Cybersecurity in the financial sector: embracing automation and integration as Excel takes a backseat

26 June 2023| 4 min|Tomasz Prokopowicz - Senior Project Manager & Piotr Górnikiewicz, Business Development Manager

SPOC ServiceNow

The ever-evolving EU regulations present ongoing challenges for financial institutions. Relying solely on traditional methods like countless Excel spreadsheets falls short of ensuring robust cybersecurity measures. The time has come to embrace solutions that offer automation, seamless integration, and utmost protection.

The financial sector faces multiple security challenges and needs to meet stringent regulatory compliance requirements. Introducing the Digital Operational Resilience Act (DORA) imposes new obligations and demands on financial institutions.

To tackle these obstacles, institutions require innovative IT solutions that integrate various security aspects seamlessly and enable centralized management. Leading the way in this field, ServiceNow offers comprehensive solutions that address these needs, ensuring high security for financial institutions.

Simplifying cybersecurity implementation through outsourcing

In cybersecurity, it is crucial to consider the requirements set by the European Union. Financial institutions are responsible for implementing any EU regulations and guidelines changes. When new security requirements emerge as part of regulations, organizations must focus on understanding and implementing these changes to ensure compliance with the law.

There are two primary options for adapting to regulatory requirements. The first option is an internal process where financial institutions analyze the new requirements and determine how to adjust their procedures, systems, and infrastructure accordingly.

However, given the increasing complexity of cybersecurity issues, the financial sector increasingly turns to external partners with specialized knowledge and experience.

These external providers are well-equipped to identify and understand crucial aspects that internal processes may overlook or lose. By collaborating with experienced vendors, organizations can concentrate on their core activities while ensuring that their systems and data are adequately protected and compliant with regulations.

How to navigate the DORA challenges?

The Digital Operational Resilience Act (DORA) is a comprehensive strategy developed by the European Union to fortify the financial sector’s operational resilience against digital threats. Published in 2020, it aims to ensure security, stability, and data protection within digital financial services.

In light of these challenges, financial institutions must adapt their systems and procedures to meet the new DORA requirements and enhance the security of customer data. Many institutions grapple with this issue, relying on fragmented and non-integrated internal security systems. This is where ServiceNow emerges as a solution, enabling the consolidation of these elements into a unified platform.

ServiceNow integrates security processes into a single platform, eliminating the need for multiple systems and dismantling silos. Financial sector entities can leverage powerful tools like workflows, facilitating the effortless implementation of changes, monitoring compliance with the DORA Directive, and enabling swift response to incidents.

High level of security = data integration

Ensuring robust security is paramount for financial institutions entrusted with vast volumes of sensitive data. ServiceNow offers comprehensive solutions that effectively monitor and safeguard their systems. By integrating diverse security components into a unified platform, financial institutions can seamlessly manage incidents, identify vulnerabilities, ensure compliance with security policies, and streamline security management processes.

Information consistency plays a pivotal role in this context. Traditional approaches often rely on multiple systems and tools, resulting in fragmented information that hampers efficient analysis and response to threats. ServiceNow resolves these challenges by providing a singular source of truth.

With ServiceNow, all security incidents, whether reported by users or detected automatically, are diligently monitored and tracked within a centralized hub. It facilitates prompt identification, analysis, and response to incidents, with the capability to assign them to appropriate specialists for further action. By consolidating incident data and information within a single system, management becomes more streamlined, and complete transparency is achieved throughout the threat response process.

A key attribute of ServiceNow is its incident prioritization capability. Leveraging sophisticated algorithms and predefined rules, the system can automatically assess the severity of threats and assign priority to each incident report. This empowers organizations to focus on incidents with the highest potential impact and immediate risk, ensuring swift and effective response measures are implemented.

Streamlining security operations with automated threat detection

Financial institutions that use ServiceNow solutions can perform regular system scans to identify vulnerabilities and issues in their IT infrastructure. This enables them to assess risks more effectively and take necessary actions to enhance security. Automation eliminates manual data processing, leading to faster identification and remediation of vulnerabilities. In practice, it means fewer errors, as with spreadsheets and incomplete files.

Source: ServiceNow https://www.servicenow.com/products/security-operations/what-is-secops.html

The financial sector often faces challenges due to isolated information silos and errors resulting from manual processes. Leveraging secure and proven technological solutions like ServiceNow is highly recommended to overcome these challenges. Through ServiceNow’s platform and SecOps solution, institutions can integrate their security processes, reducing the risk of errors. Automation and centralized data within ServiceNow facilitate efficient incident management and response, enabling better handling of security challenges and improving service quality.

Tomasz Prokopowicz, Senior Project Manager, coordinating the Information Security Management System, SPOC

ServiceNow’s Security Operations (SecOps) solution empowers organizations to manage security incidents effectively. By consolidating incident reports in one place and automatically assigning them to the right specialists, organizations can respond to threats promptly and eliminate them swiftly. No more delays in information sharing! Specialized individuals or teams are immediately informed and engaged in resolving the issue.

Moreover, ServiceNow provides transparent progress monitoring for incident resolution, enabling organizations to track and report on their security activities in a better way. This supports compliance monitoring with legal requirements such as the GDPR and security standards like PCI DSS. Institutions can customize reports according to their needs and receive real-time compliance insights.

A single point of Truth for Cybersecurity

ServiceNow provides comprehensive solutions for the financial sector, integrating various security aspects into a single platform. This simplifies security management, helping institutions meet regulatory requirements, protect their clients, and respond effectively to threats.

By using ServiceNow, financial institutions can streamline their cybersecurity efforts, saving time on manual tasks. Automation and centralized data enable specialists to focus on tackling potential threats instead of searching for them. It boosts efficiency, effectiveness, and overall security outcomes.

Piotr Górnikiewicz, Business Development Manager, SPOC

ServiceNow empowers financial institutions to concentrate on vital aspects of their operations. The platform assists in identifying, monitoring, and responding to threats, safeguarding company assets, customer data, and reputation. Thanks to that, the organization can build customer trust and solidify its market position.

If your financial institution seeks expertise in implementing ServiceNow solutions, reach out to us. As a ServiceNow Elite Partner, we possess the knowledge and over a decade of experience to tailor solutions to your specific needs.