Banking, Finance, & Insurance

The Challenge

Security attacks at major financial institutions more than doubled over the last year according to a survey of leading global banks, securities firms, and insurance companies by Deloitte & Touche LLP. The survey of a quarter of the world's top 100 banks, about a third of the top 100 financial services firms, and ten percent of the 100 largest insurance companies discovered that 83 percent of financial services firms acknowledged their IT systems had been compromised by attacks from the outside in the past year, up from 39% in 2003.

In addition, 40 percent of the companies polled said that they had suffered financial losses due to the attacks. "Security threats such as viruses, worms, malicious code, sabotage, and identity theft are real and have already cost millions of dollars in lost revenues to institutions globally," according to Ted DeZabala, Deloitte's national managing partner for security services.

In addition, data privacy and protection regulations such as Gramm-Leach-Bliley (GLBA), Sarbanes-Oxley, California's SB 1386, the European Union Directive and others mandate systems and processes ensure efforts to protect personal and financial electronic data are substantial and sustainable. In the case of GLBA, which is specific to the Banking, Finance and Insurance industries, protection of personally stored data is required under the law.

The Solution

BT Counterpane provides highly trained experts and sophisticated surveillance technology to stay ahead of today's software vulnerabilities, malicious insiders, and attackers from the outside. These Managed Security Services include:

Managed Security Monitoring - 24x7x365 protection of over 500 enterprise data networks worldwide by trained security analysts located in Security Operations Centers on call to alert customers to potential threats and real time attacks as they happen.

Vulnerability Scanning - internal and external scanning of enterprise networks to identify weakness in relation to known threats.

Device Management - full- or co-management of firewalls and intrusion detection / prevention systems using best practices applied by experts.

Security Consulting - assistance with network security architecture, policy development, penetration testing, vulnerability assessment, forensics and attack response efforts.

Read how BT Counterpane's Managed Security Services secure PMI Mortgage Insurance Company's systems in Secure Enterprise's article Outsourcing Goes Mainstream.