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  • Writer's pictureISSP

Innovations in Antifraud Solutions: A Glimpse into SOC Day with ISSP and D8 Corporation

Updated: Oct 26, 2023

ISSP, an international cybersecurity company, partnered with D8 Corporation to co-organize the SOC Day Ukraine 2023 conference, hosted by the Ukrainian Interbank Association of Payment System Members (EMA).

The event brought together over a hundred professionals and industry experts to delve into the intricacies of Security Operations Centers (SOCs) in Ukraine and the unique challenges that organizations encounter when establishing their own centers.

The attendee list included representatives from the National Bank of Ukraine, the State Special Communications and Information Protection Service of Ukraine, the National Coordination Center for Cybersecurity of the National Security and Defense Council of Ukraine, the Ministry of Defense, major Ukrainian and international banks and financial institutions, prominent retail networks, e-commerce entities, government officials, and public sector representatives.

During his presentation, Artem Mykhailov, Enterprise Solutions Director at ISSP, shed light on cutting-edge anti-fraud solutions. These solutions not only help combat payment fraud but also ensure compliance with regulatory mandates, including National Bank of Ukraine Regulation No. 58, which mandates heightened authentication for payment transactions.

Vyacheslav Puzanov, Head of the Anti-Fraud Division (Transaction Monitoring Center) at PUMB bank, provided valuable insights into implementing D8's anti-fraud solutions — StrongHold Risk Management Platform.

The latter half of the day witnessed a lively discussion aimed at helping attendees determine whether an in-house or outsourced SOC aligns better with their unique needs.

"It is essential to bear in mind that no preventive measures can guarantee 100% effectiveness. Successful cyberattacks may result not only in financial and reputational repercussions for a business but also in the risk of bankruptcy. Only a well-structured operational framework within a professional SOC can detect early-stage cyber threats and mount an effective response to thwart the attacker's objectives," emphasized Artem Mykhailov.

Hence, businesses should thoroughly assess their capabilities, including financial, temporal, and personnel resources, before embarking on the journey of establishing their SOC. Often, an external provider emerges as the more cost-effective choice.

"By collaborating with a reliable SOC provider, businesses of all sizes and across various industries can leverage advanced threat detection and response capabilities, expert counsel, and support. Such a SOC embodies a proactive and effective approach to cybersecurity, empowering businesses to stay ahead of the ever-evolving threat landscape," Artem aptly concluded.

ISSP has been developing its security operations center and delivering top-tier services in the realm of cybersecurity management, known as Managed Security Services, for nearly a decade. Our array of services includes threat identification and response, incident management, compliance with industry standards, and log data management.

For more in-depth insights into our services, please refer to the following links: Threat Hunting & Anomaly Detection and Incident Detection & Compliance Control.



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