Case Study

Foresiet Xtreme: Your Shield Against Digital Fraud & Cyber Threats

Millions of Dollars Saved by Focusing on Cyber Hygiene for a BFSI Organization

Introduction

The banking, financial services, and insurance (BFSI) sector is a prime target for cyberattacks due to the vast amount of sensitive data it handles. Hackers constantly seek to exploit vulnerabilities in systems and applications, steal financial information and personal data, disrupt operations, and extort money. In this highly competitive landscape, maintaining customer trust and a strong reputation is paramount. For leading Indian BFSI companies, robust digital protection is not just an option, it's a necessity. They need a comprehensive cybersecurity solution that can safeguard their critical assets, ensure compliance with regulations like the Reserve Bank of India's (RBI) mandates, and empower them to deliver a secure and trusted experience for their customers.

The Security Challenges:

Phishing Attacks and Impersonation

The company faced a relentless barrage of phishing attacks targeting both employees and customers. These sophisticated attacks often mimicked legitimate emails or websites, tricking victims into revealing sensitive login credentials, account information, and financial details. The proliferation of fake websites and applications further compounded the challenge. These fraudulent platforms, designed to appear identical to the real ones, offered a deceptive sense of security, luring unsuspecting users into entering their personal data, which would then be harvested by cybercriminals.

Compliance Complexity

Adhering to RBI's strict anti-phishing and anti-rogue service regulations (as per RBI Circular No. RBI/2019-20/129) posed an ongoing challenge, demanding significant resources and expertise. These regulations require BFSI institutions to actively identify and take down fraudulent websites and apps that impersonate their brand or attempt to steal customer data. The sheer volume of online content and the evolving tactics employed by cybercriminals make it difficult for internal IT teams to keep pace. Maintaining comprehensive visibility across the entire digital landscape, while simultaneously interpreting and applying the nuances of the regulations, was a constant struggle. The lack of a centralized solution and skilled personnel to manage the complexities of cybersecurity compliance left the company exposed.

Limited Visibility and Threat Overload

The company's cybersecurity strategy relied on a patchwork of security tools, each generating its own set of alerts. This created an overwhelming volume of data, making it difficult for security analysts to distinguish between critical threats and false positives. The constant barrage of alerts led to alert fatigue, causing legitimate security incidents to be overlooked or improperly prioritized. This lack of comprehensive visibility across their digital attack surface left the company vulnerable to sophisticated cyberattacks that could have resulted in significant financial losses and reputational damage.

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Why Foresiet?

The BFSI company chose Foresiet Xtreme (Foresiet Integrated Digital Risk Protection Platform) as a strategic partner in their cybersecurity journey. Foresiet Xtreme's distinct advantages included:

Rapid Onboarding

Unlike complex security solutions that require weeks or months to implement, Foresiet Xtreme boasts a streamlined onboarding process, allowing the company to activate its comprehensive digital risk protection measures within a short timeframe. This rapid deployment minimized the window of vulnerability and ensured the company's critical assets were swiftly shielded from cyber threats.

360-Degree Risk Visibility

Foresiet Xtreme goes beyond traditional security point solutions by providing a holistic view of the company's entire digital attack surface. It scans the deep and dark web, social media platforms, and other internet corners where cybercriminals lurk, identifying and exposing threats that might otherwise remain hidden. This comprehensive risk assessment empowered the company to proactively address vulnerabilities and prevent attacks before they could occur.

Actionable Insights

Foresiet Xtreme doesn't just generate a mountain of data; it delivers actionable insights that empower security teams to make informed decisions. Its advanced analytics capabilities correlate threat data from various sources, prioritize risks based on severity, and recommend specific remediation steps. This laser-focused approach allowed the company to optimize their security resources and focus their efforts on the most critical threats.

The Solution: Foresiet Xtreme

Uncovering the Hidden Dangers
Foresiet Xtreme launched a comprehensive 360-degree scan of the company's digital ecosystem, exposing a web of vulnerabilities and malicious activity. The scan revealed critical data breaches where sensitive customer information had been leaked. It also uncovered a network of fraudulent websites and mobile applications masquerading as the company's legitimate platforms, designed to steal login credentials and financial data. These imposter sites were so convincing that unsuspecting users could easily fall victim, putting their personal information and the company's reputation at risk.
Reclaiming Control and Proactive Defense
Foresiet Xtreme's anti-phishing and anti-rogue services helped the company swiftly identify and shut down fraudulent websites and apps. Additionally, its advanced threat intelligence and dark web monitoring capabilities enabled the company to stay ahead of cybercriminals and proactively reinforce their digital defenses.
Restoring Trust, Exceeding Compliance, Avoiding Penalties
By partnering with Foresiet, the BFSI company streamlined RBI compliance, protected its customers and their data, and avoided costly fines associated with security incidents. This restored customer confidence and reinforced the company's reputation as a trusted financial institution.

Benefits:

  • Easy alignment with RBI Mandate
  • Improved Positioning with digital transformation using Cyber Security
  • Zero worry about Digital Frauds
  • Protecting against data Monetization on dark web
  • Improved Customer Trust, Brand Reputation & Credibility

Read the Full Narrative:

Want the full story behind their cyber resilience? Download the complete case study to learn how this BFSI leader tackled phishing attacks, met RBI compliance, and boosted customer trust. Discover the specific tactics they used with Foresiet Xtreme to protect their brand, data, and customer trust.
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