As part of efforts at reducing threats
and cyber attacks in financial sector, Computer Warehouse Group (CWG) Plc and
MAG Tech, have unveiled experts approach to Information Technology (IT) risk
and security so as to avert cyber-attacks and fraud in the industry, reports DigitalSENSE Business News.
CWG, a leading technology company on the
continent, DigitalSENSE Business
News recalls is partnering with a specialized information security and
intelligence company, MAG Tech at session tagged ‘Security Operations Centre
(SOC) - Financial Services in the Cyber Attack Era’ created a rich avenue for the
stakeholders to extensively discuss and understand the new concept.
SOC, experts say is the ultimate
information security platform required to drastically minimize the cyber-attack
and threats currently being encountered by the financial institutions.
Chief Technology Officer, CWG, Mr. James
Agada said that the company is looking beyond enabling businesses with products
and solutions to concepts that will ensure 100 per cent security of all the
customers’ transactions.
He pointed out that product and product
knowledge are not adequate to achieve the end result of any business solution, hence
the need for the new concept, which is centered on how to detect and react to
fraudulent transactions.
Agada further expressed that 50 per cent
of the transactions in the industry are running on the servers that are being
managed by CWG’s seasoned and trained engineers.
“Our aim is to ensure that these skills
are internalized in Africa as information security is crucial to us and our
customers,” he said.
Chief Technical Officer at MAG Tech, Mr.
Nadav Arbel noted that on Darknet and Crimestated that cyber-attack is originated
from the darknet which is the illegal part of the internet.
Arbel also said that cyber-attack occurs
when there is data leakage which could be caused by misconfiguration of a server
or other sources.
Further, he said, that no one could run
a business efficiently without being on the internet and as long as your
business is connected on the internet, you will experience some form of
cyber-attack and threat.
Thus, the solution, he said, is client’s
ability to detect and prevent it, stressing “Security Operations Centre has
been conceptualized for detection and prevention of darknet’s negative impact
on businesses.”
DigitalSENSE Business News
recalls that one of the highlights of the session was a testimonial from one of
the leading banks in Africa where Mag Tech has implemented a SOC.
The bank was struggling with cyber-attacks
and threats until a Security Operations Center was designed and implemented.
Presently, the bank official said, they could
monitor all the transactions on their network across the globe through the SOC
concept from their office in Lagos. The number of intra-bank and inter-bank cyber-attacks
and threats detected and prevented could also be tracked through SOC.
The testifier, submitted by encouraging
the other banks to have a strategic roadmap to tackle IT risks and security
issues by looking at implementation of a standard and effective SOC.
“Any bank that wants to be in business and
roll out innovative products powered by IT infrastructure must take into
consideration the Security Operations Centre, as information security is very
key in the financial industry,” the source said.
Remmy Nweke
... Making SENSE of digital revolution!Pix: Chief Technology Officer, CWG, Mr. James Agada
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