Bolstering Cybersecurity for a European Financial Institution

Needs And Requirements:

The European bank’s cybersecurity posture was previously considered satisfactory; however, recent risk assessments highlighted critical vulnerabilities that needed immediate attention. As a financial institution, adherence to stringent financial regulations was crucial. The bank managed user access through segmentation and user rights, conducted all data handling in-house, and allocated a significant budget to cybersecurity initiatives, including regular employee awareness training.

Main Challenges:

• Evolving and Sophisticated Threat Landscape: The bank faced increasing threats from advanced cyber-attack techniques.
• Complex and Interconnected Technology Infrastructure: Managing security across an extensive and intricate network was challenging.
• Compliance with Regulatory Requirements: Adhering to financial regulations and standards was crucial.
• Insider Threats and Unauthorized Access: The bank needed to safeguard against internal risks and unauthorized data access.

Solution:

• Penetration Testing: A comprehensive set of both external and internal penetration tests was carried out to identify and address vulnerabilities within the bank’s network and systems. These meticulously designed tests included an external penetration test aimed at identifying potential vulnerabilities that could be exploited by external threats. This involved a thorough examination of the bank’s network perimeter, including its firewalls, routers, and servers, with the aim of simulating potential attacks from the outside to assess the robustness of the bank’s external defenses. In addition, an internal penetration test was conducted to evaluate the bank’s internal security measures. It involved a detailed analysis of the bank’s internal network, focusing on aspects such as user access controls, network segmentation, and other security protocols, with the aim of simulating potential internal threats to assess the effectiveness of the bank’s internal defenses. These tests played a crucial role in providing a holistic assessment of the bank’s defensive measures, ensuring that all potential vulnerabilities were identified and addressed.
• Cyber Threat Intelligence: A unique ‘hacker’s view’ type test was performed, focusing on reconnaissance activities, particularly on the dark web. This test was designed to identify leaked accesses, such as old passwords and email accounts, which could potentially be used by malicious actors to gain unauthorized access to the bank’s systems. By simulating the techniques and strategies used by hackers, this test provided valuable insights into potential external network vulnerabilities. This proactive approach to threat intelligence enabled the bank to stay one step ahead of potential cyber threats, thereby enhancing its overall security posture.

Outcomes:

The rigorous penetration testing strategy employed by Hitachi Cyber, encompassing both external and internal assessments, significantly strengthened the bank’s security posture. These penetration tests were crucial in uncovering and rectifying vulnerabilities across the bank’s network and systems. Additionally, the “hacker’s view” assessment conducted by Hitachi Cyber played a key role in identifying critical external exposures, leading to targeted actions that secured previously unknown data leaks. As a result, the bank now benefits from a robust cybersecurity framework, which ensures enhanced protection of sensitive data and client assets.

Next Steps:

In partnership with Hitachi Cyber, the bank will continue its commitment to robust cybersecurity by conducting ongoing vulnerability assessments and penetration testing. Hitachi Cyber will play a crucial role in adapting the bank’s security measures to meet evolving threats and ensuring that the bank’s cybersecurity practices remain at the forefront of technological advancements. This sustained effort will help safeguard the bank’s assets and client data against future cyber threats.