Banking & Insurance

Defend against fraud

Banks and insurance companies are under constant pressure to defend against fraud while navigating complex compliance demands and evolving cyber threats. The rise of sophisticated social engineering, insider abuse and ransomware attacks puts customer trust and operational stability at risk. At the same time, the implementation of regulations like DORA adds layers of complexity to already strained security teams. Financial crimes are becoming more targeted, more frequent and more damaging—requiring more than just traditional defense mechanisms.

Key Security Challenges:

• Detecting and preventing sophisticated financial fraud effectively and proactively.

• Ensuring continuous compliance with stringent financial regulations, including DORA and GDPR.

Cyberquest SIEM, CQ Automation, Netalert NDR, CQ Threat Intelligence and CQ AI Assistant empower you to proactively detect, prevent and respond to both internal and external fraud attempts with precision and speed.

Scenario:

A financial services provider faces the dual challenge of meeting the complex requirements of DORA compliance and proactively detecting fraudulent transactions. Leveraging Cyberquest, the organization quickly generates comprehensive DORA-compliant reports at every required stage. At the same time, Cyberquest’s integrated UEBA module automatically identifies unusual user activities indicative of fraud, correlating data in real-time from internal logs, specialized anti-fraud solutions and external threat intelligence sources. This swift detection enables proactive intervention, significantly reducing the organization’s exposure to fraud and non-compliance risks.

Why Cyberquest and Netalert?

Provides built-in, out-of-the-box DORA compliance reports (initial, intermediary and final), offering clear visibility and transparency into the organization’s regulatory posture.
Utilizes advanced User and Entity Behavior Analytics (UEBA) powered by multi-layered AI, significantly improving the accuracy of fraud detection by correlating enriched data from internal systems and specialized anti-fraud platforms.
Delivers extensive real-time data enrichment and correlation capabilities via over 270 native connectors, seamlessly integrating with existing financial systems and security tools.

Top 5 Concerns

Compliance & DORA implementation challenges

Insider threats & social engineering attacks

Ransomware and disruptions to financial services

Rising threats of financial crimes & fraud

Third-party and open banking risks

Compliance & DORA implementation challenges

The Digital Operational Resilience Act (DORA) requires financial institutions to strengthen their cybersecurity frameworks, but meeting these standards can be complex. Banks and insurers must ensure continuous monitoring, automated risk reporting and rapid incident response.

Ensure DORA compliance. Implement AI-driven risk management, centralized reporting and continuous security monitoring to meet regulatory requirements efficiently.

Key Dangers & Risks:

    
            Failure to meet DORA requirements. Leads to legal penalties and operational disruptions.

    
            Inefficient risk assessment. Manual compliance processes are slow and error-prone.

    
            Lack of cybersecurity visibility. Limited insights into real-time risk exposure.

Insider threats & social engineering attacks

Employees, contractors and third-party vendors can unknowingly or intentionally expose financial systems to cyber threats. Social engineering tactics, phishing attacks and credential theft can lead to unauthorized fund transfers, customer data leaks and financial fraud.

Protect financial assets. Train employees to detect phishing, enforce strict access controls and monitor for insider threats to prevent fraud and data breaches.

Key Dangers & Risks:

    
            Credential theft & account takeovers. Employees tricked into revealing login details.

Insider fraud & data leaks. Malicious actors exploit internal access.

Regulatory violations. Insider breaches can result in DORA compliance failures.

Ransomware and disruptions to financial services

Banks and insurers are prime ransomware targets due to their high-value data. A successful attack can halt banking services, prevent claims processing, and lock customer data, leading to financial losses and reputational damage.

Strengthen ransomware resilience—implement zero-trust security, advanced threat detection and real-time backup strategies.

Key Dangers & Risks:

Service outages. Ransomware can shut down online banking and insurance portals.

    
            Data encryption & extortion. Criminals demand payment to restore critical information.

    
            Customer trust erosion. Downtime and breaches weaken confidence in financial institutions.

Rising threats of financial crimes & fraud

Cybercriminals are constantly evolving tactics to commit fraud, money laundering, and identity theft. Without real-time monitoring, fraud detection, and collaborative investigation tools, financial institutions risk severe financial losses, regulatory penalties and erosion of customer trust.

Leverage AI-driven fraud detection. Monitor transactions in real time and comply with financial crime regulations.

Key Dangers & Risks:

Real-time fraud. Rapid unauthorized transactions before detection.

Synthetic identities. AI-generated fake profiles bypass traditional security.

Regulatory penalties. Failure to detect fraud violates DORA compliance.

Third-party and open banking risks

The financial sector is embracing open banking, but integrating third-party services introduces cybersecurity risks. Unauthorized access, weak APIs and non-compliant vendors can expose sensitive customer data and financial transactions, putting institutions at risk of breaches and regulatory penalties under DORA.

Secure your digital ecosystem. Evaluate third-party security, enforce API protection and align with DORA compliance requirements.

Key Dangers & Risks:

Weak third-party security. Unvetted partners can introduce vulnerabilities.

API exploitation. Poorly secured APIs can be hijacked for data theft.

    
            DORA non-compliance. Failure to meet DORA standards can lead to fines and reputational damage.

Unique advantages:

Immediate generation of detailed, DORA-compliant reports.
Proactive, highly accurate fraud detection via AI-driven UEBA analytics.
Seamless integration and data correlation capabilities through numerous built-in connectors.