Security Operation Center for the Financial Industry

What is a Security Operations Center? 

A security operations center (SOC), as defined by Gartner, is a team of security analysists & engineers who work 24 hours a day, 7 days a week, 365 days a year, with the sole purpose of reactively responding to security incidents. SOC teams detect, assess, and prevent cybersecurity threats by continuously monitoring data searching for suspicious behavior or patterns. According to ATT Security, a SOC team is crucial for aggregating security monitoring, data collection, analysis, and for acting as a command center for incident response and forensic investigation. 

 Why is a SOC important?  

Transferring sensitive financial data, dealing with cyberthreats, and regulating compliance, often leaves financial institutions IT teams tackling more than they can handle, per BankInfoSecurity. IT teams are not typically equipped or experienced enough to handle the overwhelming challenges and evolution of cyberattacks. The responsibilities of an IT team are to make sure a company’s network is operating effectively and that devices can connect to it. They solve technical issues; they do not and can not serve as a security entity.  

What do they do? 

SOC-as-a-service helps organizations narrow the cybersecurity skills gap for financial institutions and offers advanced security technologies to protect against cyber threats. SOC teams increase the efficiency in which companies can detect signs of an attack, investigate the suspicious activity, and eradicate the threat. The less time cyber attackers have access to unrestricted data on organizational systems, the less opportunity they have to breach assets and steal sensitive information. 

Minimizing the impact of breaches and other risks to the organization is one of the most important duties of a SOC team. The SOC’s work on reducing attack time to help minimize breach damage. Other key tasks of a SOC team to minimize attacks include measuring the severity of vulnerabilities in an device and staying up to date on threat intelligence about current attack trends. Effective SOCs can keep minor security incidents from becoming a major breach, per ATT Security. SOC teams have evolved from a reactive approach to a proactive threat hunting approach. Cyber criminals’ attacks are always evolving and have become extremely hard to detect, which is why security analysists are always combing through digital information searching for patters and clues for early evidence of threats.  

Finally, SOC teams report and communicate with the business to keep everyone up to date on the latest security risks. The data trends from monitoring and response activities can help shape future security road maps, ease compliance reporting, and help the business better calculate financial risk from cyber threats, per ATT Security.  

How we can help.  

Here, at Steel Patriot Partners, we are focusing our business on the financial sector so that way we can truly and deeply understand what you are doing and the security needs around that. We have a team of advisors in the industries that help guide our processes and give us essential feedback to vertical trends that help us prepare for future attacks and compliance regulations. You focus on what YOU do, let us focus on cybersecurity. If you have any questions, comments, or concerns, about your company’s cybersecurity feel free to contact us [email protected] or +1.703.297.4405. 

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