SOC Best Practices for Finance Institutions

SOC Best Practices That Will Keep Your Financial Institution Secure in 2023 and Beyond

Introduction Of SOC For Securing Financial Institutions

In the ever-evolving landscape of cyber threats, financial institutions face a constant battle to protect their valuable assets and customers’ sensitive data. With each passing year, cybercriminals become more sophisticated, making it crucial for financial institutions to implement robust security measures. One such measure is the establishment and effective management of a Security Operations Center (SOC).

You must be wondering what SOC is? How it will secure your financial institution? What are its features? No worries! This blog has answers to all your questions. In this blog, we will explore the best practices that will keep your financial institution secure in 2023 and beyond.

Let’s dig in!

What is SOC?

A team of IT security professionals that safeguard enterprises by continuously monitoring, detecting, analyzing, and investigating cyber threats is called a security operations center. Networks, servers, computers, endpoint devices, operating systems, applications, and databases are continuously examined for signs of a cyber security incident. The Security Operation Center team analyzes feeds, establishes rules, identifies exceptions, enhances responses, and keeps a lookout for new vulnerabilities.

In modern enterprise technology systems that run 24/7 to ensure a rapid response to any emerging threats, SOCs usually function around the clock in shifts.

SOC Best Practices To Keep Your Financial Institution Secure in 2023

Continuous Monitoring and Threat Detection

In 2023, real-time threat detection will remain a cornerstone of any effective SOC. Continuous monitoring of your financial institution’s network, endpoints, and applications is essential to detect and respond swiftly to emerging cyber threats. Advanced threat intelligence tools and machine learning algorithms can enhance the accuracy and speed of detecting anomalous activities, enabling proactive threat mitigation.

Automation and Orchestration

The demand for faster response times and the increasing volume of security alerts necessitates the integration of automation and orchestration within your SOC. By automating routine tasks and incident response processes, your security team can focus on more critical issues, reducing the time between threat identification and resolution. Additionally, orchestration allows for better coordination between different security tools and personnel, streamlining incident response efforts.

Cloud Security Management

As financial institutions continue to embrace cloud technologies, ensuring robust cloud security will be paramount. A comprehensive approach to cloud security involves implementing robust access controls, encryption, multi-factor authentication (MFA), and monitoring of cloud environments. Regular audits and assessments of cloud providers’ security practices are also crucial to maintaining a secure cloud ecosystem.

Employee Training and Awareness

Even with advanced security technologies in place, human error remains a significant vulnerability. Investing in regular employee training and awareness programs can help reinforce security best practices and raise awareness of the latest phishing and social engineering techniques. Ensuring that your staff is well-informed about potential threats will strengthen your financial institution’s overall security posture.

Incident Response Testing and Simulation

Preparing for the worst-case scenario is essential in the world of cybersecurity. Conducting regular incident response testing and simulations will help your SOC team refine their response procedures and identify areas for improvement. These exercises can involve mock cyberattack scenarios, allowing your team to practice their response strategies in a controlled environment.

Third-Party Risk Management

Financial institutions often rely on third-party vendors for various services, which introduces additional security risks. In 2023, a best practice for your SOC will involve implementing a robust third-party risk management program. This includes conducting thorough security assessments of vendors, ensuring they adhere to the same security standards as your institution, and regularly monitoring their security posture.

Data Protection and Privacy

As data breaches become more prevalent, safeguarding customer information and maintaining privacy will remain a top priority for financial institutions. Implementing data loss prevention (DLP) mechanisms, encryption protocols, and data access controls will help protect sensitive information from unauthorized access and data leaks.

Regular Security Audits and Compliance

Regular security audits and compliance assessments are essential to ensure your financial institution’s security measures align with industry standards and regulations. In 2023 and beyond, staying compliant with evolving data protection laws and financial industry regulations will be crucial to avoid hefty fines and reputational damage.

Emerging Security Challenges In The Financial Industry

Cyberattacks and Data Breaches

The financial industry remains a prime target for cybercriminals due to the sensitive data and valuable assets it holds. Cyberattacks and data breaches continue to be a significant concern, with hackers constantly evolving their tactics to exploit vulnerabilities in financial systems and networks.

Ransomware Attacks

Ransomware attacks have been on the rise, where attackers encrypt critical data and demand a ransom to unlock it. Financial institutions are not immune to these attacks, and they can lead to significant financial losses and damage to a company’s reputation.

Insider Threats

Insider threats involve employees, contractors, or partners with access to sensitive information intentionally or unintentionally causing harm to the organization. These threats can be difficult to detect as they often come from trusted individuals within the organization.

Features Of SOC

Early Detection

With the active and continuous monitoring of hardware and software, SOCs can detect developing threats early. You can completely rely on security operations center (SOC) services to identify any malicious activities at the entry level so that your network remains protected.

Proactive Measures

To prevent any major cyber attacks, SOCs can take the required measures. To have awareness of servers, networks, and overall digital infrastructure, SOCs can use the latest tools and technologies.

Proper Management

Even at the time of a data breach incident, the SOC can manage logs and responses. To find the loopholes in your network, it allows you to retrace your steps and helps the forensic investigation by providing information on logging activities and communications.

High Vigilance

High vigilance is one of the important tasks of SOCs. It shows high vigilance and provides ranks as per the severity of incidents when the SOC detects any irregularity or malfunction. It even prioritizes aggressive intrusion and focuses on eliminating the major threat.

Constant Monitoring By SOC Team

To prevent data breaches, SOC services are made to monitor the entire digital process. Along with this, SOCs take necessary measures while following compliance in the case of a cyber-attack.

By performing these tasks, SOC can keep the company protected against any sort of malware attack or cyber-criminal activity.

Why Choose Sennovate’s SOC?

Sennovate provides Modern Security Operations Center solutions to reduce CAPEX and OPEX for financial institutions every day. Sennovate has partnered with Stellar Cyber, a leading Open XDR platform delivering Detection and Response for your Teams which is like security cameras for your financial institution. It provides comprehensive visibility into your organization’s security posture, allowing you to identify and resolve threats. Our SOC solutions help reduce noise and give you the peace of mind that your organization is protected. Contact us to get access and enable SOC capabilities for your organization.

Wrapping Up on SOC

In 2023, the threats to financial institutions’ cybersecurity will continue to evolve, requiring proactive and adaptive security measures. By adopting these SOC best practices, including continuous monitoring, automation, cloud security, employee training, incident response testing, and data protection, your financial institution can fortify its defenses and maintain a secure environment for both assets and customers’ trust. Remember, cybersecurity is an ongoing journey, and a robust SOC is your strongest ally in safeguarding your financial institution’s future.

If you need a Security Operations Center to be proactive threat hunters within your system, consider Sennovate’s SOC team.

We install and monitor the top-of-the-line, and we have a 24/7 monitoring service with advanced network analytics, data forensics capability, and a defined threat remediation process.

And we always make time to get to know your company. To check in frequently. To gain a thorough understanding of your financial institution in order to protect and serve you better. Want to know more about the Sennovate SOC team? Sennovate’s experts are just a call away!

Having any doubts or want to have a call with us to know more about protecting your financial institution?

Contact us right now by clicking here, Sennovate’s Experts will explain everything on call in detail.

You can also write a mail to us at [email protected] or call us on +1 (925) 918-6618.

About Sennovate

Sennovate delivers Managed Security Operations Center (SOC) solutions and custom Identity and Access Management (IAM) solutions to businesses around the world. With global partners and a library of 2000+ integrations, 10M+ identities managed, we implement world-class cybersecurity solutions that sa ve your company time and money. We offer a seamless experience with integration across all cloud applications, and a single price for product, implementation, and support. Have questions? The consultation is always free. Email [email protected] or call us at: +1 (925) 918-6618.