LB FINANCE PLC The all-encompassing security solution enhances the finance company's current security posture, giving it a significant advantage over other players in the highly competitive financial services market. Protection from ever-increasing and persistent cyber security threats is of critical importance to finance companies given the nature of their business and the risks associated with it.
'Data is the most important asset in any industry and in the context of finance companies, data security is at the heart of their success. Inadequate security management makes companies vulnerable to many forms of cyber security threats that can ultimately result in colossal losses,' KBSL CEO
'KBSL, a company that is equipped with a broad knowledge of all aspects of systems integration, is well-positioned to offer advanced security solutions to finance companies. Unlike product specific security solution providers, KBSL is well-versed in all relevant areas of ICT, giving its customer a major competitive advantage,' Ahamed said.
'In the absence of advanced security measures, even your own employees can become a threat by exposing passwords publicly, downloading free software, and using unprotected cloud applications. With the exponential growth of cloud adoption across all industries, financial institutions are exposed to cloud computing models. This means financial policymakers must consider the broader context of cloud computing when formulating enterprise security policies,' LB Finance Deputy General Manager - IT Chethana Tharanga Kahandugoda said.
'Data Security compliance and regulatory requirements are an overwhelming challenge for information security officers in financial institutions. In addition to tangible financial losses, security breaches can also result in loss of customer confidence and institutional reputation. Therefore, adopting a robust security mechanism has become a daunting task in an ever-changing cyber threat landscape in which attacks are becoming more sophisticated and persistent.
'Conventional network security measures may not be sufficient in terms of detecting and preventing these attacks. Advanced security solutions based on behavioural analytics and artificial intelligence are required to give the needed operational visibility and to ensure the integrity, confidentiality and availability of financial data,' he said.
'Financial companies are heavily using mobile and web platforms to offer their services in order to offer faster and better customer service around the clock and to curtail operational costs,' the Deputy General Manager said.
Kahandugoda also stated that finance companies are among the high-risk industries on the data security front, alongside e-commerce and healthcare. 'That has prompted many financial companies across the world to resort to decisive action to strengthen data security.
KBSL is one of the leading Information/Systems Integrators of ICT solutions for Enterprises in
KBSL first commenced its operations as an
© Pakistan Press International, source
