{"id":2362,"date":"2025-03-17T15:05:42","date_gmt":"2025-03-17T15:05:42","guid":{"rendered":"https:\/\/cybersecurityinfocus.com\/?p=2362"},"modified":"2025-03-17T15:05:42","modified_gmt":"2025-03-17T15:05:42","slug":"building-a-strong-security-approach-for-financial-institutions","status":"publish","type":"post","link":"https:\/\/cybersecurityinfocus.com\/?p=2362","title":{"rendered":"Building a Strong Security Approach for Financial Institutions"},"content":{"rendered":"
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The security landscape for financial institutions has changed dramatically in recent years. Banks and credit unions face an onslaught of attacks unlike anything security professionals have ever seen before. As 2025 progresses, these threats <\/span>aren\u2019t<\/span> letting up \u2013 <\/span>they\u2019re<\/span> getting worse, forcing financial organizations to completely rethink how they protect sensitive data.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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What Financial CISOs Are Facing Today<\/h2>\n<\/div>\n<\/div>\n
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Talk to any CISO at a bank today and you\u2019ll hear the same concerns. Gone are the days of fighting individual hackers \u2013 now they\u2019re up against sophisticated criminal enterprises and even nation-states with massive resources. Financial organizations are 300 times more likely to get attacked than businesses in other sectors. <\/span>Three hundred times!<\/span> With numbers like that, it\u2019s no surprise security teams are overwhelmed.<\/span>\u00a0<\/span><\/p>\n

The threat landscape has evolved dramatically over the past year and a half:<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

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Ransomware Has Evolved into Something Worse<\/h3>\n<\/div>\n<\/div>\n
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Remember ransomware<\/a> that just locked your files? That seems almost quaint now. Today\u2019s attacks steal your sensitive data first, encrypt your systems second, and then threaten to publish everything unless you pay up. Ransomware attacks have evolved toward double-extortion tactics.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to industry analysts, financial institutions are increasingly targeted by these sophisticated approaches that combine data theft and encryption. Recent industry reports document multiple cases of financial institutions facing ransom demands after customer data was compromised.<\/span><\/p>\n<\/div>\n<\/div>\n

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Supply Chain Attacks Are Hitting Hard<\/h3>\n<\/div>\n<\/div>\n
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Supply chain vulnerabilities continue to <\/span>impact<\/span> financial institutions. When critical financial service providers experience security incidents, the effects can cascade to hundreds of dependent banks and credit unions, disrupting customer access and operations for extended periods. The financial sector has seen several significant supply chain disruptions in recent <\/span>years. This<\/span> highlights the importance of third-party risk management as NIST continues to evolve its guidance in this area, while many financial institutions are still picking up the pieces from similar incidents.<\/span><\/p>\n<\/div>\n<\/div>\n

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Cloud Security Remains Problematic<\/h3>\n<\/div>\n<\/div>\n
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The pandemic-driven rush to cloud services left security teams playing catch-up, and many still <\/span>haven\u2019t<\/span> closed the gaps. According to Thales Group, 39% of financial businesses have experienced a breach, which is 10 percentage points lower than the average across all industries (49%). Security assessments routinely find unencrypted financial data floating around development environments and access permissions that would make any auditor scream. These are basic issues that <\/span>shouldn\u2019t<\/span> happen in finance, but they do \u2013 constantly.<\/span><\/p>\n<\/div>\n<\/div>\n

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Even Small Banks Are Targeted by Nation-States<\/h3>\n<\/div>\n<\/div>\n
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Nation-state attacks used to target only the biggest global banks, but <\/span>that\u2019s<\/span> changed. <\/span><\/span>FS-ISAC<\/span><\/span><\/a> data shows a 63% increase in state-sponsored activity targeting financial institutions of all sizes. Regional banks now regularly face sophisticated campaigns that bear all the hallmarks of APT groups. <\/span>What\u2019s<\/span> truly scary? Many of these attacks <\/span>remain<\/span> undetected for months.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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The Regulatory Burden Keeps Growing<\/h2>\n<\/div>\n<\/div>\n
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While security teams battle these threats, the regulatory landscape has become incredibly demanding:<\/span>\u00a0<\/span><\/p>\n

The SEC\u2019s new cybersecurity rules require detailed incident disclosure within days \u2013 a timeline many compliance officers describe as \u201ccompletely unrealistic\u201d given their current capabilities.<\/span>\u00a0<\/span><\/p>\n

NYDFS updated their Cybersecurity Regulation with requirements so granular and specific that many New York-based institutions are still struggling to implement them fully. Some smaller banks have had to hire dedicated staff just to handle the documentation requirements.<\/span>\u00a0<\/span><\/p>\n

And for institutions operating across borders, the EU\u2019s DORA requirements create massive compliance headaches. Many multinational banks struggle to harmonize their approach across different regulatory regimes, leading to astronomical compliance costs.<\/span><\/p>\n<\/div>\n<\/div>\n

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Why Traditional Security Just Doesn’t Cut It Anymore<\/h2>\n<\/div>\n<\/div>\n
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Despite massive spending on cybersecurity tools, many financial institutions simply <\/span>can\u2019t<\/span> keep up. <\/span>Here\u2019s<\/span> why:<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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Tool Sprawl Is Out of Control<\/h3>\n<\/div>\n<\/div>\n
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IBM<\/span><\/span><\/a> research shows that organizations with more than 50 security tools <\/span>performed<\/span> worse at detecting attacks than those with fewer tools. Yet the typical financial institution uses 76 different security products. Some regional banks <\/span>operate<\/span> with over 80 separate security solutions. <\/span>Their teams spend more time juggling tools than actually hunting for threats.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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Alert Fatigue Is Real<\/h3>\n<\/div>\n<\/div>\n
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Security analysts waste <\/span>roughly <\/span><\/span>25<\/span><\/span>%<\/span><\/span> of their time chasing false positives, according to <\/span>Ponemon<\/span> Institute research. This happens everywhere \u2013 alerts get ignored because there are simply too many false alarms. Some mid-sized banks generate 10,000+ daily alerts with teams of just 3-4 analysts. You <\/span>can\u2019t<\/span> investigate everything with those numbers, so real threats inevitably slip through.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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Visibility Gaps Everywhere<\/h3>\n<\/div>\n<\/div>\n
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With systems spread across on-premises infrastructure, multiple cloud providers, and third-party services, traditional security approaches create dangerous blind spots. Some financial institutions lack complete visibility into their cloud environments. Security teams often know everything about their on-premises networks but remain clueless about <\/span>what\u2019s<\/span> happening in their cloud workloads.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Strengthen Your Cyber Terrain with Proactive Defense<\/div>\n<\/div>\n<\/div>\n
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Unlock full visibility into your security landscape:<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
\n\t\t\t\t\t\t\t\t\t\tIdentify and classify assets<\/span><\/p>\n

\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
\n\t\t\t\t\t\t\t\t\t\tDetect hidden vulnerabilities<\/span><\/p>\n

\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
\n\t\t\t\t\t\t\t\t\t\tFortify defenses<\/span><\/p><\/div>\n<\/div>\n

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\n\t\t\t\t\t\t\t\t\tDownload the Datasheet<\/span>
\n\t\t\t\t\t<\/span>
\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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XDR: A Better Approach for Financial Services<\/h2>\n<\/div>\n<\/div>\n
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This is where Extended Detection and Response (XDR) comes into play. And no, this isn\u2019t just another buzzword or marketing gimmick \u2013 XDR<\/a> represents a genuine shift in security strategy.<\/span>\u00a0<\/span><\/p>\n

Here\u2019s why XDR works better for financial institutions:<\/span><\/p>\n<\/div>\n<\/div>\n

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1. Finally, A Complete View of Your Environment<\/h3>\n<\/div>\n<\/div>\n
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XDR provides that elusive single-pane-of-glass visibility across endpoints, networks, cloud systems, and applications. For banks running complex environments with legacy systems alongside public and private cloud services, this unified view makes all the difference. Security teams can track threats as they move between <\/span>different parts<\/span> of the infrastructure.<\/span><\/p>\n<\/div>\n<\/div>\n

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2. Smart Analysis Finds What You’re Missing<\/h3>\n<\/div>\n<\/div>\n
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By analyzing data from multiple sources, XDR spots attack patterns that would remain invisible when examining individual security logs. This capability is crucial for catching the sophisticated multi-stage attacks financial institutions face daily.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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3. Automated Response When It Matters Most<\/h3>\n<\/div>\n<\/div>\n
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XDR enables automated response<\/a> actions across security domains, helping teams <\/span>contain<\/span> threats quickly. In financial services, where every minute counts, this automation can prevent catastrophic breaches.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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4. Making Security Teams More Productive<\/h3>\n<\/div>\n<\/div>\n
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By providing a unified interface and consistent workflows, XDR helps stretched security teams work more efficiently. This operational improvement is critical given the persistent cybersecurity talent shortage plaguing the financial sector.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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5. Better Regulatory Compliance Documentation<\/h3>\n<\/div>\n<\/div>\n
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XDR\u2019s comprehensive visibility and detailed audit capabilities make it easier for financial institutions to <\/span>demonstrate<\/span> compliance<\/a> with regulatory requirements. The documentation of security controls and evidence of continuous monitoring helps satisfy many requirements from SEC, NYDFS, and other regulators.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Fidelis Elevate: An XDR Option Worth Considering<\/h2>\n<\/div>\n<\/div>\n
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Several XDR solutions exist, but one true solution that works particularly well for financial institutions is Fidelis Elevate<\/a>. Their \u201cActive XDR\u201d approach addresses several challenges specific to financial services.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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Deep Environment Mapping<\/h3>\n<\/div>\n<\/div>\n
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You can\u2019t protect what you don\u2019t know about. Fidelis Elevate provides detailed terrain mapping that aligns with NIST\u2019s recommendation to \u201cidentify, prioritize, and focus resources on high-value assets that require increased protection.\u201c<\/span>\u00a0<\/span><\/p>\n

This capability helps banks and credit unions:<\/span>\u00a0<\/span><\/p>\n

Discover and classify assets across on-premises and cloud environments<\/span>\u00a0<\/span>Find shadow IT deployments that inevitably pop up in every organization<\/span>\u00a0<\/span>Identify unmanaged BYOD and IoT devices that create security risks<\/span>\u00a0<\/span>Focus protection efforts where they matter most<\/span>\t\t\t\t\t\t<\/p><\/div>\n<\/div>\n

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Deep Packet Inspection That Actually Works <\/h3>\n<\/div>\n<\/div>\n
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Financial institutions process millions of transactions daily, making threat detection incredibly challenging. Fidelis uses Deep Session Inspection<\/a> technology to examine traffic across all ports and protocols, finding advanced threats that other tools miss.<\/span>\u00a0<\/span><\/p>\n

Their 20 GB 1U sensor can detect threats in nested files, encrypted traffic, and containerized workloads.<\/span><\/p>\n<\/div>\n<\/div>\n

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Connecting Weak Signals into Actionable Intelligence<\/h3>\n<\/div>\n<\/div>\n
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Separating real threats from background noise remains one of the biggest challenges in financial security. Fidelis addresses this through Active Threat Detection<\/a>, correlating seemingly minor signals into high-confidence detections based on the MITRE ATT&CK framework.<\/span>\u00a0<\/span><\/p>\n

This approach creates detailed event timelines that help analysts understand potential compromises quickly.<\/span><\/p>\n<\/div>\n<\/div>\n

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Deception Technology That Catches Attackers<\/h3>\n<\/div>\n<\/div>\n
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One of Fidelis Elevate\u2019s most interesting features is its integrated deception technology<\/a>. For financial institutions, this provides several advantages:<\/span>\u00a0<\/span><\/p>\n

Creates confusion for attackers by deploying convincing decoys<\/span>\u00a0<\/span>Enables early detection before production systems are compromised<\/span>\u00a0<\/span>Provides valuable intelligence about attacker techniques<\/span>\u00a0<\/span>Builds resilience by dynamically altering the environment<\/span>\t\t\t\t\t\t<\/p><\/div>\n<\/div>\n

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Works With Your Existing Security Stack<\/h3>\n<\/div>\n<\/div>\n
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Financial institutions have already invested heavily in security technologies. Fidelis functions as an open platform that integrates with existing security infrastructure, including SOAR platforms, SIEM systems, threat intelligence feeds, and network security tools.<\/span>\u00a0<\/span><\/p>\n

This integration approach lets banks enhance their security posture without abandoning existing investments.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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See Fidelis Elevate in Action \u2013 How It Works<\/div>\n<\/div>\n<\/div>\n
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Discover how Fidelis Elevate enables:<\/span><\/span><\/em><\/p>\n<\/div>\n<\/div>\n

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\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
\n\t\t\t\t\t\t\t\t\t\tReal-time threat detection with DPI<\/span><\/p>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>
\n\t\t\t\t\t\t\t\t\t\tIntegrated deception technology<\/span><\/p><\/div>\n<\/div>\n

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\n\t\t\t\t\t\t\t\t\tGet the Datasheet<\/span>
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\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Building a Complete Financial Services Security Strategy<\/h2>\n<\/div>\n<\/div>\n
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While implementing XDR provides a solid foundation, financial institutions need to incorporate this technology within a broader security strategy:<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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1. Risk-Based Security Is Essential<\/h3>\n<\/div>\n<\/div>\n
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Develop a comprehensive risk management program that aligns security investments with business priorities. The FFIEC\u2019s Cybersecurity Assessment Tool works well for financial institutions and provides a practical framework.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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2. Layered Defenses Still Matter<\/h3>\n<\/div>\n<\/div>\n
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Implement multiple security controls throughout your environment. Network segmentation, strong identity management, and data-centric protections create obstacles for attackers. If one control fails, others will still provide protection.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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3. Financial-Specific Threat Intelligence Helps<\/h3>\n<\/div>\n<\/div>\n
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Use industry-specific threat intelligence from sources like FS-ISAC to understand emerging threats and proactively adjust security controls. This intelligence helps prepare for attacks targeting financial institutions specifically.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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4. Practice Your Incident Response Plan<\/h3>\n<\/div>\n<\/div>\n
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Develop and regularly test comprehensive incident response capabilities. This includes coordination between security, IT, business units, legal, and communications teams. Tabletop exercises consistently reveal gaps that can be addressed before a real incident occurs.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n

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5. Third-Party Risk Management Is Critical<\/h3>\n<\/div>\n<\/div>\n
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Implement robust assessment procedures for vendor relationships. The OCC <\/span>provides<\/span> excellent guidance in this area.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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The Path Forward<\/h2>\n<\/div>\n<\/div>\n
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Let\u2019s be real \u2013 financial institutions are fighting an uphill battle. The threats keep evolving, and honestly, there\u2019s no silver bullet solution. But XDR technology gives banks and credit unions a fighting chance by providing what they\u2019ve been missing: visibility, smart analytics, and automation when seconds count.<\/span>\u00a0<\/span><\/p>\n

Security teams I\u2019ve talked to who\u2019ve implemented Fidelis Elevate<\/a> alongside a solid overall security strategy tell me they\u2019re finally able to sleep at night. They\u2019re catching threats that previously flew under the radar for weeks or months. More importantly, they\u2019re able to act before major damage occurs.<\/span>\u00a0<\/span><\/p>\n

The future isn\u2019t about perfect security \u2013 that\u2019s a pipe dream. It\u2019s about giving defenders the upper hand in an unfair fight. By combining XDR\u2019s capabilities with risk-based approaches, layered defenses, and regular testing, financial institutions can build the resilience they need to protect what matters.<\/span>\u00a0<\/span><\/p>\n

Bottom line: The banks that thrive in this environment won\u2019t be the ones with the biggest security budgets, but the ones who approach security strategically and proactively. For those committed to staying ahead of evolving threats, XDR isn\u2019t just another tool \u2013 it\u2019s a fundamental shift in how we think about security.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Frequently Ask Questions<\/h2>\n<\/div>\n<\/div>\n
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How does XDR handle legacy banking systems that can’t support modern security agents?<\/h3>\n<\/div>\n
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Modern XDR platforms can <\/span>monitor<\/span> legacy systems through network-based detection, API integrations, and agentless scanning techniques. While direct endpoint visibility may be limited for legacy systems, the network traffic and access patterns can still be <\/span>monitored<\/span> to detect suspicious activities.<\/span><\/p>\n<\/div><\/div>\n

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What data privacy considerations should financial institutions address when implementing XDR?<\/h3>\n<\/div>\n
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Financial institutions must ensure their XDR implementation <\/span>complies with<\/span> regulations like GLBA, GDPR, and CCPA. This includes <\/span>establishing<\/span> data minimization practices, implementing <\/span>appropriate access<\/span> controls for sensitive data, and creating workflows that respect customer privacy while enabling security monitoring.<\/span><\/p>\n<\/div><\/div>\n

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How do XDR solutions integrate with fraud detection systems common in financial services?<\/h3>\n<\/div>\n
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Leading XDR platforms offer API-based integrations with fraud detection systems to correlate security and fraud signals. This integration helps <\/span>identify<\/span> connections between cybersecurity incidents and fraudulent transactions, creating a more comprehensive defense against financial crimes.<\/span><\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The post Building a Strong Security Approach for Financial Institutions<\/a> appeared first on Fidelis Security<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The security landscape for financial institutions has changed dramatically in recent years. Banks and credit unions face an onslaught of attacks unlike anything security professionals have ever seen before. As 2025 progresses, these threats aren\u2019t letting up \u2013 they\u2019re getting worse, forcing financial organizations to completely rethink how they protect sensitive data. What Financial CISOs […]<\/p>\n","protected":false},"author":0,"featured_media":2363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=\/wp\/v2\/posts\/2362"}],"collection":[{"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2362"}],"version-history":[{"count":0,"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=\/wp\/v2\/posts\/2362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=\/wp\/v2\/media\/2363"}],"wp:attachment":[{"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cybersecurityinfocus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}