Financial Cybersecurity and Compliance Services | Microminder Cyber SecurityFinancial Cybersecurity and Compliance Services

What Cybersecurity Services for Financial Service provide?

The digitisation of financial services has resulted in an increased risk of cybersecurity threats and vulnerabilities. As hackers’ tactics evolve, cyber risks in the financial sector are becoming harder to detect and neutralise.

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Cybersecurity Threats in the Financial Sector

Some popular methods of financial sector cybersecurity network attacks include:

Data breach
Ransomware
Hacking
Malware
Insider & third-party threats
Social engineering & human error

Although financial sector cybersecurity breaches may result in financial losses, they have other adverse effects that affect the reputation of financial service providers.

Financial Cybersecurity Regulations

The financial industry is highly regulated, and organisations in the industry must meet strict standards to ensure they are operating within the law. Microminder’s cybersecurity experts are well-placed to examine cybersecurity compliance in the financial sector. After comprehensive financial sector cybersecurity consultations, we will apply our expertise to your organisation. We ensure you meet the requirements of the banking and financial sector cybersecurity regulations.

Some of these standards include:

PCI DSS is a global cybersecurity standard for organisations that process credit card data.

PCI certification requirements:

Use of adequate anti-virus software and firewalls.
Sufficient encryption of data transmissions.
Restricted access to credit card customer data.
Continual monitoring of access to your network and organisational resources.

The EU-GDPR sets out minimum standards for organisations across the EU regarding personal data. This framework requires that such data be processed securely and companies take appropriate measures to manage risk. It is a mandatory regulation, and if you are not GDPR compliant, it could cost your company up to £20 million ($20.9 million) or 4% of your annual turnover.

With the advent of Brexit, the UK created its version of the EU–GDPR. It is modified to cater to UK domestic law but still retains EU-GDPR directives and focuses solely on UK residents.

The ISO 27001 standard provides guidelines and recommendations on how to protect information systems and reduce cybersecurity risks including those relating to financial information. Although the standard is not mandatory, it is highly recommended for financial institutions that have an ISO 27001 certification.

Solutions for Financial Cybersecurity

Most regulations in the financial industry focus on access to sensitive customer data. Cyber breaches such as ransomware result from unauthorised access and exploitation of data by malicious actors.

We help protect company data by implementing an access management strategy that includes:

Private Access Management (PAM) solutions manage privileged accounts and monitor access to critical assets and resources. We automate alerts based on triggers such as password changes and numerous failed login attempts. PAM solutions also allow us to conduct insider threats and behavioural monitoring and minimise the risk of an internal breach.
Zero-Trust Network Access (ZTNA) is an adaptation of the Zero-Trust Architecture (ZTA) that implicitly distrusts all network activity and requires users to verify their identity. ZTNA controls access to your LAN and only grants entry to authenticated users.

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When it comes to cyberattacks within the financial sector, time is literally money. The more time an attacker spends within your systems, the more damage they can cause. Microminder leverages threat intelligence and hunting technology to ensure cybersecurity compliance and quick threat detection and response. These include:

Security Information and Event Management and Security Orchestration, Automation and Response (SIEM and SOAR) solutions that aggregate and analyse data from logs and alerts about potential security incidents.
Managed Detection and Response (MDR) from Microminder offers financial service providers round-the-clock network monitoring. MDR cybersecurity solutions help you detect, investigate and respond to threats within your organisation.

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Endpoint security poses a significant financial sector cybersecurity risk as remote workers access your data outside your internal network perimeter. These external devices or endpoints can be infected by malware, granting cyber attackers access to your corporate data. Some solutions Microminder can provide to safeguard your endpoints include:

Extended Detection and Response (XDR), is an extension of standard endpoint detection and response (EDR) that may be unable to withstand sophisticated malware attacks. It uses behavioural analysis and machine learning (ML) to improve and simplify threat detection and correlation of security data.
Secure Web Gateways (SWGs) block access to websites that pose a security threat or may contain malicious software. They inspect websites and look for harmful information depending on the level of risk, type of content and pre-set security policies. They can either block data transmission from the site, filter dangerous data or warn the user of potentially harmful content.

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Like most industries, the financial sector has shifted from on-site work practices to remote work, which has seen an increase in cloud-based computing and reliance on cloud infrastructure (IaaS). This has seen a rise in cybersecurity vulnerabilities in the financial sector as organisations can no longer rely on traditional perimeter-focused defences.

We help your organisation adopt modern, effective and reliable solutions to secure cloud-hosted SaaS applications such as:

Firewall as a Service (FWaaS) works like an NGFW to filter traffic between your organisation’s network and the internet. After an extensive assessment of your existing firewalls, our cloud-security technicians will deploy an agile FWaaS within your cloud infrastructure, guaranteeing the security of valuable financial data.
Software-Defined Wide-Area-Networking (SD-WAN) security solutions use next-generation firewalls (NGFWs) to offer comprehensive protection against online threats. We implement a prevention-focused approach that prioritises prevention rather than threat detection and response using threat intelligence solutions.

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Benefits of Financial Cybersecurity

Information technology security should be top-of-mind for all financial institutions, and lack of financial cybersecurity compliance has serious consequences – both on a financial and operational level. Microminder’s Financial cybersecurity services benefit your organisation in the following ways:

We provide your organisation with clear visibility of its most critical systems, networks and data.
Our infosec teams understand the controls that have been implemented and can react promptly to threats.
With effective cybersecurity tools from Microminder, valuable information is sufficiently protected.
Cybersecurity compliance protects your organisation from penalties and reduces the chances of lawsuits and fines for non-compliance.
We help you maintain financial data security standards and reduce the need for constant cybersecurity assessments and audits.

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Client Testimonials

What our clients say about us

Clients in over 20 countries have secured their businesses from online threats with our cybersecurity services. Excellent customer support and cost-effective pricing are just a few of the reasons we’ve established long-lasting, highly successful relationships with our varied clients. Read our company testimonials to learn more about our unique capabilities and why so many clients have chosen us as their go-to provider for security solutions.

Claire Lee

Practice Manager - Amsel and Wilkins LLP

Microminder's in depth and broad scope pen testing truly provided us with some valuable insights that uncovered key business risks and highlighted necessary actionable intelligent changes that needed to be implemented within our business to combat any potential cyber-attacks from adversaries and prevent any breaches. This exercise helped us to enhance our cyber security posture and test our system’s resilience. We are quite pleased with our engagement with Microminder.

Julie Cockbill

Head of Operations - InfinityBlu dental

Microminder's 24/7 managed security services got deployed with such ease and immediately gave us an eagle eye view into our security logs and events, highlighting any indicators of compromise, effectively automated our response and correlated the incidents with full context, thereby triaging and eliminating all false positives. Our team are amazed at the speed and accuracy of Microminder’s Open XDR technology and skilled staff.

Tina Patel

Head of Integrations – Dental Beauty Partners

Our priority is business continuity and security, especially considering our operations across our 30+ practices. Microminder helped us with a tailored managed security services that aligned with our business needs. Their technology is at the forefront of the industry and that allows us to fully put our trust in their cyber security experts. We are glad to have Microminder as an extension of our technology team!

Philipp Mussbacher

Security Engineer & solutions consultant – Anonymous

Due to the fact that we work a lot with sensitive data in a business context, information security plays a big role for us. Due to the difficult labour market situation and the urgency to improve our security, we have chosen Microminder's CISO as a Service model and are very happy with it. Our virtual CISO manages to ensure stability and quality on the security side as well as legal requirements and compliance. I can only recommend Microminder's service.

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