Case Study: Improving Cybersecurity in Finance and Banking

Miles Technologies works with a bank to improve their cybersecurity and compliance for internal, state, and FDIC (Federal Deposit Insurance Corporation) banking audits.

The Client

A Commercial Bank

The client is a small community bank in New Jersey providing commercial banking services to its local area. It falls into the FDIC’s (Federal Deposit Insurance Corporation) “assets under one billion” category for auditing purposes. It’s important to them to ensure systems are always up-to-date with the latest in cybersecurity protection.

The Challenge

Outdated Firewall and Cybersecurity Standards

When the client came to Miles, they initially had a Cisco 5510 firewall installed at their main location. The problem was that Cisco discontinued future OS releases for this firewall model which uses the outdated TLS 1.0 protocol. New standards require TLS 1.2, and not being compliant would trigger warnings on most vulnerability scanning software.

The Strategy

Creating a Secure and Compliant Technical Environment

Our recommendation was to implement a Cisco ASA 5506-X firewall with FirePower services and a two-step verification process (Duo Two-Factor) for an additional layer of protection.

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Install a New Cisco Firewall

We wanted to start by implementing a system that would be compliant with the TLS 1.2 standard. Cisco’s threat-focused next-generation firewall provides an IPS (intrusion prevention system), AMP (advanced malware protection), and comprehensive URL filtering that met the client’s needs.

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Improve Security Layers

To improve the firewall’s provided security, we also looked to implement a two-step authentication process for users who remote into the network. This would ensure that malware from home computers couldn’t compromise the bank’s business systems and would comply with Safety and Soundness audits.

The Solution

Install a TLS 1.2 Compliant Firewall and 2-Step Authentication

1.

Miles performed the initial setup of the Cisco firewall outside of the production environment. This included configuration of Firepower services and VPN tunnels between the client’s websites.

2.

We then physically installed and tested the firewall in the production environment to ensure the following items were operational:

  • Internet connectivity
  • Barracuda Web Security Gateway
  • Fedline Connection
  • Connectivity to FIS system via FIS VPN router

3.

To add an additional layer of security, we then implemented Duo Two-Factor authentication.

4.

Finalizing the project, an updated network diagram was sent to the client and the olisco 5510 firewall was removed and properly disposed.

The Results

An Advanced Multi-Layered Cybersecurity System

The bank’s technology now goes beyond the minimum standard of security and has resulted in the following:

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Banking Audit Compliance

The new Cisco firewall helps the bank comply with audits and industry standards.

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Defense in Layers

The added Duo Two-Factor verification process create a deeper layer of security to prevent cybersecurity attacks.

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Remote Access Protection

The bank can now feel safe when employees remoting into the network from outside locations.

The increased security allows the bank to focus on the more important aspects of growing their business while we continue to monitor and improve their systems as part of our Miles Assurance Plan IT support services.

Keeping Up With Cybersecurity Compliance Standards

Cybersecurity is constantly evolving. With the Miles Assurance Plan, we continue working with our customers to ensure they remain compliant and secure. This involves continued research and development on the latest cybersecurity technologies and recurring gap analyses to ensure systems are in check. Any security or compliance policy is a living process that needs to be continually evaluated. As policies evolve, we adapt your technologies so you can always focus on what matters most: your business.

“I am a new employee of BCG Securities and I am operating from a remote office. I had some difficulties with my computer, but after speaking with your staff, all my problems have been resolved. Very courteous, friendly, and professional service!”

~Kelli Stevens, Financial Advisor
BCG Securities, Inc.
Cherry Hill, NJ

Customer Since 2011

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