Finserv Companies are saving up to 60% on their cyber insurance premiums by simply meeting compliance requirements.
Case Study: Boosting Security and Cutting Premiums for a Financial Services Firm
Background
A mid-sized financial services firm, specializing in wealth management and payment processing, was experiencing escalating cyber threats. Sophisticated attacks aimed at client data and funds increased operational risk, while insurance underwriters pushed cyber liability premiums higher each renewal cycle.
A mid-sized financial services firm, specializing in wealth management and payment processing, was experiencing escalating cyber threats. Sophisticated attacks aimed at client data and funds increased operational risk, while insurance underwriters pushed cyber liability premiums higher each renewal cycle.
Challenge
To stay competitive and compliant with industry regulations, the firm needed to:
To stay competitive and compliant with industry regulations, the firm needed to:
- Strengthen security controls, particularly around high-value assets and client data.
- Reduce the likelihood of successful intrusions and lateral movement.
- Demonstrate to insurance carriers a lower overall risk profile in order to reign in ballooning premiums.
Traditional endpoint security and network firewalls alone were no longer enough to cover evolving threats, and the firm faced skyrocketing cyber insurance costs without proof of a modern, layered security posture.
Solution
By partnering with Antigen Security, the firm deployed an integrated suite of cybersecurity controls engineered for the financial sector, focusing on:
By partnering with Antigen Security, the firm deployed an integrated suite of cybersecurity controls engineered for the financial sector, focusing on:
- Advanced Threat Detection & Response: Real-time alerts and automated containment of malicious activities across networks, endpoints, and the cloud.
- Granular Segmentation: Limiting lateral movement through policy-based controls, protecting sensitive financial data from unauthorized access.
- Regulatory Alignment: Tailored solutions ensuring adherence to mandates (e.g., PCI DSS, FFIEC) while highlighting compliance to underwriters.
Results
- Stronger Security Posture: Continuous visibility into vulnerabilities and threats, significantly reducing the risk of major incidents.
- Improved Compliance: Clear mapping of controls to regulatory frameworks increased the firm’s credibility with auditors and insurers.
- Substantial Premium Savings: With clear evidence of reduced risk, insurance carriers lowered renewal costs by nearly 60%, freeing budget for further innovation and growth.
Conclusion
By implementing Antigen Security’s financial services-focused solution, this firm fortified its defenses against sophisticated threats, streamlined compliance efforts, and secured meaningful savings on cyber liability insurance—all while safeguarding client trust and operational stability.
By implementing Antigen Security’s financial services-focused solution, this firm fortified its defenses against sophisticated threats, streamlined compliance efforts, and secured meaningful savings on cyber liability insurance—all while safeguarding client trust and operational stability.
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