day commemorates the Jan. 28, 1981, signing of Convention 108, the first legally binding international treaty dealing with privacy and data protection.
DefenseStorm provides cybersecurity and cybercompliance solutions specifically built for banking. The company delivers the only co-managed, cloud-based and compliance-automated solution of its kind – as both a technology system and as a service supported by experts in financial institution security and compliance. DefenseStorm’s security data platform watches everything on a financial institution’s network and matches it to defined policies for complete and proactive cyber exposure readiness, keeping security teams smart and executives accountable to their customers, communities, regulators and Boards. Built from the ground up in the cloud, DefenseStorm unifies detection, investigation, reporting and compliance into a single place to manage cybersecurity data. The system aggregates event data across all cybersecurity tools and links policies to real-time alerts so that financial institutions can prove to regulators they are both secure and compliant with evolving FFIEC cybersecurity requirements. For more information please visit http://www.DefenseStorm.com.