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Malaysian banks need to rethink their IT security

AvantiKumar | Oct. 16, 2011
As more financial business functions go online, Malaysian banks need to overhaul their security strategy, said unified threat management solutions (UTM) firm Fortinet Malaysia.

He said that banks in Malaysia should be cautioned that IT network security does not end at the perimeter of the network of their head office. "Their challenge is to implement and manage a security infrastructure that extends to hundreds of branch offices that span across the globe.  The consolidation of network security appliances, through the integration of key security functions, virtualisation and centralised system management all play an important role in improving flexibility and gaining complete visibility and control over the network. It also helps fulfil compliance obligations and the regular infrastructure audits banks are subject to."

"Defining network security strategy, centralising policy-based provisioning, configuration, and updating management from perimeter to endpoint security are core requirements for all financial institutions in Malaysia," he said. "Adopting solutions that simplify and unify their security architecture across every point of the network, including branch offices, ATM systems, and mobile endpoints, are the only way they can dramatically lower risk exposure while limiting complexity and costs."

Local financial institutions should move towards a new strategic IT security model based on convergence and greater alignment to business needs, said Chang, "This includes shifting from the traditional focus of simply securing IT assets to protecting and enhancing business functions, adapting to a dynamic user environment and sustaining manageability. Through this new approach, IT departments of financial services firms are able to streamline their security deployments, and improve their organisation's operations and ROI [returns on investment]."

 

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