Top 5 MDR solutions for the financial services industry

Every cybersecurity team requires solutions that provide complete threat protection with automated response capabilities. Managed Detection and Response (MDR) solutions can be of the most assistance to any firms that experience difficulties or require professional support with regard to threat detection, investigation, and response. In order to isolate the compromised system or device from the network and prevent file corruption, MDR solutions use a number of tools and services. Unlike other forms of cybersecurity solutions, these solutions are not fully automated and include both a cloud-based software and a team of humans to investigate and repair hacks and malware damage. While there are a variety of MDR solution providers, each with their own tools and protocols, we examine the top five MDR solutions for the banking and payments industry.

The financial services sector has been the hotbed of cyber attacks with a majority of the businesses being victims of phishing attacks, money laundering, ATM skimming and Magecart attacks, ransomware attacks and account takeover attacks. According to research by threat intelligence firm Flashpoint, entities in the financial services sector across the world experienced 566 data breaches in 2022, amounting to over 254 million leaked records. The situation is exacerbated by the rising shortage of cybersecurity talent leaving the in-house IT teams to deal with increasing workloads to meet the twin objectives of compliance and security. MDR service providers can help a financial services IT team conquer that to-do list by taking over several responsibilities, thereby freeing up the internal teams to focus on mission-critical business priorities.

The best rated MDR solutions for the financial services industry are listed below:

1. Sophos MDR

Sophos MDR is a fully managed 24/7 service delivered by a dedicated team of experts who detect and respond to cyberattacks targeting computers, servers, networks, cloud workloads, email accounts, and more. It fuses machine learning with human expert research to proactively hunt, detect and respond to complex threats. Sophos is known in the industry for its powerful endpoint protection capabilities.

Sophos Central, the vendor’s research lab, provides enhanced telemetry for extensive visibility into the scope and severity of threats to prioritize response efforts. Sophos also provides actionable steps for addressing configuration and architecture vulnerabilities to improve overall security posture. Sophos MDR is customizable with different service tiers and threat response options. Some of the key features include:

• 24/7 Threat Monitoring and Response
• Compatibility with Non-Sophos Security Tools
• Full-Scale Incident Response
• Monthly Intelligence Briefings

2. SISA ProACT Managed Detection and Response

SISA’s ProACT Managed Detection and Response (MDR) solution goes beyond traditional solutions that work on rules and signatures. The solution is powered by forensic intelligence to enable context-aware detection and response. As one of the leading global PCI Forensic Investigators (PFI), SISA leverages and integrates learnings from investigations and converts them into detection use cases and threat hunting hypotheses.

SISA ProACT is a scalable solution that supports all platforms and deployment architectures, including on-premises, cloud, co-location, and hybrid cloud deployments. Besides, it has a flexible pricing model and customized packages to choose from, based on enterprise’s custom needs and spending limits. The solution is powered by AI/ML and behaviour-based analytics, advanced threat hunting, and investigating capabilities to maximize analyst efficiency and reduce meant-time-to-detect (MTTD). Some of the notable features include:

• 24x7x365 detection and response
• 1,00+ use cases in Library aligned with MITRE ATT&CK framework
• Integration of 70+ threat intel feeds
• Actionable Daily Threat Intel Advisories
• Built-in SOAR capabilities

3. eSentire Managed Detection and Response

eSentire MDR service uses a proprietary cloud-native Extended Detection and Response (XDR) platform called Atlas to proactively hunt down threats across all environments. The solution uses patented artificial intelligence (AI) to analyze log data in real-time to identify and respond to threats as they arise. The Atlas platform collects and analyzes data from clients’ systems and the vendor’s global threat sources help orchestrate threat response capabilities. Atlas can respond to threats in under 20 minutes across an entire environment. A unique feature is the multi-signal approach that ingests high-fidelity data sources from endpoint, network, log, cloud, insider threat, assets, and vulnerability data to offer complete attack surface visibility. The vendor offers three package tiers based on per-user pricing and level of risk tolerance and targets the mid-size and small-sized enterprises which form 80% of its customer base. Other key features include:

• 24/7 Always-on Monitoring
• Automated Detections with Signatures, IOCs, and IPs
• Detections mapped to MITRE ATT&CK Framework
• Detection of unknown attacks using behavioral analytics

4. Secureworks Taegis ManagedXDR

Secureworks Taegis ManagedXDR is a fully managed cybersecurity solution that combines an open, powerful platform with extensive security expertise for 24/7 protection. It delivers 24/7 extended SOC capabilities, enabling intelligent and rapid threat escalation and orchestrated remediation. The platform has a cloud-native architecture that enables it to detect and respond to events from AWS, Office 365, and Azure environments. What sets Secureworks apart from the competition is its focus on collaboration with its clients. The platform includes a collaborative user interface feature with a number of live chat options to interact with Secureworks experts. Secondly, the depth of its threat intelligence which tracks 150+ active threat groups and includes diverse attack data from 470+ billion events processed daily enables superior detection across the entire threat landscape. The solution comes with the inclusion of incident response hours and 24/7 support via live chat functionality. Some of the key capabilities include:

• Advanced analytics
• Applied threat intelligence
• Remote incident response services
• Quarterly Security Protection Review
• Support for endpoint, network and cloud

5. Rapid7 Managed Detection and Response

Rapid7 Managed Detection and Response (MDR) has a multi-layered approach that covers extensive threat intelligence, behavioural detections and intruder tap technologies, 24/7 SOC support, incident investigations and active response. The MDR service is powered by Rapid7’s Insight cloud platform which supports unlimited data and event source connections and leverages analytics to uncover threats across networks and cloud platforms. Rapid7 offers a few additional benefits along with its MDR service. Every client receives a dedicated security advisor to streamline questions and support. Clients also have full access to Rapid7’s cloud SIEM InsightIDR for internal use. Key features include:

• Embedded threat intelligence
• MITRE ATT&CK alignment
• Compromise assessment
• Predictable, asset-based pricing

A solid MDR solution from a reputable service provider can help create a resilient security posture that gives financial services firms the confidence to grow in the face of rising adversaries and threats. It also allows businesses to offload their cybersecurity responsibilities to an experienced MDR provider, freeing up their internal teams to focus on more important tasks. By delivering detailed reports on vulnerabilities, exposure and threats, MDR can make it easy for overtaxed IT teams at financial services companies to meet compliance requirements while smoothening the audit process.