Local Security Expert Supports Malaysian Finance Industry to Meet Challenge from International Institutions
e-Cop.net ensures safer e-transactions and network protection with push into Internet banking
MALAYSIA, 27 NOVEMBER 2001 - Speaking to business partners and key media, Alan See, chief executive officer of e-Cop.net Surveillance Sdn Bhd, noted that there are certain fundamental security shortcomings on the Internet as Malaysian financial institutions prepared to launch e-transaction initiatives in the country. "In light of increasing security threats from the Internet, Bank Negara has stipulated stringent operational and infrastructure requirements for organisations preparing to provide e-products and services. The local banks and indeed other financial institutions lack the ability to manage security incidents and escalate incident responses on a 24 by 7 basis" said See. Most banks and financial institutions have the ability to manage penetration testing, system audit as well as being equipped with firewalls and other intrusion detection devices.
The leading 24x7 Internet Security Surveillance Service provider, e-Cop.net has, thus far, made significant inroads into the Malaysian anchor banks market. The company has extensive experience in working with financial institutions, understanding their business issues and meeting the requirements of the banking industry's governing body. Through the Global Command Centre, e-Cop.net offers proven round-the-clock Internet security surveillance and incident response capability, forensic support and rapid penetration tests, taking a comprehensive approach to security.
The company has already worked on Internet security with 5 local banks in their venture into e-banking. These projects are indicative of e-Cop.net's high standards of performance that has garnered wide recognition and support from the local financial community. According to Alan See, "understanding the business and technology challenges of the local financial community, as well as our extensive experience working with these institutions, have made e-Cop.net a compelling partner in providing Internet security services for the finance industry"
Malaysia Gears Towards Electronic Banking
In line with government's plan to develop Malaysia into a centre for Islamic banking and to raise the competitiveness of the local finance industry on the global stage, electronic banking initiatives has received much attention from Malaysian banks. Also, the recent national Budget has components that reflect the country's aggressive approach to encourage the adoption of e-business by both the corporate and the public sector. Indicative of this focus, there is a new surge in e-banking offerings in the finance sector, and e-Cop.net has taken a lead role in supporting local banks, providing network security and surveillance needs. According to the guidelines outlined by Bank Negara, the local financial industry is required to equip itself with the capabilities to not only handle, but also to manage and escalate security incidents effectively before they can offer e-banking services.
Last year the government, together with the local banking association, implemented a programme to introduce e-banking services in Malaysia. This programme was designed to provide local players with a head start, giving them 18 months to incorporate and launch e-banking products in their portfolio, before inviting foreign banks to introduce their e-product offerings as well. The 18-month period ends as at 31 December 2001.
With the impending end of the 18-month implementation period, e-Cop.net expects more banks to announce their e-services. The finite number of local banks does not, however, indicate the saturation of the finance industry for the company. "The potential opportunity is not limited to just banks, but also extends to its other subsidiary operations such as the finance, securities and insurance arms. Our ability to meet and exceed the stringent requirements of Bank Negara, and proven performance in the finance industry is an endorsement of our commitment to deliver the highest level of comprehensive security service and support" said See.
e-Cop.net expects to capture 70 percent of the local banking sector by the end of 2001. Among the customers already secured, e-Cop.net also counts 3 leading insurance companies, in addition to the anchor banks. In support of the national agenda, e-Cop.net is focusing on local institutions in Malaysia. The sometimes rather shortened decision making timeframes experienced by e-Cop.net in Malaysia today, is reflective of the growing concerns of banks regarding security and exposure to incidents. Concluded Alan See, "Currently, the Malaysian financial industry is incapable of escalating security incidents as stipulated in the Bank Negara guidelines. Through our services we hope to be able to partner and complement the financial community to design and implement comprehensive Internet security solutions that would make e-banking more secure in Malaysia".
About e-Cop
e-Cop, the TRUSTED provider of critical info-security technologies and services, helps governments and enterprises worldwide manage their info-security threats and risks.
Leveraging on e-Cop's innovative technology and professional expertise, organizations can effectively manage the challenging tasks in info-security today, such as info-security management, infrastructure monitoring and real-time threat response. This is achieved through reliance on e-Cop's Global Command Centres (GCC) or e-Cop's deployment of cutting-edge technologies for independent Security Operations Centres.
e-Cop raises the bar for info-security management and practices with its pioneering research and development, robust technologies and award-winning solutions and security expertise. These are all centred on internationally recognised best practices for Information Security Management System (ISMS) ¨C BS7799/ISO17799. e-Cop's international presence today covers 20 countries, with multiple Global Command Centres (GCC) located in Asia Pacific and Middle East. For more information, please visit www.e-Cop.net