Data security a key concern for trustees as cyber risks increase
As more employees worked from home during the COVID-19 pandemic and cyber attacks become more sophisticated, businesses are investing in the latest technology to safeguard client data, according to Equity Trustees.
"With a brand built on trust and securing the wealth and assets of clients and beneficiaries now and into the future, it has also been top of mind for us," the company says.
According to a recent report from the Australian Cyber Security Centre, cyber crime in the last financial year was up 13% on the previous 12 months, with 67,500 instances reported. Not all are reported.
Equity Trustees recently partnered with Deep Instinct, which takes a prevention-first approach to stopping ransomware and other malware using a machine learning cybersecurity framework.
"The ongoing challenge of data protection is being magnified not only by the rapid evolution of cyber threats but also by the necessity of working from home during the pandemic, which has created a heightened cyber risk environment," says Phing Lee, chief technology officer, Equity Trustees.
"In partnering with Deep Instinct, we were seeking technology that would actively detect and stop new threats from entering the environment on each and every device used by employees, to provide immediate and accurate prevention."
Akash Mittal, general manager, technology and security at Equity Trustees, adds, "Deep Instinct's Threat Prevention Platform was selected for its new and innovative approach to cyber security.
"What appealed to us was the platforms intuitive ability to protect against unknown threats like zero-day attacks, which exploit flaws in software and hardware, and advanced persistent threats, which use sophisticated hacking techniques," he says.
"It was also easier to work with a simple solution offering without the additional complexity of a tiered services structure."
Since implementing the system, Mittal says Equity Trustees had saved time and increased efficiencies.
"Where previously we were overloaded with alerts and false positives from anti-virus software, we can now immediately identify valid threats and further strengthen our overall security, providing peace of mind to our clients," he says.
Jeff Giannetti, chief revenue officer at Deep Instinct, adds, "We are pleased to bring a prevention-first approach to Equity Trustees, allowing the IT security team to protect their business better.
"With Deep Instinct's threat prevention platform and end-to-end deep learning framework, financial organisations like Equity Trustees, can have peace of mind by reducing the time spent on false positive investigation and allowing teams to prioritise legitimate security concerns."