Endpoint detection and response (EDR) solutions are often recommended as a critical component of modern cybersecurity strategies. According to IBM, studies estimate that as many as 90% of successful cyberattacks and 70% of successful data breaches originate at endpoint devices.
Different from traditional signature-based detection methods, EDR solutions use behavior-based detection against sophisticated threats like zero-day attacks and advanced persistent threats, which often bypass signature-based threat detections.
The Challenges of Standalone EDR
For most community financial institutions, implementing and managing EDR systems can be far from straightforward. Unlike larger organizations with dedicated cybersecurity teams, community financial institutions may lack the in-house expertise to effectively manage and respond to threats detected by EDR solutions.
One of the primary challenges is the complexity of EDR systems. These solutions are designed to monitor and analyze endpoint activities continuously, identifying potential threats in real time. While this capability is invaluable, it also means that EDR systems can generate a significant volume of alerts and data. Without skilled cybersecurity professionals to interpret this information, community financial institutions can quickly become overwhelmed.
Additionally, EDR solutions are not entirely automatic. They can require routine configuration for behavior-based detection to continue identifying anomalies in user and system behaviors. EDR solutions are designed to frequently evolve to provide continuous improvement for responding to emerging threats.
Another critical aspect is the response to detected threats. EDR solutions can identify and isolate suspicious activities, but they often require human intervention to investigate and remediate these threats. This process demands the cybersecurity expertise of a 24/7 security operations team.
Top 5 MDR Benefits
Managed detection and response (MDR) solutions, on the other hand, can offer key advantages to financial institutions:
- Expertise on demand – Access to a team of cybersecurity professionals who can actively analyze and respond to threats.
- 24/7 monitoring – Continuous monitoring of alerts to promptly address threats.
- Proactive threat hunting – MDR providers can search for threats within the network and leverage advanced tools and techniques to detect threats. MDR solutions also have access to the latest threat intelligence to stay ahead of emerging threats.
- Cost savings – Outsourcing cybersecurity services to an MDR provider can be more economical than building and maintaining an in-house security team.
- Scalability – MDR solutions can easily scale with the growth of the financial institution.
Most Community Financial Institutions Need MDR, Not EDR
Community financial institutions have an opportunity to enhance their security posture with a fully managed detection response solution. A third-party MDR provider will have the specialized expertise required to respond to sophisticated cyber threats and the resources to provide 24/7 monitoring. Leveraging the expertise of a dedicated MDR team allows financial institutions to focus on core operations while maintaining regulatory compliance. MDR solutions can help financial institutions to align with the NIST Cybersecurity Framework 2.0 core functions – Govern, Identify, Protect, Detect, Respond, and Recover.
Learn more about enhancing your cybersecurity posture without the need for extensive in-house resources.
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