Top level gathering of Heads of Banks and Licensed Finance Companies for information security

Tuesday, 28 January 2014 00:00 - - {{hitsCtrl.values.hits}}

LOLC Technologies Ltd, the Information Technology Services arm of the LOLC Group, in strategic partnership with Oracle Corporation Singapore Ltd. held an awareness session under the theme ‘Information Security, Threats and Opportunities’ among C-level corporate officers from Banks and Licensed Finance Companies in Sri Lanka, at the Cinnamon Grand Hotel recently. This high-level gathering included Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal, as the Chief Guest. The participants included the highest echelon of distinguished Banking Executives – Chairpersons and Chief Executive Officers – from renowned banks and financial establishments such as the Hatton National Bank, Commercial Bank, Peoples Bank, Bank of Ceylon, and Union

Bank among others.

LOLC Group Chairperson Rohini Nanayakkara; LOLC Group Group Managing Director Kapila Jayawardena and LOLC Technologies Ltd Managing Director/Chief Executive Officer Conrad Dias, together with officials from the LOLC Group and Oracle Corporation Singapore Ltd were also present. The aim of the program was to create a broader discourse and an understanding in the Financial Services community about securing the integrity of Information Services within their organisations and the Financial Services sector, whilst taking measured responses against cyber

threats and exploring opportunities. Cabraal shared his views in this regard, “As we prepare to reach 4,000 USD per capita income and to fulfil the next phase of our country’s development, we have taken the necessary steps in all sectors of our economy to progress ahead seamlessly. In this endeavour, to sustain a resilient Banking and Financial Services sector in Sri Lanka, we have taken timely measures to be ‘IT Ready’. All efforts in this regard are made to prepare and strengthen ourselves for the future and to progress forward.” Providing an insight into the program, Identity Management and Security, Oracle Asia-Pacific Director Kenneth Hee explained as follows; “We see more targeted cyber-attacks on systems now where attackers have an understanding about their targets and their vulnerabilities. The key is not to view cyber-attacks in fear; as problems which require immediate technical solutions, but to approach them as opportunities to take measured steps to strengthen the existing systems and strategically prepare them well in advance.” Risk Management He further went on to encourage participants to view cyber threats from the perspective of Risk Management and to understand them as long term opportunities for business enhancement. “The key is to identify vulnerabilities in your systems and strategically prepare them to mitigate threats from within. By adopting a ‘Security Inside Out’ approach, you can understand how resilient your security structures are and thereby transform these threats into opportunities that create long term value for your business,” he concluded. Jayawardena also shared his views; “This is indeed a timely event to have a discussion about mitigating cyber threats. Business leaders in the financial services sector, especially those in the banking sector, will require the necessary resources to prepare and upgrade their IT processes and procedures. We are privileged to have begun an initial dialogue as a step forward in this direction.”

LOLC Technologies Ltd is at the forefront of providing a comprehensive portfolio of IT services with a special focus on banking and financial services sector of the country. The company partners with principles such as Oracle, Microsoft and VM Ware to provide integrated ICT solutions and services, while maintaining strategic alliances with other delivery partners in the region. LOLC Technologies Ltd has a special focus on Information Security Consultancy with its InfoSec division. The company also holds the IP (Intellectual Property) Fusion Financial Solution Suite (FusionFSS), a specialised Non-Banking Financial Services System that is deployed in many NBFIs in the country. Further, the company provides implementation and consultancy services as system integrator for other enterprise software applications such as Oracle Enterprise Resource Planning (ERP), Customer

Relationship Software Solutions (CRM) and Business Intelligence Solutions.