Just In Time Group holds forum on future of cyber security in BFSI sector

Neranjan Dissanayake

Clarence Samuel

Deenadayalan Nagaratnam

Under the thought leadership of Technologies Chief Technology Officer Neranjan Dissanayake, Just In Time Group hosted an insightful and interactive knowledge-sharing session pertaining to the importance and significance of modern cyber technology for the protection of data and next-generation security recently at Movenpick Hotel Colombo, in partnership with Connex Information Technologies Ltd.

session included on creating awareness of the global trends in cybersecurity, the roadmap to comply with data protection and privacy laws, the revolutionary technology mapping to the central bank regulatory framework, technologies to create a comprehensive cybersecurity architecture and introduce world-class international solutions to the local market, which key speakers Neranjan Dissanayake, Connex Information Technologies Consultant Information Security Deenadayalan Nagaratnam and Connex Information Technologies Consultant Information Security Clarence Samuel focused and discussed on.

“The COVID-19 pandemic introduced a revolutionary change to the corporate working culture, introducing the concept of remote working, which subsequently altered the external boundaries of internal IT systems and infrastructure and third-party integrations. This simultaneously introduced advanced cyber threats and ransomware to many organisations, making it extremely difficult to safeguard IT systems,” said Just In Time Group CEO Chrishan Mendis.

“The global economic crisis too creates a large vulnerability to Sri Lankan corporations, a target to foreign adversaries which may be both government or privately funded. Therefore, it is vital to increase the strength and resilience of the Cyber and Information Security Architecture,” Mendis said.

“Prevention, Detection and Response are the key aspects that revolve around modern and trending technologies from a global perspective. With the Central Bank Regulatory Framework on Technology Risk Management and Resilience and the Data Protection and Privacy Act which was approved in March, both licensed banks and financial institutions have much work to do to properly architect and design environments according to a layered defence-in-depth concept,” he added.

This knowledge-sharing session was well-received by the key industry leaders in the BFSI sector who attended this event.

It takes decades for a company to build a reputation but in the age where information and communication takes lead, in just a matter of seconds, a cyber-incident can bring it all down.

The ever-increasing adaptation to digital transformation for improved business processes and service efficiency has also brought organisations with typical risks of not only losing data, money or securities with business interruptions but also resulting in loss of millions in revenue and profits through cyber-attacks.

This is especially true when it comes to the Banking, Financial Services and Insurance sectors with an increasing number of incidents being reported over the past 12 months, Just In Time Group said.