Online security

Data security is a major concern for fiduciaries as cyber risks increase

As more employees worked from home during the COVID-19 pandemic and cyber attacks become more sophisticated, companies are investing in the latest technology to protect customer data, according to Equity Trustees.

“With a brand built on trust and securing the wealth and assets of customers and beneficiaries today and in the future, this has also been a priority for us,” the company said.

According to a recent report by the Australian Cyber ​​Security Center, cybercrime in the last fiscal year increased 13% from the previous 12 months, with 67,500 reported cases. Not all are reported.

Equity Trustees recently partnered with Deep Instinct, which takes a prevention-focused approach to stopping ransomware and other malware using a machine-learning cybersecurity framework.

“The ongoing data protection challenge is magnified not only by the rapidly evolving cyber threats, but also by the need to work from home during the pandemic, which has created an environment of heightened cyber risk,” said Phing. Lee, chief technology officer. Equity trustees.

“Partnering with Deep Instinct, we were looking for technology that would actively detect and prevent new threats from entering the environment on every device that employees use, to provide immediate and accurate prevention.

Akash Mittal, Managing Director of Technology and Security at Equity Trustees, adds: “Deep Instinct’s Threat Prevention Platform was selected for its new and innovative approach to cybersecurity.

“What appealed to us was the intuitive ability of platforms to protect against unknown threats such as zero-day attacks, which exploit vulnerabilities in software and hardware, and advanced persistent threats, which use sophisticated hacking techniques, ”he says.

“It was also easier to work with a single solution offering without the added complexity of a tiered service structure. “

Since implementing the system, Mittal says equity administrators have saved time and improved efficiency.

“Where we were previously overloaded with alerts and false positives from antivirus software, we can now immediately identify valid threats and further strengthen our overall security, providing peace of mind to our customers,” he says.

Jeff Giannetti, Director of Revenue at Deep Instinct, adds, “We are excited to bring a prevention-focused approach to equity trustees, enabling the IT security team to better protect their business.

“With Deep Instinct’s Threat Prevention Platform and End-to-End Deep Learning Framework, financial organizations like Equity Trustees can have peace of mind by reducing the time spent on false positive investigations and enabling it is up to teams to prioritize legitimate security issues. “