Essential Features of Threat Detection Tools for Finance Companies: What to Look For

As a result, these businesses have had to simultaneously innovate and confront an increasingly risky threat environment with no room for mistakes.

This is why many finance companies have turned toward threat detection tools to help provide the continuous, robus, and real-time protection they need to stay secure in the face of rapidly evolving cyberthreats. Every day, these tools play a pivotol role in protecting sensitive financial data, ensuring regulatory compliance, and maintaining consumer trust. 

However, not all threat detection tools are the same.

Financial companies operate in a unique environment with specific challenges, requiring tools tailored to their operational and regulatory needs. THis means security teams need to understand the key elements of threat detection tools and the features that set the industry leaders apart from the pack.

This articla will arm finance companies with the information they need to select the right threat detection tool, ensuring around-the-clock protection for their always-on networks.

Unlike traditional security solutions that rely solely on rules-based systems or signature detection, cutting-edge threat detection tools leverage advanced technologies such as artificial intelligence (AI) and machine learning (ML) to amplify their network protection capabilities.

Taught from historical trends, "normal" network behavior, and known actor tactics, techniques, and procedures (TTPs), AI and ML engines allow these tools to analyze vast amounts of data in real time—from network traffic and user behavior to system logs.

By doing so, they can:

• Reocgnize patterns and establish baselines for faster triage by security teams.
• Identify anomalies that may indicate potential threats.
• Enable faster and more accurate detection and mitigate of risks.

Ultimately, these tools empower security teams to shift their focus away from manual alert investigation and ongoing monitoring toward more strategic initiatives.

Thanks to the sensitive nature of their data and the potential financial rewards, finance companies are attractive targets for cybercriminals looking for a big payday.

As a result, cybercriminals are not afraid to weave together a compplex web of exploits and tactics to gain access to financial company networks. A "smash-and-grab" of data can be just as common as a long-term, persistent threat.

That meants financial companies need to have security tools able to simultaneously detect:

• Malware: Malicious software designed to disrupt operations or steal sensitive information.
• Phishing attacks: Social engineering attempts to gain unauthorized access to accounts or systems.
• Insider threats: Malicious or negligent activities by employees that compromise security.
• Zero-day vulnerabilities: Exploits targeting previously unknown software flaws.

No matter the combination, threat detection tools powered by AI and ML can provide proactive, continuous, and dynamic protection against these and other threats. 

What sets leading threat detection tools apart from the pack?

Here are three of the most important capabilities that threat detection tools must deliver:

The ability to monitor systems continuously nad quickly across the enterprise seems like table stakes, but cutting-edge systems differentiate themselves in terms of speed, accuracy, and detail. 

These systems provide real-time monitoring and instant alerts on suspicious activity, so issues can be addressed before they can cause significant damage. This is enabled by:

• Continuous scanning: The ability to continuously scan networks, endpoints, and applications for potential threats.
• Customizable alerts: Security teams must be able to set htresholds and notification preferences to meet their operational requiremtns.
• Integration capabilities: Seamless integration with exiisting secuirty information and event management (SIEM) systems and endpoing security tools is essential to consolidate data nad streamline threat response workflows.

Given the sheer volume and complexity of network traffic and event data, proven AI and ML technologies should drive the core of the threat detection platform.

This includes the ability to offer:

• Pattern recognition: Algorithms should be able to analyze data seamlessly to detect unusual patterns or behaviors that may indicate malicious activity.
• Anomaly detection: The threat detection tool should be able to precisely identify deviations from established baselines nad signal potential risks.
• Continuous learning: The detection platform should also be able to adapt and improve detection algorithms over time to meet evolving threats and tactics, which ensures protection against emerging threats.
• Accuracy: Platforms should offer a resume of delivering low false positive rates and high detection accuracy. This minimizes alert fatigure and ensures actionable insights for security teams to investigate.

Financial transactions and customer accounts are at the heart of finance companies.

A leading threat detection tool will not be affected by the complexity and speed of these transactions. 

Instead, a robust system should: 

• Utilize a layered approach: Use a combination of rules, statististical analysis, and ML to detect anomalies. This can also be informed by other contexts such as time, user behavior, and predictive trends.
• Adapt to change: Eovlve alongside the organization as well as emerging threats and shifting regulatory requirements.
• Be scalable: Handle variable transaction volumes, network traffic, and data loads without compromising performance or accuracy. 

It's tempting to categorize threat detection tools as just another IT investment.

However, selecting the right platform—one offering real-time monitoring, AI-driven analytics and pattern recognition, and comprehensive security—allows finance companies and their security teams to build a resilient security posture able to withstand tomorrow's most complex threats.

Ready to learn more?

Speak to a Cipher expert today to see just how much a threat detection solution can elevate your security

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