HID Global “brings trust” to online and mobile banking in face of cyber threat

As consumers embrace the convenience of online and mobile banking at both traditional and the latest all-digital financial institutions, it has become an increasingly difficult challenge to combat cyber security threats while complying with regulatory data protection mandates. Trusted identity solutions specialist HID Global has solved those challenges for several banks as part of their digital transformation initiatives.

“Our solutions protect data and transactions while delivering a seamless experience for the consumer as well as maximum flexibility for banks,” explained Brad Jarvis, vice-president and managing director of identity and access management solutions at HID Global. “This includes the option of cloud-based authentication services that remove the complexity of providing multifactor authentication to a growing and diverse user population, while also offering the convenience and efficiency of centralised regulatory compliance audits.”

Challenging issues

As a business, HID Global is helping to address some of the most challenging of mobile banking issues. For example, a retail bank in Egypt has improved compliance and reduced fraud and operational costs thanks to an HID Trusted Transactions solution. This is pre-integrated with Temenos digital front office and core banking products.

In addition, a Swiss wealth management group is using the solution, along with the HID ActivID Authentication Server, to optimise flexibility while protecting mobile banking transactions and securing corporate data, applications and systems.

Further, two banks in Eastern Europe and the UK are using the solution for quick and easy compliance with Second Payment Services Directive (ie PSD2) regulations.

Even with financial institutions returning to (almost) normal operating hours, many believe digital banking will grow in importance as part of ensuring business continuity and supporting customers who prefer not to visit their local branch during the ongoing health crisis. According to a McKinsey & Company report, the use of digital channels has grown in Europe by up to 20% during the COVID-19 pandemic.

Adoption of digital banking

“In just a couple of months, customers’ adoption of digital banking has leapt forward by a couple of years,” suggests the document. “Our most recent customer survey showed a 10% to 20% rise in digital banking use across Europe in April. Many Italian banks are striving to enable every single one of their customers to use digital banking. Such a jump in adoption opens the door for banks to turn digital channels into real sales channels, not just convenient self-service tools.”

HID Global’s complete HID Trusted Transactions offer for end users in the banking and finance sector includes the HID Authentication platform delivered either as a server or service, plus a choice of hardware tokens or the HID Approve multi-factor authentication solution with mobile push notification capabilities and the HID Risk Management Solution – Threat and Fraud Detection.

The comprehensive offer from the business delivers risk-based adaptive authentication, threat detection and transaction signing.

*Click here for more information about HID’s advanced multi-factor authentication solutions for the banking sector

BeCyberSure launches specialist EU GDPR Risk Assessment service

Information security specialist BeCyberSure has announced the launch of the “most comprehensive GDPR Risk Assessment available”. Conducted by security, risk and compliance specialists, the audit provides organisations with a definitive evaluation of their EU GDPR (General Data Protection Regulation) readiness, as well as what needs to be done to ensure compliance ahead of the 25 May 2018 deadline.

The GDPR supersedes the UK’s Data Protection Act 1998 and applies to every company that collects, processes or stores an EU citizen’s data, regardless of sector, size and geographical location. Enforcement of the GDPR is unaffected by the UK’s decision to leave the EU.

The BeCyberSure GDPR Risk Assessment is said to provide the most rigorous audit process available. The assessment is conducted on and off site by a GDPR specialist, beginning with a detailed review of company policies and governance, procedures and processes, an assessment of physical aspects (such as access to buildings and the storage of paper documents, etc.) and, if deemed necessary, an extensive digital vulnerability test. The audit also involves formal and informal (ie covert) interviews with employees as well as heads of department.

Carolyn Harrison, marketing director at BeCyberSure, explained that the GDPR is a company-wide issue and should not sit solely with IT.

“Our assessment begins with people, policies and processes to reveal any possible vulnerabilities that would result in non-compliance,” urged Harrison. “We then deep-dive, looking at what data the organisation is capturing, how it’s processed, what consent has been given, where it’s stored and how to dispose of all information that’s not required.” Harrison added: “The best technology in the world can be rendered useless if an open door, whether physical or digital, creates the opportunity to access to data.”

Following the audit, the host organisation is presented with a confidential Advisory Report stating what action (if any) is required to ensure GDPR compliance.

On that note, Harrison stated: “This report is invaluable in terms of benchmarking where an organisation is today, where they need to get to and the best course of action to get there. They can then choose to implement the programme of work themselves, collaborate with BeCyberSure or outsource the entire project to us.”

BeCyberSure has a senior team of GDPR auditors who have a wealth of experience with backgrounds in risk management and compliance, cyber security, policing, intelligence services and the military.

Harrison concluded: “There’s a lot of scaremongering going on about the GDPR and, while it’s true that the potential fines are eye-watering and the threat of personal liability daunting, if organisations act now, then they still have time to put the necessary safeguards in place to be GDPR-compliant. Undertaking a Risk Assessment is the first step in the due diligence process and means that organisations are not spending unnecessarily on their route to compliance.”

*For further information access www.becybersure.com

Telefonica UK Property and ISS choose Ideagen’s Enlighten system to manage governance, risk and compliance

Telefonica UK, a leading digital and communications company, and ISS, the global facilities management service provider, are set to work with software firm Ideagen on improving governance, risk and compliance operations across the O2 estate.

Ideagen Enlighten, Ideagen’s cloud-based GRC application, is to be implemented and rolled out to bring several operational improvements to Telefonica UK’s Property department. The software will provide one source of truth for the management of controlled documentation, improve visibility of audit scheduling and automate action management and escalation. Enlighten will also enhance levels of reporting and increase accessibility for Telefonica’s mobile workforce.

Darren Bryanton, Telefonica’s national FM operations manager, said: “We regularly participate in audits to assist Telefonica UK in retaining an impressive portfolio of certifications and standards which are essential in demonstrating world class service to our customers. Enlighten will manage audits and document control for the department.”

Suzanne Burge, ISS’ quality and assurance manager, added: “After a thorough review of the market, we selected Enlighten due its scalability, accessibility and ease of use. We wanted a product that we could design ourselves to fit the needs of the business, not just now but also in the future.”

Tim Blackburne, ISS’ account director, explained: “Telefonica UK’s high standards of operational compliance and audit success rely on clear governance, audit readiness and document management. Ideagen Enlighten gives us this.”

Andrew Neish, Telefonica’s head of property, commented: “Both Ideagen and Telefonica UK share the same vision of how innovation can drive improvement in business. This opportunity to provide a game-changing and transformational system is one that we’re very excited about.”

Ideagen is a supplier of information management software with operations in the UK, the United States and the Middle East. The company specialises in eGRC (Enterprise Governance, Risk and Compliance) and healthcare solutions for organisations operating within highly regulated industries.