LB Finance PLC, a top financial company in Sri Lanka, partnered with KBSL Information Technologies Ltd to protect their information and data from potential cyber security threats.
The all-encompassing security solution enhances the finance company’s current security posture, giving it a significant advantage over other players in the highly competitive financial services market. Protection from ever increasing and persistent cyber security threats is of critical importance to finance companies given the nature of their business and the risks associated with it.
“Data is the most important asset in any industry and in the context of finance companies, data security is the at the heart of their success. Inadequate security management makes companies vulnerable to many forms of cyber security threats that can ultimately result in colossal losses,” KBSL CEO Silmy Ahamed said explaining the importance of advanced security solutions for finance companies.
KBSL, a company that is equipped with a broad knowledge of all aspects of Systems Integration, is well positioned to offer advanced security solutions to finance companies. Unlike product specific security solution providers, KBSL is well-versed in all relevant areas of ICT, giving its customer a major competitive advantage,” Ahamed said.
“In the absence of advanced security measures, even your own employees can become a threat by exposing passwords publicly, downloading free software, and using unprotected cloud applications. With the exponential growth of cloud adoption across all industries, financial institutions are exposed to cloud computing models. This means financial policymakers must consider the broader context of cloud computing when formulating enterprise security policies,” Chethana Tharanga Kahandugoda, Deputy General Manager – IT, LB Finance PLC said.
“Data Security compliance and regulatory requirements are an overwhelming challenge for information security officers in financial institutions. In addition to tangible financial losses, security breaches can also result in loss of customer confidence and institutional reputation. Therefore, adopting a robust security mechanism has become a daunting task in an ever-changing cyber threat landscape in which attacks are becoming more sophisticated and persistent. Conventional network security measures may not be sufficient in terms of detecting and preventing these attacks. Advanced security solutions based on behavioral analytics and artificial intelligence are required to give the needed operational visibility and to ensure the integrity, confidentiality and availability of financial data,” he said. “Financial companies are heavily using mobile and web platforms to offer their services in order to offer faster and better customer service around the clock and to curtail operational costs,” the DGM said.
Kahandugoda also stated that finance companies are among the high-risk industries on the data security front, alongside e-commerce and healthcare. “That has prompted many financial companies across the world to resort to decisive action to strengthen data security. LB Finance was driven by the same thought process when we partnered with KBSL to implement an advanced security solution” the DGM added.
KBSL is one of the leading Information/Systems Integrators of ICT solutions for Enterprises in Sri Lanka and in the region. The company was founded in 1987, as a fully owned subsidiary of the largest conglomerate in Sri Lanka, the John Keells Holdings. In April 2008, John Keells Holdings divested the shares of KBSL to Co Serv. KBSL first commenced its operations as an IBM business partner and has grown over the years to be one of the leading Information/Systems Integrator in Sri Lanka. At the heart of its success is the company's sustained culture of innovation and a highly committed team that nurtures technical competence, versatility, business acumen and a strong value system.
LB Finance the leader in Finance and Leasing has an A- (lka) rating from Fitch Ratings Lanka Ltd. with a stable outlook. Those who invest with LB Finance are guaranteed the best return for money and a superior customer service. With experience of doing business in Sri Lanka over the past 48 years, LB Finance is extremely adept at providing the service customers need and deserve.
