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Overview

Strengthening a bank’s operational resilience, 24/7

A specialist bank recognised that its security controls were not adequately addressing the potential cyber security threats it faced.

By choosing Redscan and ThreatDetect™ to significantly bolster its threat detection and response capabilities, the organisation has enhanced its operational resilience and ability to comply with the latest industry regulations.

Redscan case study
Industry
Finance
HQ
UK

The Challenge

Summary

  • High volume of false positives
  • Hybrid infrastructure
  • Rigorous compliance requirements

Redscan has enabled a specialist bank to strengthen its operational resilience by improving threat visibility across its environment and absorbing the task of monitoring important infrastructure and assets around the clock.

While not having the risk profile of a Tier 1 bank, Redscan’s client knew that it could still be targeted by cybercriminals due to the large volumes of personal and financial data it processes. The risks were further increased because the bank operates across a hybrid environment encompassing legacy on-premises infrastructure and an increasing number of workloads in the Amazon Web Services cloud – including a recently launched online banking portal.

The bank recognised that enhancing its ability to swiftly detect and respond to threats 24/7 was vital because an attack could significantly impact its profits, reputation and ability to trade. In particular, it was experiencing a growing number of attacks and was worried about the consequences of breaches going undetected.

While the bank already had SIEM technology in place, this wasn’t providing complete threat visibility. In addition, investigating a high volume of false positive alarms was proving too time and resources intensive for the organisation’s small in-house security team. With the number of security events only increasing, the bank would have had to employ at least eight full-time professionals to monitor its entire infrastructure around the clock – an option that wasn’t viable for an organisation of its size.

The bank needed a managed security partner that could help it swiftly identify and mitigate cyber threats both inside and outside of regular working hours, as well as help meet the requirements of the GDPR, the Financial Conduct Authority and the Prudential Regulation Authority.

“I definitely recommend ThreatDetect. It’s an incredible managed security service. By working in partnership with Redscan, we have significantly improved our operational resilience.”  
Head of Cyber Security
Specialist bank

The Solution

Summary

  • Turnkey security solution
  • Reduced pressure on in-house team
  • Decreased mean time to address threats

In order to identify the best partner and service for its needs, the bank’s Head of Cyber Security led a rigorous tender process. Redscan stood out as offering the turnkey security capability, offensive security expertise, and proactive approach the organisation needed to level up its security maturity and respond to a continually evolving threat landscape.

The bank recognised that ThreatDetect™, Redscan’s outcome-focused Managed Detection and Response service, offered the people, technology and intelligence it required to swiftly identify and respond to current and emerging cyber threats.

Redscan’s Security Operations Centre (SOC) professionals operate as a virtual extension of the bank’s IT team, analysing and triaging alerts generated by the service’s underlying technology stack and providing the actionable insight and mitigation guidance it needs to respond to incidents whenever they occur.

Since subscribing to ThreatDetect the organisation has significantly reduced its mean time to detect and mean time to respond to threats.

The bank’s Head of Cyber Security commented:

“An important factor in our choice of security partner was the high level of security expertise within the team at Redscan. We also wanted to partner with a company that was around the same size as us, and on the same trajectory in terms of growth and ambition. We didn’t want to be a small fish in a large ocean of customers.”

“I definitely recommend ThreatDetect, it’s an incredible security service. The SOC team are very knowledgeable and I value the fact that Redscan aggregates insight about the cyberattacks it sees on other customers and retrospectively applies it to other organisations, so we all benefit from that knowledge. By working in partnership with Redscan, we have significantly improved our operational resilience.” 

The Results

Enhanced operational resilience
ThreatDetect has enhanced the bank’s operational resilience because it now has greater visibility across its environment and the assurance that it has the people, technology and intelligence in place to help detect and respond to security incidents, 24/7. By choosing ThreatDetect, the bank was able to quickly level up its security maturity in just a matter of weeks.
A reduction in false positives
With Redscan analysing and investigating security alerts generated by the underlying ThreatDetect technology stack and only passing on information about those which are genuine, the bank’s small in-house security team is able to focus on incident response and other aspects of cyber security management.
Swifter incident response
With Redscan’s SOC team supplying high-quality incident information, including risk level and kill chain analysis, as well as actionable mitigation guidance, the bank is now able to act quickly and effectively in the event of attacks occurring. Incident information is communicated via Redscan’s threat management platform, CyberOps™.
Improved compliance reporting
In addition to the incident information and insights supplied through CyberOps, the bank’s team receives a monthly service report. This helps to enhance situational awareness amongst key business stakeholders and streamline the process of providing evidence of compliance with the GDPR, plus FCA and PRA requirements.
More effective vulnerability management
ThreatDetect’s technology platform integrates with the bank’s chosen vulnerability management solution to help enhance security monitoring and ensure that at risk systems are continually hardened.
Exceptional customer service
In a recent survey, the bank rated Redscan 9/10 for speed of response to security incidents, quality of security advice and overall satisfaction with the service, as well as stating that it would be extremely likely to recommend Redscan to others.
“I value the fact that Redscan aggregates insight about the cyber-attacks it sees on other customers and retrospectively applies it to other organisations, so we all benefit from that knowledge.”  
Head of Cyber Security
Specialist bank