- A new joint EastNets and DarkMatter security offering will boost financial institutions’ cyber resilience, in line with the latest SWIFT security guidelines
- EastNets and DarkMatter will work together to offer robust cyber security protection to EastNets’ global clients
Dubai, UAE: EastNets – a leading provider of innovative global compliance, risk and payments solutions – has forged an agreement with DarkMatter, the international cyber security firm headquartered in the UAE, to boost financial institutions’ cyber resilience, in line with the latest SWIFT security guidelines.
EastNets will work with DarkMatter’s recognised specialists based in the UAE in a cross-functional team to oversee the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Customer Security Controls Framework requirements, including risk, compliance, technology, legal, and operations.
The combined team will review existing processes, practices, and controls; identify cyber threats and vulnerabilities inside the EastNets’ digital environments; and provide guidance and recommendations on mitigating and eliminating potential threats that may pose any risk to data - thus ensuring regulatory compliance and an improved cyber security resilience.
The EastNets and DarkMatter security offering builds on a number of key mandatory and advisory security controls outlined in SWIFT’s Customer Security Controls Framework that aims to reduce attack surfaces and vulnerabilities, provide a clear plan for incident response, and encourage information sharing.
Commenting on the cooperation, Hazem Mulhim, CEO of EastNets said, “Partnerships and knowledge sharing are critical given the magnitude of cyber security threats faced by the financial services sector. DarkMatter shares our drive to constantly innovate, and we are proud to partner with them to bring our customers this unique security offering that combines our shared expertise across finance, technology, and security.”
Rabih Dabboussi, DarkMatter Senior Vice President of Sales, Marketing & Business Development said, “Helping customers protect their data and that of their customers is crucial. This is of even higher importance in financial transactions, and it is a positive development to be able to work with progressive organisations like EastNets. A clear requirement exists for entities to understand that the cyber threat landscape is changing rapidly, and it is prudent to engage experts who can help mitigate risks in a pro-active fashion.”
EastNets is a global provider of compliance, payment, and cloud solutions for the financial services industry, with extensive experience and SWIFT certified specialists, dedicated to providing professional, trusted and integrated financial services. EastNets operates as a SWIFT service bureau, supporting hundreds of Financial intuitions across the globe. SWIFT Alliance Access (SAA) comes as a pre-packaged solution and EastNets operates this infrastructure on behalf of its clients.
As banks and financial institutions widen their digital service offerings, and more customers demand technology to handle their financial data, the number of threats continue to increase. Studies show that the financial services sector consistently ranks as one of the top three industries under threat of cyber-attacks – accounting for as many as one in seven attacks in some regions of the world.
The estimated cost of cybercrime to the global economy in 2016 was US$450 billion in direct and indirect damages. Experts estimate that these costs could reach US$2 trillion by 2019, with the Hiscox Cyber Readiness Report 2017 finding 53% of companies worldwide ill-prepared to deal with cyber-attacks.
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