4 Benefits of Managed Security Services for Financial Firms

2017 is shaping up to be a big year for cyber security in the financial services industry. In the past year, an 81-million-dollar mega-breach on the Bangladeshi banking system prompted financial regulators to crack down on non-compliant firms. The New York Department of Financial Services proposed first-of-its-kind legislation mandating security standards for financial groups, and it has set March 1 as the date for the policy’s launch.

Hedge funds, private equity firms and other businesses in the financial sector are starting this year facing both increasing compliance pressure and intensifying cyber threats targeting the industry. Those businesses that have not made significant progress in cyber defense are likely wondering how they can quickly ramp up programs that meet the standards and adequately manage their risks.

The challenge to these financial firms is serious, but partnering with a provider of managed security services could go a long way toward the resolution.

Outsourcing security capabilities to a managed security partner lets organizations bolster their defenses with the resources and skills of a third party. If your financial firm is planning for the road ahead in cyber security, here are four key reasons why you may want to hire a managed security partner.

1. Keeps more focus on your core business. Cyber security shouldn’t be a second-tier priority, but at the same time, you can’t afford to shift focus from the services you provide. The effort required to plan, develop new procedures and acquire resources could significantly decrease your firm’s bottom line. A managed security partner reduces this burden, letting you focus on your line of business.

2. Gives you affordable access to state-of-the-art security resources. The kinds of monitoring and intelligence activities required to fight today’s hackers call for a sophisticated and tightly integrated security operations center (SOC). Developing an effective SOC is usually cost-prohibitive for all but the largest organizations. But with a managed security service, you get the benefit of this resource without having to build or maintain it.

3. Offers access to knowledgeable security pros, without hunting for internal recruits. Cyber security talent is hard to find and retain, but a managed security partner makes this a non-issue by putting its own highly skilled staff to work for you. The best programs offer active advisors who can help you tailor solutions to your financial firm’s specific security challenges.

4. Provides 24/7 monitoring. Hackers don’t act according to your schedule, but most financial organizations can’t keep watch 24/7 for potential breaches. This is where a managed security team comes in, monitoring your systems before, during and after your hours of operation.

Gotham Security is a leading provider of managed security services, specializing in the needs of financial organizations. With two state-of-the-art SOC facilities for 24/7 monitoring and intelligence, an elite staff of cyber security professionals and service capabilities covering the entire spectrum of security activities, we can help protect your organization from cyber threats.

For more information about Gotham Security, and how we can help you, contact us today at info@gotham-security.com or 917-734-4120.