Introducing the Security Management Partner: A Specialist for Financial Services Security

Financial services organizations’ security needs cannot be met by service providers that lack specific knowledge and experience.

Boston, May 6, 2021 General practitioners can provide a basic level of care for the human body, but specialists are normally called in to diagnose and treat more complex issues based on their advanced training, unique talent, and expertise. Managed security services providers frequently operate like general practitioners and provide a range of generic cyber services to multiple industries. But this one-size-fits-all approach to cybersecurity often misdiagnoses issues and risks specific to the financial services industry. Enter the security management partner—a new approach to cybersecurity based on deep expertise in the types of threats facing financial services organizations.

This report provides a high-level overview of the managed service provider and managed security services provider market and provides two case studies to show how a specialized approach for financial services clients offers unique advantages for managing cyber risk. It is based on briefings, discussions, and participation in virtual events with service providers, technologists, cybersecurity practitioners, and IT professionals utilizing outsourced security services. Activities took place from July 2020 through March 2021.

Clients of Aite Group’s Cybersecurity service can download this nine-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

This report mentions SEI Investments Company.

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