There are financial advantages to investing in cybersecurity, especially in Endpoint Detection and Response (EDR) solutions.

Breaching one financial institution can bring threat actors access to a variety of companies’ assets. That is because banks store money and data for clients in the business sector.

This means that a breach of a financial organization can bring the biggest earnings for cybercriminals.

Not all cyberattacks can be avoided however, Banking, Financial Services, and Insurance (BFSI) organizations must ensure they implement robust strategies to reduce cyber risk.

An IBM survey shows that the vast majority of adults worldwide are more likely to buy something from a company that uses fraud detection software.

A BFSI company can gain from an EDR for banking solution in the following ways:

1. EDR Spots Signature-less Malware

In contrast to conventional solutions such as antivirus, EDR uses algorithmic techniques like machine learning, artificial intelligence, and behavioral analysis to find suspicious actions.

This means that EDR for banking will detect signature-less threats that can otherwise bypass antivirus scanning.

2. Identifies Fileless Malware

Malware can infiltrate in a fileless manner, exploiting legitimate software to deploy malicious code.

EDR for banking solutions are the only effective method for defending against fileless attacks since they analyze behaviors rather than files.

3. EDR Catches Low and Slow Attacks

By collecting and analyzing data, Endpoint Detection and Response tools can establish which is the normal user behavior. Using this knowledge, it can detect any unusual patterns.

EDR for banking can therefore detect “low” and “slow” threats, which typically go unnoticed.

4. Better Visibility

Endpoint Detection and Response solutions gather data from all your endpoints. The security tools then analyze the data and offer you better visibility into the endpoints of your network: who, what, and when of an incident.

Having all the data in one place, one dashboard, allows a birds-eye view over your company’s devices. EDR will get rid of all the blind spots in your security.

5. The Proactive Approach

Waiting for an attack to hit your company, is not a good idea.

EDR for banking gives you the opportunity to be proactive in cybersecurity through threat hunting. This security software will hunt and contain malware before any damage is done.

6. Detection and Response Capabilities

EDR solutions can tackle issues such as malware, persistent threats, threat actors, anomalies in application and process behavior, as well as deviations from your organization’s established baseline.

They empower security analysts to control the use of file-sharing applications on specific domains, for instance. This makes the detection more accurate and the response action faster.

How Can Heimdal® Help?

Heimdal’s Endpoint Detection and Response combines six cybersecurity solutions in one compact agent. This is a time saver that will not delay your systems.

It offers you prevention features, threat-hunting, and remediation capabilities in an easy-to-deploy solution.

It incorporates our Next-Generation Antivirus, Threat Prevention, Ransomware Encryption Protection, Privileged Access Management, Application Control, and Email Security

This product uses Machine Learning and AI-driven intelligence to prevent advanced ransomware, insider threats, APTs, software exploits, brute force attacks, DNS and DoH Vulnerabilities, phishing and social engineering, and any other known or unknown threats.

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Wrapping Up…

To sum up, the increase in cyberattacks targeting financial institutions, coupled with the changing landscape of liability for financial losses, underscores the immediate requirement for robust cybersecurity measures in the industry.

Banks and similar financial entities can fortify their data security, protect their customers, and reduce fraud risks through the adoption of EDR for banking systems. These systems serve as a critical initial defense against emerging threats.

EDR solutions offer a proactive strategy for safeguarding sensitive financial information in a constantly evolving threat environment.  All these, thanks to their exceptional threat detection, rapid incident response, and comprehensive endpoint protection.

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