eFinance is a national developer of digital payments infrastructure in Egypt and has successfully built a solid foundation to provide industry leading fintech solutions across the nation. It is an integral partner in the Egyptian government’s push for digitization.
eFinance’s flagship Government Financial Network processes an annual aggregate of around 500 million transactions for 1.6 trillion Egyptian Pounds (EGP) between government payments and collections.
Due to the critical nature of its services, eFinance needed to enhance its cybersecurity posture with a solution it could rely upon to rapidly detect and mitigate threats. It implemented LogRhythm security information and event management (SIEM) to establish its reputation as a trusted digital payment platform provider in Egypt and secure its operations across its entire network.
The Challenge
Financial service providers are a top target to threat actors due to the high-value and exceptionally sensitive nature of the data they collect, process, and store. eFinance recognized mounting instances of ransomware and phishing attacks targeting the financial sector and needed to take urgent action to establish a secure online environment and instill consumer trust in its systems.
Digital payment platforms are becoming more vulnerable to breaches as more digital channels are introduced to support modern banking needs. eFinance needed a proactive solution to rapidly detect potential security threats and vulnerabilities before they have a chance to disrupt business operations.
It required a scalable security solution that could support its financial and hosting services and ultimately help it safely provide its integrated digital payment platforms in Egypt.
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The solution
eFinance chose LogRhythm SIEM due to its scalability, accessibility, and ease of integration with existing security solutions and services. The solution enabled it to focus on its mission to transform the digital payment ecosystem in Egypt without disruption.
LogRhythm SIEM provided the tools for eFinance to detect security issues before they could cause damage. LogRhythm’s ability to create customizable rules supports eFinance with a tailored approach to reduce MTTD and MTTR to threats. It benefitted from forensic analytics and investigation, and a skilled professional service.
“It’s clear to see that LogRhythm’s people and culture set it apart from its competitors. LogRhythm doesn’t just provide a solution, it provides continuous support to help us achieve the strongest possible security posture,” said Mahmoud Dorgham, InfoSec Head at eFinance. “Dedicated support is key to any successful partnership, and this is the driving force behind providing a true security-first experience to our customers. LogRhythm is always ready to help with any queries and issues. Its team of experts really go the extra mile to add value to our services.”
By deploying LogRhythm SIEM, e-finance gained the tools to establish a fully functional security operations center (SOC) with a unified security solution that could grow with its business. It benefitted from greater visibility into network activities to support compliance and rapid threat detection.
A Customizable and Scalable Solution
For eFinance, LogRhythm’s key differentiator was scalability. The threat landscape facing financial services is constantly becoming more complex. Focusing on the most pertinent threats requires a cybersecurity strategy that can cope with change.
Leveraging custom rules enabled eFinance to protect its critical servers and quickly remediate security issues. Statistical baselining, and ongoing alarm tuning provided it with streamlined detection capabilities to identify suspicious network activity and optimize its threat hunting activities.
Custom rules were set to help eFinance detect and prioritize the most urgent threats. It’s SOC benefit from a single pane-of-glass view for full visibility over its entire network. This allows eFinance to identify risks earlier in the Cyber Attack Lifecycle and provide a secure service to its customers in Egypt.
“Not many SIEM solutions on the market support our need to scale. LogRhythm SIEM provides us with a flexible, scalable, and reliable solution that can evolve to match the ever-changing threat environment,” said Dorgham. “LogRhythm’s integration capabilities, and its user-friendly interface and dashboards allow our analysts to drill down on emerging security risks in real time. With LogRhythm we know our security needs are covered. This means we can focus on the continued development of our digital financial network whilst overcoming significant security threats. LogRhythm SIEM is a solution we recommend to our customers.”