17 Sep 2018

Cyber security leaders say financial services shouldn’t be afraid to invest into counter cyber terrorism threat

UK cyber security business Beyond Encryption has warned that businesses in the financial services sector must invest in the highest level of cyber security to avoid being victims of cyber terrorism.

The message comes following the announcement that Nationwide Building Society is investing £1.3b in new technology.

Nationwide, one of Britain’s biggest mortgage lenders, said it would use the funds to build new technology platforms and drive forward its digital and data strategies.

Beyond Encryption provides a military-grade secure email communications platform called Mailock. The encryption service protects sensitive information sent by email, extending into instant messaging and documentation.

Paul Holland, CEO of Beyond Encryption, said it was vital that Nationwide invested in the highest grade of cyber security given that financial transactions were the prime target for cyber terrorists.

Paul warned the task could be daunting but was essential nevertheless: “Embarking on large scale IT transformations is a consuming task, with many stakeholders and sometimes conflicting objectives, making it a hard task to navigate.  That said, keeping data secure both at rest and in transit to protect employees and customers alike is of paramount importance.”.

He went on: “Being a mutual organisation, Nationwide has a pre-eminent reputation for looking after its customers. Protecting them from fraud will be its overriding priority. The fact is buying a home is the most expensive purchase the vast majority of people ever make, and the effects of fraud can be devastating. The transaction between the customer – and often a law firm – and the lender is increasing seen as a target for fraudsters so it’s imperative that this is totally secure “

“Over and above the technology, customers need educating so that they fully understand that unsecured emails leave them totally vulnerable. It’s like leaving home without locking the door and no one would ever do that.”

Aside from preventing unwanted interception, senders can also track when messages have been opened, revoke message access if mistakes are made and benefit from a full audit trail of delivery – Digital Recorded Delivery®.

Companies that send confidential information electronically are often unwittingly breaching the Data Protection Act which, since the introduction of GDPR, can result in huge fines.

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