Client Case Study | Investment Bank

A Growing Cyber Risk for Banks

For example, in 2016, the Central Bank of Bangladesh was the victim of a cyberattack that allowed cybercriminals to steal $80 million. Faced with these growing risks, it was clear that the bank needed to strengthen the security of its information system.

A more demanding regulatory and standards environment

In fact, SWIFT’s CSP (Customer Security Program) sets out the rules that all banking institutions must follow in order to use its infrastructure and platform. One of these rules is to have a SOC.

Implementation of the GDPR

The General Data Protection Regulation (GDPR) requires organizations to secure their infrastructure to prevent data breaches.

A long-standing relationship of trust has been established between the bank—which had begun working with ITrust on vulnerability management using
IKARE, and later added the artificial intelligence and behavioral analytics component with Reveelium , and subsequently rounded out the offering with the SOC. It was therefore only natural that the bank decided to continue working with ITrust on the Managed SOC offering . Another factor that helped the client confirm its choice was a much more attractive price-to-quality ratio compared to the competition.

• Regulatory Compliance
• Improved visibility into the information system
• Faster detection capability
• Risk Reduction

The bank operates in three phases:

1) Daily analysis and handling of alerts based on scenarios predefined by ITrust, according to the client's needs.

2) Monthly technical meeting on the SOC (to provide technical oversight of the service and identify areas for improvement that will ensure an ever-higher level of security).

3) Quarterly report that provides a broader overview of the solution, alerts, and KPIs in the form of an activity summary. The results.