Tuesday, March 25, 2014

CWG, MAG Tech unveils effective approach to tackle fraudulent transactions

Caption L-R: Lab Director & Head of Cyber security, MAG Tech, Omer Shony Kenhi; Chief Technology Officer, MAG Tech & Former Commander Cyber Technology unit – Israeli Police, Nadav Arbel; CEO, MAG Tech, Rami Arad, and Chief Technology Officer, CWG PLC, James Agada during an information security session in Lagos .

In a bid to reduce the level of threat and Cyber- attack in the financial sector,
Computer Warehouse Group (CWG PLC), a leading technology Company in Africa and MAG Tech, a specialized information security outfit have said Security Operations Centre (SOC) is the ultimate information security platform required to drastically minimize Cyber-attack and threats currently being encountered by financial institutions.
The Chief Technology Officer of CWG James Agada speaking at a stakeholder's session themed, 'Security Operations Centre (SOC) - Financial Services in the Cyber Attack Era' said effective SOC implementations will curb fraud and enhance the growing use of the internet for banking and financial inclusion within a safe and secure framework.
Agada said that CWG as a Technology Company goes beyond enabling businesses with products and solutions to concepts that will ensure 100% security of all the customers' transactions. According to Agada, 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.
 "Our aim is to ensure that these skills are internalized in Africa as information security is crucial to us and our customers" He said.
MAG Tech's Chief Technical Officer, Nadav Arbel on his part said that Cyber-attack is originated from the Darknet which is the illegal part of the internet.
According to Arbel, Cyber-attack occurs when there is data leakage which may be caused by misconfiguration of a server or other sources.
"As long as your business is connected on the internet, you will experience some form of cyber-attack and threat. Hence the solution is your ability to detect and prevent it. Security Operations Centre has been conceptualized for detection and prevention of darknet's negative impact on businesses" He added.
 A security expert at the meeting explained that the concept enables the bank to help their customers from being defrauded and the banks can jointly eliminate or maximally reduce the level of Cyber-attacks and threats in the system when all the banks are monitoring through SOC.
He added that intra-bank and inter-banks cyber-attacks and threats can be detected and prevented through SOC.
"A bank was struggling with Cyber-attacks and threats until a Security Operations Center was designed and implemented. Presently, they can monitor all the transactions on their network across the globe through the SOC concept from their office in Lagos."
 He encouraged banks to develop a strategic roadmap to tackle IT Risks & Security issues by looking at implementation of a standard and effective Security Operations Center.
"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".

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