Case Studies Binary Defense Helps Financial Institution Tune Current SIEM

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	Binary Defense Helps Financial Institution Tune Current SIEM

Binary Defense Helps Financial Institution Tune Current SIEM

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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.

About 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.

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.

Impact #1	Binary Defense tuned the existing SIEM to monitor for threats 24/7, ensuring continuous protection.
Impact #2	The client team received education and strategy for avoiding cyberattacks, enhancing their preparedness.
Impact #3	Combined protection from Binary Defense and the client team made the institution more secure against data breaches.

Impact #1

Binary Defense tuned the existing SIEM to monitor for threats 24/7, ensuring continuous protection.

Impact #2

The client team received education and strategy for avoiding cyberattacks, enhancing their preparedness.

Impact #3

Combined protection from Binary Defense and the client team made the institution more secure against data breaches.

Benefit #1	The bank avoided potentially millions of dollars in damage due to early threat detection and remediation plans.

Benefit #1

The bank avoided potentially millions of dollars in damage due to early threat detection and remediation plans.

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Overview

Binary Defense Helps Financial Institution Tune Current SIEM

Operational Impact

Quantitative Benefit