Securing Financial Transactions: A Major Challenge in the Financial & Banking Industry

The rapid rise of digital transactions, online banking services, and fintech applications has led to an increasing risk of cyberattacks in the financial sector. According to an IBM report, in 2023, the financial sector experienced the highest number of cyberattacks, accounting for nearly 20% of all global security breaches.

The most common types of attacks in the financial industry include:

• Advanced Persistent Threats (APT): Cybercriminals infiltrate systems, collect sensitive data, and commit financial fraud.
• Account Takeover (ATO): Hackers use stolen information to access customer bank accounts and execute unauthorized transactions.
• Supply Chain Attacks: Attackers exploit vulnerabilities in third-party systems to infiltrate financial institutions.

A notable ransomware attack in 2022 disrupted Ubiquiti Bank’s system, exposing millions of customer records.

In Vietnam, financial institutions are increasingly targeted by sophisticated cyber threats, making it essential to implement advanced security solutions to mitigate these risks.

Open XDR: A Game Changer in Financial & Banking Cybersecurity

A fragmented security infrastructure composed of multiple solutions like SIEM, SOAR, and EDR often leads to limited visibility, false alerts, or overlooked threats. As cyberattacks grow more sophisticated, the financial industry requires a more comprehensive approach. Extended Detection and Response (XDR) was developed to address these challenges by providing multi-layered monitoring and rapid automated responses.

Understanding XDR

Extended Detection and Response (XDR) is a security solution that combines detection and response across multiple platforms such as endpoints, networks, and servers. XDR enhances system protection and enables rapid threat detection.

There are two main types of XDR:

• Native XDR: Developed and operated within a single vendor’s ecosystem, integrating only with that vendor’s security products.
  • Challenges of Native XDR:
    • Limited flexibility in integrating with other security technologies.
    • Vendor lock-in, creating dependence on a single provider.
    • High costs for upgrading systems to meet new security requirements.
    • If the vendor lacks strong security capabilities in areas like network or cloud security, the XDR system will have vulnerabilities.
• Open XDR: This solution integrates and processes data from multiple security technologies, supporting products from various vendors. Open XDR offers strong integration capabilities, scalability, and eliminates reliance on proprietary security products.

As a result, Open XDR is the ideal solution, helping financial institutions overcome security challenges while optimizing cybersecurity operations.

Stellar Cyber Open XDR: The Perfect Solution for Financial Cybersecurity

1. Unified SecOps Platform Replacing Fragmented Security Approaches

Most financial institutions operate multiple standalone security solutions, such as SIEM, EDR, NDR, Firewalls, and Email Security. However, according to ESG research, 52% of financial organizations report difficulties in detecting and responding to threats due to siloed security tools.

Stellar Cyber Open XDR addresses this challenge by integrating security data from various sources (SIEM, SOAR, EDR, NDR, Firewall, Email Security, etc.), providing a holistic view of the entire attack surface.

2. Multi-Layer AI for Real-Time Threat Detection and Response

Security Operations Centers (SOC) face alert fatigue, processing thousands of alerts daily, many of which are false or irrelevant. This reduces their ability to detect actual threats.

Stellar Cyber Open XDR uses multi-layer AI and machine learning to analyze, filter, and prioritize critical alerts, helping to:

• Reduce incident investigation time by 85% compared to traditional methods (Mandiant Special Report).
• Accelerate APT response, cutting detection time from 280 days to under 30 days (CrowdStrike Global Threat Report).

3. Financial Fraud Detection with User Behavior Analytics (UBA)

XDR incorporates User Behavior Analytics (UBA) to detect fraudulent transactions.

For example, if a customer regularly transacts within Vietnam but suddenly makes a large transaction from another country, Stellar Cyber’s XDR system can immediately detect, flag, and prevent potential fraud.

Read a case study on Open XDR implementation for a financial organization in Central America HERE.

4. Automated SOC for Cost-Effective Security Operations

• Automated threat response reduces incident resolution time and minimizes damage.
• Less workload for SOC teams: AI and machine learning automatically process and categorize alerts, reducing manual workload.
• Enhanced incident response: Upon detecting threats, the system can automatically block malicious IPs and isolate compromised devices.
• Optimized operational costs: Automation reduces the need for additional SOC personnel while improving efficiency.
• Minimized human error: Automated responses ensure higher accuracy compared to manual threat handling.

Conclusion: Open XDR is the Future of Financial Cybersecurity

As cyber threats in the financial sector become increasingly advanced, traditional security methods are no longer sufficient.

Open XDR enables financial institutions to detect and respond faster while optimizing SOC operations and strengthening defenses against modern threats.

By implementing Stellar Cyber Open XDR, financial organizations can enhance security, improve SOC efficiency, and effectively address evolving cybersecurity challenges. NESSAR proudly distributes this solution in Vietnam, supporting businesses in protecting critical assets and information.

About Nessar

Nessar is a leading cybersecurity distributor in Vietnam, specializing in delivering cutting-edge security solutions to enterprises and service providers. By partnering with global cybersecurity leaders like Stellar Cyber, Nessar enables organizations to deploy innovative, AI-powered security solutions tailored to their needs. Learn more at https://nessar.net/.

About Stellar Cyber

By shining a bright light on the darkest corners of security operations, Stellar Cyber empowers organizations to see incoming attacks, know how to fight them and act decisively – protecting what matters most. Stellar Cyber’s award-winning open security operations platform includes NG SIEM, NDR, Open XDR and Multi-Layer AI™ under one license. With ⅓ of the global top 250 MSSPs and over 12,000 customers worldwide, Stellar Cyber is one of the most trusted leaders in security operations. Learn more at https://stellarcyber.ai/.

📩 Contact us today for detailed consultations on Open XDR solutions for banks and financial institutions:
📧 info@nessar.net | 🌐 www.nessar.net