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26
May
2023
Safeguarding Your Financial Service Business with Sophos MDR and navitend

Safeguarding Your Financial Service Business with Sophos MDR and navitend

If you are a bank, credit union, or other financial service provider, your data is not just the lifeblood of your business. Your data is your business. Chances are you have vast repositories of sensitive business and personal information stored in your on-premises servers, in the cloud, or both¹. Such information includes your customers’ names, addresses, credit card numbers, and Social Security numbers¹. If this data is breached, it can spell disaster. Consider that the average financial data breach costs $5.97 million, according to IBM². You therefore need a solution to safeguard your valuable financial information. 

(Image courtesy of https://www.analyticsinsight.net/banking-security-a-crucial-aspect-for-the-finance-industry/)  

Enter Sophos’ managed detection and response system, or MDR for short. This fully managed service gives you support from security professionals well-versed in detecting and responding to phishing, ransomware, spyware, and other types of cyberattacks³. In this article, we will highlight the benefits Sophos MDR has for your financial service business. 

One major benefit of Sophos MDR for your financial service company is that it streamlines your threat detection and remediation processes³. If you have an in-house SOC team, chances are it takes them several hours – anywhere from 3.7 to 30, depending on the organization – to address your business’s most pressing threats³. However, Sophos reduces that time to 38 minutes on average³. It takes Sophos only one minute to identify threats, 25 to investigate them, and an additional 12 to remediate them³. This frees your employees up to focus on providing predictably awesome financial services for your diverse clientele. In short, Sophos MDR saves you time, headaches, and sleepless nights. 

Another advantage of Sophos MDR is that it helps you comply with relevant financial service regulations. For example, if you conduct business operations in New York State, you must adhere to NYDFS cybersecurity regulations, namely 23 NYCRR Part 500⁴. All financial entities covered under this law must maintain their own cybersecurity programs designed to protect their information systems’ availability, confidentiality, and integrity⁴. Fortunately, with its expert security staff continuously monitoring and correlating signals from across your network, plus identifying and investigating suspicious activities within your system, Sophos MDR meets these requirements⁴. Furthermore, Sophos MDR thoroughly and regularly detects, investigates, and correlates anomalous behaviors and malicious code to quickly neutralize cyberattacks before they can wreak havoc on your business⁴. This helps satisfy the NYDFS requirement for using defensive infrastructure to protect your information systems and the data stored therein from any unauthorized access or use⁴. In summary, Sophos MDR gives you the tools you need to maintain compliance and avoid costly penalties. 

While Sophos MDR helps you comply with regulations like those outlined by NYDFS, it also helps you create reports confirming such compliance¹. Thankfully, MDR’s integrated Sophos Central dashboard features a variety of compliance reports built right in, along with easy tools so you can create custom reports quickly and easily¹. Sophos Central also lets you correlate data from multiple sources to conduct cross-product investigations¹. Additionally, with Sophos Central, you can harness Sophos Synchronized Security capabilities to share real-time threat, health, and security information across your Sophos devices, while also working together to respond to threats automatically¹. This demonstrates the power of Sophos MDR for your financial service business. 

You can also tailor Sophos MDR to meet your financial service company’s specific needs⁵. For example, if you expand your business operations or your public profile grows rapidly and exponentially, you must confront more cyberattacks than ever⁵. This places an additional burden on your firewalls, such as the Sophos next-generation firewalls we outlined in a previous article, and other security tools⁵. Thankfully, Sophos MDR can easily handle this increased traffic load and respond to threats quickly, giving you much-needed peace of mind when you need it most⁵. 

Still another benefit of Sophos MDR for your financial service company is that it significantly reduces your IT costs⁵. While you may have multiple individuals within your organization well-versed in implementing an array of cybersecurity tools, chances are you do not have the financial resources to manage your business’s security fully in-house⁵. Therefore, you should invest in Sophos’ MDR suite and the company’s exceptional threat detection and response team behind it⁵. Additionally, by purchasing and deploying Sophos MDR across your financial institution’s tech infrastructure, you need not purchase costly product licenses and subscriptions, helping cut costs there as well⁵. In summary, Sophos MDR saves you money so you can focus on managing others’ money. 

If you seek to harness Sophos MDR’s security benefits for your financial service company, navitend can help. We offer a variety of managed IT service and support – including Sophos MDR deployments – for financial service clients in New Jersey, New York, and eastern Pennsylvania. Our top priority is keeping your data, networks, and applications secure, 24 hours a day and seven days a week. 

Navitend can help you. Call 973.448.0070 or setup an appointment today. 

Sources: 

¹Sophos. “Complete Data Security for Banks and Financial Networks | Sophos.” Retrieved from https://www.sophos.com/en-us/solutions/industries/finance-and-banking.  

²IBM Security. “Cost of a Data Breach Report 2022.” Retrieved from https://www.ibm.com/downloads/cas/3R8N1DZJ. 

³Sophos. “Managed Detection and Response | Sophos MDR.” Retrieved from https://www.sophos.com/en-us/products/managed-detection-and-response. 

⁴Sophos. “NYDFS Cybersecurity Regulation (23 NYCRR Part 500).” Retrieved from https://assets.sophos.com/X24WTUEQ/at/76bpg2hb3h6cph9kwpxnr8m/sophos-nydfs-compliance-card.pdf.  

⁵Expert Insights. “What Are The Benefits of MDR?” by Alex Zawalnyski. Retrieved from https://expertinsights.com/insights/what-are-the-benefits-of-mdr/.

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