DefenseStorm FI CyberFraud Reduces Fraud-Related Costs and Improves Risk Management of Banking Applications
DefenseStorm, a leading cloud-based cybersecurity and cybercompliance management provider to regional and community banks and credit unions, has launched a new product that focuses on identifying specific risks around banking applications and monitoring for internal and external fraud activities within computer systems. DefenseStorm’s VP of Customer Solutions Alex Hernandez will be demonstrating the capabilities of DefenseStorm FI CyberFraud on September 12 during the 2019 CUNA Operations & Member Experience Council and Technology Council Conference in Chicago.
“DefenseStorm FI CyberFraud has the potential to reduce fraud-related costs, improve the financial institution’s risk management posture and drive cost efficiency related to the required monitoring of cyber activities.”
Operating with the same co-managed approach as the company’s other cybersecurity services, DefenseStorm FI CyberFraud utilizes designated specialists to work closely with the financial institution’s fraud, operations and IT teams to provide guidance and expertise in configuring the monitoring of data. These specialists manage the alerting and assist with investigations, acting as an extension of a financial institution’s internal team.
“Until now, no solution has provided specific monitoring capabilities related to data and application protection, coupled with the ability to correlate events across data, applications and server/network/workstation events,” said Harold Brewer, DefenseStorm CEO. “DefenseStorm FI CyberFraud has the potential to reduce fraud-related costs, improve the financial institution’s risk management posture and drive cost efficiency related to the required monitoring of cyber activities.”
DefenseStorm FI CyberFraud covers four key categories of information including:
- Analyzing and correlating data from all electronic delivery systems to monitor for potentially fraudulent activities and unusual usage patterns;
- Customizable monitoring for databases that contain critical/level1 data, as well as for application usage patterns, and alerting on activities outside of expected usage;
- Collecting and analyzing access to, and configuration changes in, core systems as well as ancillary systems, such as data warehousing, ebanking, etc. Auditing and monitoring activities within the system and changes from general configurations to account specific changes; and
- Monitoring transaction activity on specific accounts and alerting on activity for end-of-year accounts or other accounts that should show limited transaction activity to bring near-real time visibility to any activities within these accounts.