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Financial Services Firm Looks for Cybersecurity Partner
Technology Category
- Cybersecurity & Privacy - Security Compliance
- Cybersecurity & Privacy - Network Security
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Intrusion Detection Systems
- Regulatory Compliance Monitoring
- Remote Asset Management
- Cybersecurity
Services
- System Integration
- Cybersecurity Services
- Training
The Challenge
Given the amount of sensitive data that is processed on Funding Societies’ website, cybersecurity is of the utmost importance. Protecting their clients’ information is critical to maintaining trust in the relationships between both parties so when it came to looking for a security partner, they were determined to find a company that would take the role seriously and view their security as a shared responsibility. Investing in a Secure Future Funding Societies is on a mission to bring SMEs and investors together to bridge a US$320 billion SME financing gap in Southeast Asia. But to reach this goal, it must gain the trust of businesses and their investors that their valuable personal data is secure. While the platform had a security team in place and invested in Splunk Enterprise and Enterprise Security (ES), it quickly became evident that as the company grew, it would need more help to keep up with the 24/7 monitoring and alerting required to keep their networks safe. Funding Societies decided to partner with a Managed Detection and Response (MDR) service provider that could provide continuous security monitoring and help prioritize and investigate the influx of alerts while its team focused on other priorities.
About The Customer
Funding Societies is the largest Small and Medium Enterprises (SME) digital financing platform in Southeast Asia. It specialises in short-term, unsecured and flexible financing as well as a suite of financial services to meet the business needs of SMEs. As a two-sided platform, it also serves retail, accredited and institutional investors via its digital platform, who can earn an interest return from these loans. Since Funding Societies’ launch in 2015 in Singapore, it has expanded into Indonesia, Malaysia, and Thailand. In 6 years, it has helped finance over 4 million business loans with over S$2.5 billion in funding across the region.
The Solution
During the process, Funding Societies met with several different MDR service providers. It was looking for a partner that not only had Splunk expertise, but who also provided the flexibility to create the exact service they required – all at an affordable cost. “We were impressed with the Splunk app Proficio’s team has created, as well as the threat intelligence capabilities they had in place, which were all included with their service,” says David Rivera, Engineering Manager, Incident Response for Funding Societies. “As an added benefit, we’re also able to create custom use cases so the team can monitor for exactly what they need.” After an in-depth screening process, Funding Societies decided to partner with Proficio for its cybersecurity needs. The transition to Proficio’s service was seamless, allowing for Funding Societies to continue normal operations without interruption. The FinTech was grateful for the smooth onboarding, Rivera adding that “Proficio’s team provided all the help needed to on board and set up the service successfully.”
Operational Impact
Quantitative Benefit
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