A global fintech company needed a way to drive greater efficiency into its cybersecurity posture by achieving measurable time and cost savings. As the threat landscape continues to grow for the financial services industry, it needed to find the right security operations center (SOC) solution to capture greater returns from its cybersecurity investment and improve visibility into its attack surface.
The fintech company chose LogRhythm’s security information and event management (SIEM) solution to capture greater return on investment (ROI) and strengthen its threat detection and mitigation capabilities against new and emerging security challenges.
The challenge
Due to the nature of its business, the financial services sector is especially vulnerable to threat actors looking to make monetary gains. As an industry leader in the finance market, the fintech company needed to ensure it was providing the best possible security experience to protect its customers across the globe.
It had undergone many trouble shooting sessions with its previous SIEM provider, yet the support given was not able to restore faith in the product and the overall cost for what it was getting was no longer acceptable. The reporting continued to be burdensome, and the fintech company was not achieving desired results.
It needed a trusted provider that could deliver a consistent security experience whilst ensuring that its overall costs were matching ROI. This required a high-performance security solution that would alleviate pressures to internal resources and allow more time for teams to focus on incidents that need human attention. The fintech company needed to find a SOC provider that could enable it to efficiently tackle future threats, and also prove the value and effectiveness of its security programme.
The solution
The financial provider was looking for a security solution it could trust. After being let down by its previous SIEM provider, it was essential that it was working with a team that understood its goals and could help achieve its desired ROI.
The fintech company considered a range of cybersecurity solutions on offer but chose LogRhythm’s SIEM due to its ability to provide a seamless experience and measurable results. LogRhythm’s solution enabled it to deliver a robust, end-to-end set of cybersecurity tools to combat modern threats whilst balancing out investment costs.
The fintech company benefitted from the expertise of an experienced team who are dedicated to achieving its customer’s individual cybersecurity goals. LogRhythm was able to restore trust by providing a full demonstration of its SIEM solution. By seeing the solution in action, LogRhythm proved its capabilities to the fintech company with an upfront approach.
As a result of deploying LogRhythm’s SIEM, the fintech company reduced its overall number of alerts, decreased those alerts that are false positives, and cut the amount of time an analyst deems an alert either true positive or false positive.
By establishing a fully functional SOC, the fintech company could automate simple, repetitive tasks and let analysts spend more time on high-value activities, including threat hunting, responding to true incidents, and creating and improving automation. This ensured it was able to achieve ROI and better utilize the time of its security team.
Maximizing threat hunting efficiencies and ROI
The fintech company recognized the value in investing in LogRhythm’s SIEM solution to mature its security posture and deliver greater operational efficiencies. By working with LogRhythm, it has dramatically improved its detection and response times.
According to Forrester’s Total Economic Impact™ of the LogRhythm SIEM report, LogRhythm’s SIEM platform provides $3.1 million in benefits over three years, including faster investigation and resolution of security incidents. The research indicates that organizations achieve an average ROI of 258% over this three-year period, allowing the platform to pay for itself in less than six months.
“Before deploying the LogRhythm SIEM, we were facing significant challenges around maximizing ROI within our cybersecurity solutions. This was impacting our efficiencies in effectively hunting and mitigating threats,” said the organization’s security operations analyst. “LogRhythm has enabled us to quickly gain a full view and contextualize threat activity. It has allowed us to take control of our cybersecurity environment with a solution that is centered around our success.”