The firms said that the solutions helps the financial institutions to overcome a wide range challenges while helping them secure their systems in numerous ways.
The cybersecurity platform created through the strategic alliance between Fiserv, a provider of financial services technology solutions, and cybersecurity company BlueVoyant is focused on threat detection, regulatory compliance and reporting.
The companies said that the platform can provide real-time response and automated remediation of unusual activity using network and endpoint monitoring, extensive threat intelligence and behavioral analytics.
It was also noted that Fiserv has made an investment in BlueVoyant to strengthen the strategic alliance.
“The solution we’ve developed jointly with Fiserv closes the information and organization gap and offers financial institutions the advanced defenses previously only available to the largest banks and government agencies,” Jim Rosenthal, CEO of BlueVoyant said in the press release.
Further, the companies said that this new solution was developed using resources and data that is beyond the information available to most banks and credit unions.
“Adversaries are targeting banks and credit unions of all sizes with sophisticated attacks,” said Byron Vielehr, Chief Administrative Officer, Fiserv. “By working with partners like Fiserv and BlueVoyant, financial institutions can access capabilities and insights to make their cybersecurity strategies exponentially more effective than if they went it alone.”
According to the companies, most institutions have difficulties customizing cybersecurity solutions to their needs. This is compounded by the fact that the cybersecurity industry faces a shortage of talent and that the solutions helps these institutions to overcome the challenges.
Based out of Bronx, New York, Ponce Bank was one institution who implemented the solution that is offered by Fiserv and BlueVoyant.
Elizabeth Macias, Chief Information Officer of Ponce Bank said that cyberattacks are a real threat to financial institutions.
“Fiserv and BlueVoyant are delivering a leading-edge cybersecurity solution that is both broader and deeper in its protection than any other solution we evaluated,” Macias said.
Following the announcement, Fiserv was down 2.1 percent and closed the trading on Monday at US$74.46. The stock has a moderate buy ranking on TipRanks based off seven analyst ratings with an average analyst target price of US$73.20, a high estimate of US$82 and a low estimate of US$67.
On TradingView, the stock has sell ranking with 11 verticals against, 10 in neutral and five in favor.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.