Case Studies Financial Services Firm Looks for Cybersecurity Partner

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	Financial Services Firm Looks for Cybersecurity Partner

Financial Services Firm Looks for Cybersecurity Partner

Technology Category	Cybersecurity & Privacy - Security Compliance Cybersecurity & Privacy - Network Security
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Quality Assurance
Use Cases	Intrusion Detection Systems Regulatory Compliance Monitoring Remote Asset Management Cybersecurity
Services	System Integration Cybersecurity Services Training
Challenge	Given the amount of sensitive data that is processed on Funding Societies’ website, cybersecurity is of the utmost importance. Protecting their clients’ information is critical to maintaining trust in the relationships between both parties so when it came to looking for a security partner, they were determined to find a company that would take the role seriously and view their security as a shared responsibility. Investing in a Secure Future Funding Societies is on a mission to bring SMEs and investors together to bridge a US$320 billion SME financing gap in Southeast Asia. But to reach this goal, it must gain the trust of businesses and their investors that their valuable personal data is secure. While the platform had a security team in place and invested in Splunk Enterprise and Enterprise Security (ES), it quickly became evident that as the company grew, it would need more help to keep up with the 24/7 monitoring and alerting required to keep their networks safe. Funding Societies decided to partner with a Managed Detection and Response (MDR) service provider that could provide continuous security monitoring and help prioritize and investigate the influx of alerts while its team focused on other priorities. Read More
About Customer	Funding Societies is the largest Small and Medium Enterprises (SME) digital financing platform in Southeast Asia. It specialises in short-term, unsecured and flexible financing as well as a suite of financial services to meet the business needs of SMEs. As a two-sided platform, it also serves retail, accredited and institutional investors via its digital platform, who can earn an interest return from these loans. Since Funding Societies’ launch in 2015 in Singapore, it has expanded into Indonesia, Malaysia, and Thailand. In 6 years, it has helped finance over 4 million business loans with over S$2.5 billion in funding across the region. Read More
Solution	During the process, Funding Societies met with several different MDR service providers. It was looking for a partner that not only had Splunk expertise, but who also provided the flexibility to create the exact service they required – all at an affordable cost. “We were impressed with the Splunk app Proficio’s team has created, as well as the threat intelligence capabilities they had in place, which were all included with their service,” says David Rivera, Engineering Manager, Incident Response for Funding Societies. “As an added benefit, we’re also able to create custom use cases so the team can monitor for exactly what they need.” After an in-depth screening process, Funding Societies decided to partner with Proficio for its cybersecurity needs. The transition to Proficio’s service was seamless, allowing for Funding Societies to continue normal operations without interruption. The FinTech was grateful for the smooth onboarding, Rivera adding that “Proficio’s team provided all the help needed to on board and set up the service successfully.” Read More Log in to view content
Contents

Technology Category

Cybersecurity & Privacy - Security Compliance

Cybersecurity & Privacy - Network Security

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Quality Assurance

Use Cases

Intrusion Detection Systems

Regulatory Compliance Monitoring

Remote Asset Management

Cybersecurity

Services

System Integration

Cybersecurity Services

Training

Challenge

Given the amount of sensitive data that is processed on Funding Societies’ website, cybersecurity is of the utmost importance. Protecting their clients’ information is critical to maintaining trust in the relationships between both parties so when it came to looking for a security partner, they were determined to find a company that would take the role seriously and view their security as a shared responsibility. Investing in a Secure Future Funding Societies is on a mission to bring SMEs and investors together to bridge a US$320 billion SME financing gap in Southeast Asia. But to reach this goal, it must gain the trust of businesses and their investors that their valuable personal data is secure. While the platform had a security team in place and invested in Splunk Enterprise and Enterprise Security (ES), it quickly became evident that as the company grew, it would need more help to keep up with the 24/7 monitoring and alerting required to keep their networks safe. Funding Societies decided to partner with a Managed Detection and Response (MDR) service provider that could provide continuous security monitoring and help prioritize and investigate the influx of alerts while its team focused on other priorities.

About Customer

Funding Societies is the largest Small and Medium Enterprises (SME) digital financing platform in Southeast Asia. It specialises in short-term, unsecured and flexible financing as well as a suite of financial services to meet the business needs of SMEs. As a two-sided platform, it also serves retail, accredited and institutional investors via its digital platform, who can earn an interest return from these loans. Since Funding Societies’ launch in 2015 in Singapore, it has expanded into Indonesia, Malaysia, and Thailand. In 6 years, it has helped finance over 4 million business loans with over S$2.5 billion in funding across the region.

Solution

During the process, Funding Societies met with several different MDR service providers. It was looking for a partner that not only had Splunk expertise, but who also provided the flexibility to create the exact service they required – all at an affordable cost. “We were impressed with the Splunk app Proficio’s team has created, as well as the threat intelligence capabilities they had in place, which were all included with their service,” says David Rivera, Engineering Manager, Incident Response for Funding Societies. “As an added benefit, we’re also able to create custom use cases so the team can monitor for exactly what they need.” After an in-depth screening process, Funding Societies decided to partner with Proficio for its cybersecurity needs. The transition to Proficio’s service was seamless, allowing for Funding Societies to continue normal operations without interruption. The FinTech was grateful for the smooth onboarding, Rivera adding that “Proficio’s team provided all the help needed to on board and set up the service successfully.”

Impact #1	Proficio’s large library of threat detection use cases, paired with the continuous security event monitoring, provides internal teams better visibility into their environment, critical alerts, and recommended remediation actions.
Impact #2	Partnering with Proficio has allowed Funding Societies to maximize their investment in their Splunk solutions, providing them with expert guidance on best practices and helping them keep their environment running smoothly.
Impact #3	With onboarding, Funding Societies immediately saw the value in having Proficio involved in its security posture. To better protect all the sensitive data it collects, it is imperative that it continuously tunes its environment for the best detection of critical threats.

Impact #1

Proficio’s large library of threat detection use cases, paired with the continuous security event monitoring, provides internal teams better visibility into their environment, critical alerts, and recommended remediation actions.

Impact #2

Partnering with Proficio has allowed Funding Societies to maximize their investment in their Splunk solutions, providing them with expert guidance on best practices and helping them keep their environment running smoothly.

Impact #3

With onboarding, Funding Societies immediately saw the value in having Proficio involved in its security posture. To better protect all the sensitive data it collects, it is imperative that it continuously tunes its environment for the best detection of critical threats.

Benefit #1	Helped finance over 4 million business loans.
Benefit #2	Over S$2.5 billion in funding across the region.

Benefit #1

Helped finance over 4 million business loans.

Benefit #2

Over S$2.5 billion in funding across the region.

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Overview

Financial Services Firm Looks for Cybersecurity Partner

Operational Impact

Quantitative Benefit