case studies

2011 COMPTEL PLUS Las Vegas

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Connet China
interviewed by HKET

Industry: Finance

Technology has fueled remarkable productivity growth at financial institutions that are witnessing an unprecedented speed of change related to technological and customer service innovation and creation of new business models involving financial institutions and other entities, such as Internet service providers, telecommunication companies and technology service providers. Customers are linked electronically to banks through channels such as ATMs and the Internet. Outsourcing has enabled banks to cut costs and focus on their core business. Communications technologies have increased connectivity across global financial systems.

While the financial institutions leverage technology to enhance the value of their service offerings and improve efficiency and effectiveness of their operations, they are also exposed to significant risks on account of security and integrity of sensitive information. Competitive pressures to roll out new business applications and technology initiatives in very compressed timeframes to offer more and more value-added services intensifies the management challenge to ensure that adequate strategic assessment, risk analysis and security reviews are conducted prior to implementing new initiatives.

This has resulted in heightened industry awareness and concern, accompanied by increased regulatory scrutiny of financial institution?s information risk assessment, mitigation and management systems. It is imperative that financial institutions recognize, address and manage information security risks in a prudent manner and information security management becomes an integral part of the financial institution's overall enterprise risk management framework.

Effective risk management is central to financial institutions. However, despite several information security regulations and guidelines for financial sector, many financial firms are found lacking in their information security management. In our experience, the financial institutions that have succeeded in achieving strong security are the ones who have brought in a clear implementation focus to the global security standards and regulations. Just as in business, successful financial firms have not done different things for security; rather they have done the same things differently.

Connet assist financial institutions in developing world-class security governance structure and information risk management processes appropriate for their individual risk profile, operational structure and corporate governance culture, as well as in conformance with the specific information risk management requirements from leading international standards and regulations such as BS 7799/ISO 27001, ITIL, COBIT, Basel Committee Guidelines amongst others.

Connet have worked closely with several leading global financial institutions in developing robust, effective and sustainable security management systems.