Why is EDR Crucial for Financial Industry?
The financial industry is one such sector that meets both these considerations and is one of the most vulnerable groups to attacks. The reason for being a prime target is not just to handle vast sums of money and sensitive personal data but also because they often lack adequate security.

One of the most pressing concerns in the financial industry is how to secure its infrastructure from cyber criminals and other hackers. Malicious attacks can have disastrous consequences on the financial sector, which requires a security solution that can adapt to constantly changing threats. But the question arises — how? Because it is even challenging for financial institutions to keep track of their security. Do they need a managed security service that can completely handle their security? Or will the managed EDR provider help? Let us unfold through the blog and understand what sort of security was lacking in some recent cyberattacks on the financial sector.
Mentioned below are the two use cases where it was found that these financial sectors lacked some security services in their organization and had to go through a major attack.
1. Block Data Breach
Can you recall the recent Fintech giant “Block” data breach in April 2022 that impacted almost 8.2 million employees? The company has confirmed the same in the security magazine news article that all it happened because of the lack of a malware detecting tool.
2. Cosmos Bank Cyberattack
The other major attack happened in 2018 with a Cosmos bank in India, resulting in attackers stealing $13.5 million in just two days. The news and FIR found that the hackers took advantage of a software vulnerability in the company’s automated teller machine (ATM) system. It was later discovered in the investigation that Endpoint Detection and Response (EDR) technology, which is required to defend any banking network, was lacking from the security stack of most financial firms.
Looking at these two actual incidents, it becomes imperative for financial services to secure their endpoints. The financial sector requires a strong-managed EDR provider who can help detect and respond to threats proactively.
But what exactly is EDR, and how can it help secure your enterprise information? Read on to understand how it helps identify and mitigate attacks in real-time
Resource — https://www.acecloudhosting.com/blog/edr-importance-for-financial-industry/
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