Edgardo Nazario, CEOWith today’s evolving technology, cybersecurity has become the need of the hour as perpetrators are constantly coming up with new ways to hack into banks and enterprises by exploiting security vulnerabilities. In addition, as consumers and businesses rely more on electronic devices such as tablets and smartphones to bank and shop online, the risk of someone illegally accessing their sensitive information increases. “There has been a proliferation of point solutions for cybersecurity each of which do a very specific job, like a firewall or network security systems. Catching bad actors require a new layer in the security stack to get a consolidated view of each of these point solutions because they represent a point of attack for the intruder,” says Edgardo Nazario, CEO, Praesidio. “Cybersecurity today requires firms to deploy a comprehensive, state-of-the-art Security Data Platform that can be integrated into a well-defined workflow and be actively managed.” Seattle, WA based Praesidio’s Security Data Platform uses proprietary algorithms to detect anomalies in a firm’s network and security systems, identifying trouble spots that could result in a security breach. The company offers a real-time dashboard view of the cybersecurity tools a bank or credit union uses to help them understand and target potential threats while staying in-line with their security and governance policies.
Designed by financial security experts exclusively for Financial Institutions (FIs), Praesidio is creating a banking-industry-focused technology platform for handling big data consolidation, real-time alerting, event management, policy compliance, and community knowledge sharing. “There are two types of threats—known and unknown. Unlike other solutions, we offer solutions for both. For known threats, our ThreatMatch technology can identify, in-real time, threats from curated threat intelligence sources that specialize in FI’s. For unknown threats, PatternScout technology applies machine learning techniques to identify anomalies in your network,” asserts Nazario.“With Praesidio’s ‘out of the box’ approach and intuitive design, a client’s team will be up and running with minimal configuration and training.
There are two types of threats—known and unknown. Unlike other solutions, we offer solutions for both
They will have proof that breaches have been resolved via automated reports void of complicated jargon.The C-level reporting across every IT system being offered by the company demonstrates that a client’s policies are being met, so they can manage risk effectively.”
Praesidio bridges the gap between governance and IT by fusing an organization’s cybersecurity policies with the systems that generate millions of events where threats hide. “Built-in compliance tools link a firm’s policies to system alerts that help them define, enforce, and report on their security policies,” asserts Nazario. An example illustrating the company’s expertise in providing cybersecurity to FIs is Live Oak Bank that faced a need to have visibility into all areas of the bank’s network in order to support companywide security and operational activities. With multiple point solutions, Live Oak needed a way to consolidate the view into these point systems—while still allowing them to operate as intended. Praesidio helped Live Oak to better leverage the benefits of the security systems the bank already had in place by creating a single view of all security event data that allowed IT personnel to consolidate operations and response.
The company takes pride in their state-of-the-art threat analysis using a proprietary machine learning algorithm and offering experts who can be part of a client’s existing IT team to guide them toward growth. “We will continue to focus on growing our community of banks for the days to come and will be improving our products, to make banks and credit unions safer,” concludes Nazario.