The cybersecurity landscape is always shifting and with threats and cyber actors becoming more sophisticated, Of all the challenges in today’s landscape, cybersecurity in banking is perhaps the top priority. 51% of financial institutions consider cyber threats to be one of the biggest risks facing their business today.1

Financial services has the second-highest cost of data breach, with a $5.72 million average cost per incident.

CounterCraft has a multitude of solutions for the finance industry. In this case study, you will see how one of our clients scored a major win defending its network with CounterCraft. This global bank’s security team was looking for proactive ways to protect critical payment systems, like SWIFT, and used deception technology to detect lateral movement and improve its security posture. Read more about the specific challenges the bank faces and our solution below.

Cybersecurity challenges of our banking client

Our client had several cybersecurity challenges that it had been unable to solve with other technologies:

  • The bank’s security team lacked clear and reliable detection controls for targeted adversaries that were present on internal and external networks.
  • Lateral movement on internal networks was nearly impossible to detect with the IT systems they had in place.
  • The risk of insider threat is high for banks, and the security team was not able to distinguish between normal activity and potentially malicious activity.

The CounterCraft solution

To better defend against advanced cyber threats, the bank contracted CounterCraft The PlatformTM, our powerful deception-powered cybersecurity platform. When asked about solutions for insider threat, our Customer Success team prepared a strategy based on one of the financial system’s juiciest targets—the SWIFT network.

Read about, the deception campaign our elite team of experts created based on this tempting target, and find out how it ran end-to-end, collecting threat intel specific to the client’s attack surfaces. The global bank was able to deploy a realistic deception environment that mimicked their SWIFT entrance portal in less than two days.

CounterCraft helps mitigate threats to cybersecurity in the banking industry. To learn more about how deception helped our client to detect and respond to attacks against their SWIFT network, download the full case study here.