Four top challenges financial services face this year: Applied Intelligence interview

AvantiKumar

How is the Malaysian market different for you than others such as Singapore, Indonesia, Philippines, and so forth?

What many overseas companies often forget about Asia is that it is not one country, but many countries, each at a different stage in economic development, with different opportunities and threat landscapes. BAE Systems has operations in many different Asian countries. Malaysia is an exciting place to be right now and we believe there is plenty of growth for us in the domestic market, as many organisations seek to increase their cyber security posture. Equally in other parts of Asia, as the regulators begin to mandate stronger banking controls, we are finding our software is well placed to support our customers, particularly around FATCA, anti-money laundering and fraud management. Indonesia could be an exciting market, particularly given its scale.

What would be your specific advice to CSOs in Malaysia as well as Asia when dealing with security issues arising from the increasinf use of mobile devices and remote working? And how is your own company handling the issues arising from BYOD?

Take a holistic look at your risk controls - security and financial crime have traditionally been separate departments within the bank. We are seeing a convergence where fraudsters are combining their attacks.

A number of existing clients have reached out to us about attacks involving cyber threats and 'traditional' financial fraud attacks:

  • DDOS: Denial of service attacks are used as a digital smoke screen for online and mobile fraud attacks
  • Network Hijacking: Criminals have penetrated the banks networks on multiple occasions and are initiating payments from within the banking system itself
  • Data Theft: Data theft of card and current account information continues to be an issue
  • Payment Fraud: These techniques are combined with increasingly automated remote payments channel and card fraud attacks to increase the monetary value of the fraud

As well as having expertise in how to keep data safe, through improving processes, cultural awareness and the design of key systems, BAE Systems has developed technology to counter the risks associated with BYOD. Our MobileProtect solution sits inside the mobile network and can filter out viruses and malware to protect users' data as they access corporate and personal data on mobile devices.

What sort of steps do you take potential customers through to ensure they achieve the best returns on investing in your services and solutions?

At BAE Systems Applied Intelligence we focus on building solutions which solve our customers' problems. Our Applied Intelligence division is not a pure products company, looking to shift millions of units of our software, regardless of what the customer needs, but it has invested in some unique intellectual property, which it can bring to the table to help major businesses and organisations secure themselves in an increasingly connected world.  Once we understand the customer's needs, we often find the business case to invest in our products or services is relatively straightforward. We have had examples in the past, where our fraud solution has been so effective that it has paid for itself during the proof of concept stage.

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