Enhancing Cybersecurity for a Financial Institution in Europe

Needs And Requirements:

This leading European financial institution, operating in the banking sector and offering many financial services, faced the persistent threat of malicious cybercrime. Like many institutions in the finance industry, it remained a prime target for cyber-attacks. As customer interactions increasingly shifted towards digital channels such as e-banking and mobile apps, and as B2B communications such as SWIFT expanded, the institution found its exposure to public network domains greatly increased, effectively enlarging its “shopfront” for potential cyber threats. Furthermore, while the adoption of cloud-based services aimed to optimize costs and enhance accessibility and customer experience, it was imperative that these advancements did not compromise the security of client services or the protection of sensitive data assets.

Main Challenges:

1. Cybersecurity Vulnerability: The institution faced a growing risk of cyber threats due to its reliance on digital platforms, including online banking services and B2B communications such as SWIFT, which exposed it to potential attacks from malicious actors.

2. Cloud-Based Services and Security Risks: While the adoption of cloud-based services facilitated operational efficiency, it also introduced additional security risks, necessitating stringent measures to protect customer data and ensure regulatory compliance.

3. Continuous Security and Compliance Needs: The institution had to maintain robust cybersecurity measures and adhere to strict regulatory requirements, such as GDPR and PSD2, to safeguard customer trust and comply with industry standards.

Solution:

1. Penetration Testing: Hitachi Cyber conducted comprehensive penetration testing exercises, including “Hackers View” assessments, to identify and remediate vulnerabilities in the institution’s infrastructure and online banking services. This proactive approach helped mitigate potential security risks and enhanced the institution’s resilience to cyber threats.
2. Governance, Risk & Compliance: Hitachi Cyber executed a security maturity assessment based on the ISO27002 framework to identify and address vulnerable areas within the institution’s infrastructure. By aligning with industry best practices, the institution was able to enhance its cybersecurity posture and ensure compliance with regulatory requirements.
3. 24/7 Managed Detection & Response: Hitachi Cyber implemented a comprehensive Managed Detection and Response (MDR) service, bolstered by its Security Operations Centers (SOCs) strategically positioned to monitor and respond to threats around the clock. These SOCs, staffed with dedicated certified experts, are equipped with advanced threat detection technologies and real-time monitoring capabilities. Leveraging sophisticated analytics and threat intelligence feeds, the MDR/SOC operations continuously assess the institution’s network for signs of suspicious activity, swiftly identifying and prioritizing potential threats. In the event of a security incident, the SOC experts would immediately initiate incident response protocols, working diligently to isolate and contain the threat while minimizing disruption to business operations. This proactive approach ensures rapid detection and response to cyber threats, enhancing the institution’s overall cybersecurity posture and safeguarding sensitive data assets.

Outcomes:

The implementation of Hitachi Cyber’s cybersecurity solutions significantly enhanced the client’s resilience to cyber threats, bolstering customer trust and confidence in its services. By adopting a comprehensive approach to cybersecurity, the institution effectively mitigated risks associated with digital transformation and demonstrated its commitment to safeguarding customer data. As a result, the client is better equipped to navigate the evolving threat landscape and uphold its reputation as a trusted financial institution in Europe.

Next Steps:

Moving forward, the institution will prioritize ongoing reviews and assessments of its security infrastructure to ensure alignment with emerging threats and regulatory requirements. Additionally, the institution will invest in advanced training programs to enhance the cybersecurity awareness and skills of its employees, further strengthening its defense against cyber threats. By fostering a culture of collaboration and innovation, our client remained committed to staying ahead of cyber threats and safeguarding the integrity of its operations.