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To learn more about improving cyber security in Financial Services, join our webinar on 18 February at 11 am when we will discuss how Sophos Managed Threat Response is arming the UK’s Financial Services sector with experts who: 

  • Actively look for and confirm possible threats and incidents
  • Assess the potential impact
  • Take the action needed
  • Advise how to stop the same thing happening again
  • Save organisations up to 95% on cybersecurity costs*

Book your place today!

*Comparison based on the cost of a MTR Flex subscription service for an organisation with 50 users versus the cost of building an in-house 24/7 SOC team in an organisation of the same size, using the same Sophos technology.

Threat Trends To Watch Out For In 2021 

Social Engineering

This is the psychological manipulation of people so that they share confidential information. It’s an age-old technique that is rapidly being reinvented by cyber criminals. Social media is a particular area open to misuse, as unwary users are duped into downloading and running malware.

Home Grown Threat

Data theft and cybervandalism can originate from internal sources, with a rise in incidents reported involving permanent, temporary or contract staff.

Increased Automation

The rise and rise of artificial intelligence will free up valuable IT resource, enlisting robotic process automation (RPA) to do repetitive tasks. This will in turn create new vulnerabilities which organisations need to keep in focus.

7 Cyber Risk Considerations

Financial institutions are undergoing huge change, embracing digital channels, and new technologies. These come with both benefits and risks.

Despite compliance and data governance requirements, data leaks and breaches are still a frequent occurrence in the sector, and it’s becoming a focus for regulators concerned at the impact on organisations, customers and the Financial Services industry as a whole.

Signs that your current cyber security capability may need to be reviewed in order to adequately meet these challenges include:

  1. An increase in security incidents
  2. Incidents getting more sophisticated
  3. Incidents that affect critical systems
  4. Business priorities being impacted by incidents
  5. Your current in-house capability struggling to meet increasing security requirements
  6. Potential compliance deficiencies emerging
  7. Procedures and tools in place not dealing fully with a critical security incident

 

Threat Notification Isn’t the Solution– It’s a Starting Point.

More and more Financial Services organisations are turning to Managed Detection and Response (MDR) services. Gartner sums up these as ‘24/7 threat monitoring, detection and lightweight response services to customers leveraging a combination of technologies deployed at the host and network layers, advanced analytics, threat intelligence, and human expertise in incident investigation and response.’

Managed detection and response (MDR) services may notify you of attacks or suspicious events, however, from there on in, it’s up to you to manage things.

 

Take Action Against Threats With a Dedicated Team of Response Experts

Sophos MTR goes beyond simply notifying you of attacks or suspicious behaviours and will take targeted actions on your behalf to neutralise even the most sophisticated and complex threats.

With Sophos MTR, you retain the discretion to decide how and when potential incidents are escalated and what action to take, choosing the response mode that suits you best:

Notify: You receive notification about a detection, along with the detail needed to help you prioritise and respond.

Collaborate: Sophos work with your internal or external team to respond to the detection.

Authorise: We handle containment and neutralisation actions and will inform you of the action(s) taken.

Human-led security

Sophos MTR combines automated tools and human expertise. In this video, Peter Mackenzie, Incident Response Manager at Sophos and Jez Turner, Cyber Sales Director at Chess explore how machine learning helps to scan large quantities of data, but humans identify the patterns that the AI will have missed, and recommend actions.

 

Tackle Business Critical Security Requirements With Managed Threat Response

Round the Clock Protection

  • In house threat monitoring often closes when the office does, unlike cyber hackers who never clock off. Sophos MTR services provide in-depth security coverage 24/7, proactively hunting for and validating potential threats and incidents

Spot Genuine Threat and Recognise False Alarms

  • Bugs in software, poor coding and unrecognised network traffic can generate ‘false positive’ alerts. Sophos MTR uses all available information to determine the scope and severity of threats and applies the appropriate business context for valid threats. Reducing or eliminating false positives saves valuable time and effort for in-house security teams, who can focus on real business critical issues.

Improve Security Capability and Knowledge

  • Government research has highlighted the true extent of the cyber skills shortage in the UK. Sophos MTR experts collaborate with your in-house teams to respond to detections, initiating actions to remotely disrupt, contain, and neutralise threats; and provide actionable advice for addressing the root cause of recurring incidents

The Next Steps

With Sophos MTR, your Financial Services organisation is backed by an elite team of threat hunters and response experts. Sophos MTR features two service tiers (Standard and Advanced), providing a comprehensive set of capabilities for Financial Services organisations of all sizes.

Whether you're looking for more detailed pricing, want to delve deeper, or have a question that you're not sure we can advise on, get in touch and we’ll connect you with one of our team who'll be able to help.

Interested in finding out more? Join our webinar on Thursday 18 February at 11am.

 

Join our webinar to find out more.

Book Today

To learn more about improving cyber security in Financial Services, join our webinar on 18 February at 11 am when we will discuss how Sophos Managed Threat Response is arming the UK’s Financial Services sector with experts who:

  • Actively look for and confirm possible threats and incidents

  • Assess the potential impact

  • Take the action needed

  • Advise how to stop the same thing happening again

  • Save organisations up to 95% on costs*


*Comparison based on the cost of a MTR Flex subscription service for an organisation with 50 users versus the cost of building an in-house 24/7 SOC team in an organisation of the same size, using the same Sophos technology.

 

About the author

Chess

Chess

Chess is one of the UK’s leading independent and trusted technology service providers, employing 300 skilled people across the UK, supporting over 20,000 organisations.

 By leveraging world-class technology, Chess helps you to connect your people, protect your data, grow your business, reduce your costs and work better together, which means your business, your people and your customers can thrive.

At Chess, we’re passionate about our unique culture and our continuous investment in our people to be industry experts. We’re extremely proud that our people voted us No.1 in ‘The Sunday Times 100 Best Companies to Work for’ list 2018, and we continue to celebrate more than ten years in the top 100.

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