Leveraging Cyber Threat Intelligence to Enhance Cybersecurity for a Leading Caribbean Financial Institution

Needs And Requirements:

Despite having already invested heavily in cybersecurity and conducting extensive awareness training for its users, the bank found it necessary to seek advanced cybersecurity solutions. This need arose from the evolving complexity of cyber threats and the critical importance of preventing account information leaks. The advanced cybersecurity measures were not just an enhancement, but a requirement to effectively safeguard against the sophisticated methods employed by cybercriminals.

Main Challenges:

• Account Information Leaks: The primary challenge was preventing the leakage of account information, which posed a significant threat to both the clients and the bank. Protecting against such leaks was critical to prevent financial losses and reputational damage.
• Evolving Threat Landscape: The bank faced a constantly evolving threat landscape, with cybercriminals employing increasingly sophisticated methods to breach security defenses. Keeping up with these changes required continuous monitoring and updates to their security protocols.

Solution:

• Cyber Threat Intelligence Services: Hitachi Cyber took a proactive approach to cybersecurity by implementing comprehensive cyber threat intelligence services. These services were designed to monitor the Dark Web and cybercriminal activities continuously. The strategy involved constant surveillance of the Dark Web to identify compromised credit card information and other sensitive data. This continuous monitoring was complemented by daily reports provided to the bank. These reports contained lists of compromised credit card numbers, enabling the bank to swiftly cancel these cards and prevent fraudulent activities. Advanced monitoring systems were also put in place to ensure real-time detection of potential threats. This allowed for immediate action, reducing the window of opportunity for cybercriminals to exploit stolen data.

Outcomes:

The bank realized substantial savings on its insurance premiums related to credit card losses, as the proactive measures taken by Hitachi Cyber significantly reduced fraudulent activities. The institution’s overall security posture was greatly enhanced, providing greater protection for client information and bolstering customer confidence in the bank’s ability to safeguard their assets. The client is now better positioned to manage credit card fraud and protect their clients’ information, ensuring a robust defense against evolving cyber threats.

Next Steps:

Moving forward, the bank will focus on automating its threat intelligence processes, enabling the immediate transmission of credit card leak information as soon as it is discovered, rather than a few hours after detection. This will allow the institution to respond even more swiftly to potential threats. Additionally, the bank will continue to work with Hitachi Cyber to review and update its security infrastructure regularly, staying aligned with the latest industry standards and regulatory requirements. By maintaining its commitment to protecting client data and ensuring regulatory compliance, the bank will adopt the latest cybersecurity technologies and practices to safeguard against emerging threats.