THURSDAY, March 28, 2024
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New security approach sought for banks in beating crime

New security approach sought for banks in beating crime

THAI BANKS have indicated a need for financial institutions to adopt a new approach to security in order to meet today's changing crime landscape.

Yos Kimsawate, head of Payment Systems Office (PSO), Thai Bankers' Association, said the association was seeking to help Thai banks navigate changes in technology, and determine the best path forward to safeguard their own and customer data while also maximising today's cloud and mobile technologies.
"We have invited the Open Computing Alliance [OCA] to share knowledge and provide suggestions on how Thai banks can move against today's changing threats," said Yos.
He said that in today's working environment, employees of banks work on corporate applications and access sensitive data from on-premises and cloud-based systems using every type of device. While there is an immense opportunity for the banks, there is a corresponding exposure to cyber security threats.
"We saw first-hand in Thailand last year that today's cyber-criminals are very sophisticated and can mount threats of attack from anywhere and at any time. Banks must take action today to address these security threats and improve their security stances," said Yos.
Meanwhile, Michael Mudd, secretary-general, Asia Pacific, The Open Computing Alliance, said that mobile and cloud-computing enable companies to have access to massive data, intelligence, analytics and insights that convert speculation into predictive power and ultimately the company's bottom line. The question is no longer 'should I move to the cloud?' but instead 'how do I move to the cloud and make sure I will optimise my investment and minimise risk exposure?' "There will always be new threats, new attacks and new technologies," said Mudd.
He added that today's enterprises can either massively invest in a holistic, agile and modern security platform, or they can shift security risks to a trusted cloud service provider who is in the business of protecting and securing their customer data, and is looking into the future about how new threats will look and how to prevent and respond to those threats. Yos said that cloud computing is likely the solution for the banks - but how to go to cloud securely and comply with the BOT's regulations is the challenge for banks.
"Why cloud? Because it is cost-saving [in terms of investment], fast-moving, and increases productivity," said Yos.
Mudd explained that banks normally go to cloud computing with their non-critical and non-sensitive systems - like office, customer relationship management (CRM, unified communication) and email.
However, Yos also said that currently, the Bank of Thailand together with Thai Bankers' Association is working on the development of the National e-Payment project that is expected to be out by the end of this year. 
 
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