Russian company BI.ZONE contributes its expertise in cybersecurity at Seamless Philippines 2019
Traditionally, cybercriminals are more focused on the financial sector where attacks are directed at both the corporate IT infrastructure and the banking customers. The annual BI.ZONE study reveals that the main cyber threats within the banking sector remain to be leaks of confidential data, social engineering methods where cybercriminals convince their victims to transfer money through fraud, by phone, or SMS, as well as targeted attacks on banking systems. Finding effective solutions in the fight against cybercrime today is the number one challenge for financial organizations since banks work with resources that have a direct influence on the development of the economy and the quality of life.
At Seamless Philippines 2019, BI.ZONE experts will make a presentation "Omnichannel Banking Fraud Prevention" where they will share their success stories in countering fraud in the financial sector. The company’s flagship BI.ZONE Fraud Prevention solution uses artificial intelligence and machine learning technologies to verify all payments made in digital banking channels in real time and prevent unauthorized transactions.
BI.ZONE experts are also planning to present a unique project aimed at creating a platform for exchanging cyber-threat data. BI.ZONE ThreatVision is now securing over 70 Russian financial institutions and has already helped to prevent losses to the banking sector estimated to amount to $122 million.
The decision for BI.ZONE to partake in Seamless Philippines 2019 was a logical step to strengthen international cooperation. Especially in light of last year’s Memorandum of Understanding signed by the Department of Information and Communications Technology of the Republic of the Philippines and BI.ZONE in which the parties agreed on a mutual response to incidents, as well as the exchange of information on cyber threats. In June 2019, DICT representatives took part in the Global Cyber Week, the largest industry-specific event in Russia and Eastern Europe, which included Cyber Polygon—an online training for international business cooperation in the fight against digital threats. The aim of the training was to define the new and revise the old ways of detecting cyber incidents, responding and mitigating attacks, as well as improving technical and organizational forms of cooperation. The training gathered 12 million spectators from 24 countries, and the results impressed everyone: with collaborative efforts, the effectiveness of the response increased by more than 7 times.