Building societies offer banking, savings and mortgage lending, and other financial services, all of which makes them privy to their clients’ financial accounts and personal information. As a result, cybercriminals are targeting building societies for this data, as well as trade secrets and other information that could be used to their advantage.
Unfortunately—as it stands—many building societies have limited resources and so are resorting to using automated defences to catch threats, which is leaving them exposed. The risk of cyber-attacks has put operational resilience (including cyber resilience) on the priority list of regulators.
“It is no longer just about cybersecurity and building those security walls around your business even higher. It is also about considering different aspects of how the risk actually manifests today…Some of the biggest challenges come from old legacy systems and the integration of acquisitions.”
The potential effects of a breach include:
- Financial loss
- Disruption of operation
- Compromised confidential information
- Reputational damage
- Challenges with regulatory bodies
“Traditional cyber security strategies, such as firewalls and intrusion detection systems, are no longer enough to prevent determined threat actors.”- PRA Cyber Resilience Questionnaire
Threats targeting Building Societies
According to eSentire Threat Intelligence, common attack methods used against the finance industry include:
Phishing
Which could indicate a lack of security among all employees
Coin Miners
Which could indicate a lack of acceptable use policies and technical controls
Technical support scams and fake AV social engineering
Which could indicate a lack of employee awareness and the use of appropriate controls
These methods can cause serious business disruptions and extensive costs if not detected and responded to quickly.
Cybersecurity compliance requirements
Cyber-attacks aren’t the only thing building societies need to be thinking about. Your organisation will be required to comply with the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) cybersecurity guidance and/or requirements. In fact, the PRA recently created a cybersecurity questionnaire that will be used to assess a firm’s cyber resilience and their ability to detect, respond and recover from cyber-attacks.
Furthermore, with the General Data Protection Regulation (GDPR) coming into affect in May 2018, there will be greater accountability surrounding security policies and specific data breach notification obligations.
In other words, compliance regulations matter more than they ever have, and businesses needs to be prepared to meet increasing requirements.
The faster the firm catches the threat, the lower the impact
Breaches can have a significant impact on your business and customers. Recent attacks on building societies have resulted in clients’ personal information being compromised[1] and confidential emails being leaked.[2]
Fortunately, the next victim doesn’t have to be you. According to Aberdeen’s Monte Carlo analysis, being twice as fast at threat detection and incident response lowers the business impact of a cyber-attack by approximately 70%. The only way to avoid an incident and react quickly is to have a certified Security Operations Centre (SOC) with human analysts hunting and responding to threats on your network 24x7x365.
We defend against the threats facing building societies
eSentire Managed Detection and Response™ (MDR) keeps building societies safe from cyber-attacks that other technologies miss. Our 24x7 Security Operations Centres (SOC) are staffed by elite security analysts who hunt, investigate and respond to known and unknown threats in real time. With MDR, you’ll experience:
- 24x7x365 continuous hunting and monitoring
- Detection of unknown attacks leveraging patterns and behavioral analytics
- Human-led investigation utilising always on full packet capture, logs and event data
- Full forensic analysis to confirm threats and eliminate false positives
- Isolation and communication disruption of the threat on your behalf, with no retainer fee
- Full remediation support until the threat is eliminated, not just alerting and guidance
We prepare building societies for complex compliance and regulatory requirements
Beyond MDR, our dedicated security experts help firms assess risks, address known gaps and build a comprehensive cybersecurity program that meets stringent regulatory requirements. With eSentire Advisory Services, you’ll have access to:
Security Program Maturity Assessments
- Security Policy Guidance
- Security Incident Response Planning
- Security Architecture Review
- Health Checks
- Executive Briefings
- Penetration Testing & Vulnerability Assessments
- Risk Assessments
- Phishing Campaigns
About eSentire
eSentire is the largest pure-play Managed Detection and Response (MDR) service provider, keeping organisations safe from constantly evolving cyber-attacks that technology alone cannot prevent. Its 24x7 Security Operations Centre (SOC), staffed by elite security analysts, hunts, investigates, and responds in real-time to known and unknown threats before they become business-disrupting events. Protecting more than £4 trillion in corporate assets, eSentire absorbs the complexity of cybersecurity, delivering enterprise grade protection and the ability to comply with growing regulatory requirements. For more information, visit www.eSentire.com and follow @eSentire.
[1] https://www.expressandstar.com/news/2017/04/05/identity-theft-warning-as-stafford-building-society-hit-by-hackers/
[2]https://www.hrbs.co.uk/14350-statement-on-cyber-incident/
