Enhancing Network Security in Asset Management: A Case Study

The customer is an independent global asset management firm based in the UK. The firm manages assets for a wide range of clients and has prestigious corporate investors and banking partners. The firm is keenly aware of its responsibility to protect all related information and ensure robust IT security. The firm complies with the IT security standards set out by the Financial Conduct Authority (FCA) in the UK, and other similar regulatory bodies around the world. The firm's IT team was small and was looking for a cost-effective solution to enhance its network security.

The case study revolves around an independent global asset management firm with prestigious corporate investors and banking partners. The firm is responsible for managing assets for a wide range of clients and is acutely aware of its responsibility to protect all related information. The firm had antivirus software and firewalls in place, which provided an essential first line of defense. However, if hackers or malware were to penetrate these barriers, it had no means of monitoring its IT infrastructure to detect unauthorized activity on its network. The firm also needed to ensure that there were no weaknesses in its own network that might be exploited by hackers as a means of infiltrating the networks of its many financial partners. The firm was comfortable that it complied with the IT security standards set out by the Financial Conduct Authority (FCA) in the UK, and other similar regulatory bodies around the world, but it anticipated that these industry requirements would soon become more stringent.

The firm's small IT team was familiar with Intrusion Detection Systems (IDS), but such solutions generate a huge amount of reporting data, which no one person can monitor. The Head of IT Infrastructure estimated that he would need to employ a dedicated team of at least 2-3 extra people to make an in-house IDS work, which was cost prohibitive to the business. The firm then discovered the subscription-based Managed Detection and Response service from Redscan. Qualified security experts from Redscan monitor IDS alerts 24/7 and provide a comprehensive system information and event management (SIEM) service. This solution reduced the load on the in-house team, enhanced visibility, and provided comprehensive security insight.

• The implementation of Redscan's Managed Detection and Response service has significantly increased the firm's confidence in its data security. The firm now feels that it is doing its utmost to protect its data and its clients. The 24/7 monitoring of the company’s network has reduced the risk of it being used by hackers as a gateway to the IT infrastructures of other organisations. The firm's clients are becoming more aware of cyber security risks and the firm is now better equipped to answer their questions. The firm's IT team is now busier as Redscan highlights issues that need to be addressed, but this is seen as a positive outcome as it provides vital security intelligence. The Redscan service is considered low risk as it sits out-of-band, so in the unlikely event of Redscan’s network failing, it wouldn’t cause any business disruption for the organisation.

• 24/7 monitoring of IDS alerts by Redscan's qualified security experts

• Comprehensive system information and event management (SIEM) service

• Cost-effective solution compared to hiring 2-3 extra people for an in-house IDS