IBM revealed that more than 200 million financial services records were breached in 2016, a 937 percent increase since 2015. With the rise in cyber-attacks, it is evident that no financial institution is exempt from a potential attack. For community banks in particular, a data breach can be tremendously damaging, from both a financial and reputational standpoint.
For these reasons, DefenseStorm created a new layer in the stack to help banks assess their cybersecurity program, detect intrusions, investigate potential threats, take action to stop attacks, and report on cybersecurity to regulators and management.
Most recently, DefenseStorm announced anomaly detection capabilities that support the creation of complex queries using machine-learning algorithms that correlate multiple sets of data together, delivering a clearer view of network activity. Banks are able to receive alerts on nuanced network data, which means they can derive more data insights and correlate alerts, enabling real-time threat detection and reducing reaction time to high-risk activities without increasing staff.
DefenseStorm warrants an Innovative Solutions Award because:
* The platform monitors an institution’s entire network without an exorbitant price tag.
* Security event data can be searched up to 120 times faster than existing solutions.
* The platform ingests more than one billion events per minute, enhancing a user’s ability to interpret large, disparate sets of security event data.
* Cybersecurity policies are linked to real-time alerts to ensure regulatory compliance.
* It reduces the time needed to prepare for a cybersecurity exam by 50 percent.
DefenseStorm saw a 100 percent customer renewal rate for 2016 and 2017. Alan Greenfield, CIO at Bank of Tennessee, appreciates the security visibility DefenseStorm provides.
“We needed a solution that improved monitoring, detection, and provided a second set of eyes to spot the anomaly. DefenseStorm provided the tools and services that enhance the bank’s capabilities to monitor and respond to cybersecurity threats,” said Greenfield.