FSIs Are Under Siege
Large financial services institutions (FSIs) supporting thousands of workers have had to accelerate their plans for remote working since March 2020.
In our conversations with FSIs during that period, various themes have emerged that tell a story of an industry at war on multiple fronts and why their security strategies against cyberthreats might not be enough.
On one front, cybercriminals are attempting to gain access into your network—and successfully doing so approximately 58 percent of the time, according to a recent study.
On another front, an army of rowdy security vendors are all battling for attention in a very crowded field. Meanwhile, your security team sits behind the secure walls of its citadel, only to watch employees go outside its protective barriers as they work remotely from home.
Working from Home Has Risks
Remote employees of FSIs have been particularly targeted in 2020, with a 38 percent increase in cyberattacks, generally in the form of phishing (Financial Stability Institute Brief).
As more financial organizations are preparing for up to 30 percent of their workforce to remain permanently remote (Deloitte), securing their remote workforce has never been more important.
Time as an Important Resource
The speed of vendor deployments, in addition to their safety capabilities, often determines the champion in the eyes of the security team.
From our discussions, larger FSIs were less concerned with the dollar value of new deployments to support this work-from-home era, and more so about the opportunity cost in implementing new solutions. Cybersecurity budgets have been increasing year over year, and boards of directors appear to be very willing to fund SOC teams’ expenses if the new security measures show results.
Saving time is invaluable. Cybersecurity talent is difficult to find, and every second spent reimaging hacked machines is time (and salary costs) not spent on more valuable tasks.
Time spent testing new technologies is equally expensive. Assuming a successful test, deployment rollouts could last months or years for very large workforces. Time spent testing then becomes a SOC manager’s most precious resource. Learning new UIs, APIs, and configuring quarks can be significant time sinks that create barriers for organizations’ willingness to try new technologies.
Menlo Security Specializes in Fast Deployments
One benefit of our security solution is the speed of its deployment. In head-to-head tests, Menlo deploys to test users roughly six times faster than other solutions by the number of users.
Our ability to scale quickly is often the key differentiator that pushes many of the world’s largest financial services institutions to choose Menlo Security over other secure web gateways in the market.
Get Started Faster with Our Quickstart Documentation
In an effort to make our fast deployment time even shorter, we offer QuickStart documentation to help security teams learn the most common configuration setups fast. New users are able to work with our onboarding team to implement isolation best practices built on our years of experience, as we have become the world’s largest provider of cloud-based isolation.