Financial institutions, particularly regional banks and credit unions, are facing challenges both in terms of safeguarding data of their customers and meeting data security compliance standards. Information technology (IT) teams in these institutions are stretched thin. They struggle with needing to meet compliance obligations while simultaneously combatting cyberthreats.

The Health Insurance Portability and Accountability Act (HIPAA) Security Rule focuses on the safeguarding of electronic protected health information (ePHI) through the implementation of administrative, physical, and technical safeguards.

Security information and event management (SIEM), security orchestration, automation, and response (SOAR), and the newer extended detection and response (XDR) solutions have become the top choices for organizations wanting a unified view of activity within their IT environments. By combining relevant data into single consoles, XDR, SIEM and SOAR technologies minimize the time analysts spend moving between platforms and make it easier to correlate the data and develop subsequent steps appropriately.