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CYBER SECURITY ' MOBILE & INTERNET BANKING
24th October 2014

Bandar Seri Begawan, 24 October 2014 – With the rapidly rising popularity of smartphones and their increasing computing power which surpasses those of early personal computers, the younger generation now views the mobile phone and the internet as an essential tool in their day-to-day activities at work, school and at home. Technology too is in a constant state of change and with these rapid advancements, smartphones, as computers, are also vulnerable to attack.

On the technology front, the banking sector is driven on a strong technology platform. At Baiduri Bank, technological solutions are being provided by the best in the IT industry as we make the protection of our customer data an utmost priority. PCI DSS, which is the Payment Card Industry Data Security Standard, is a worldwide standard that was set up to help businesses process card payments securely. Some ways in which we do this, as per our PCI DSS compliance, is to encrypt our data. This renders the data useless even if someone were to gain access to this data.

Another way we can cope with the constant state of change is that being a local bank, we are able to respond faster to change and as such are able to bring in new technologies and updated security measures into play faster. Ultimately, from a bank's perspective, we are dependent on a system that captures data and the most crucial step is how we manage that data. At the Bank, we employ a multi-tiered firewall architecture which allows us to isolate any threats to a particular area / level. This is complemented with other security monitoring devices to ensure that our central computer systems are not affected thus keeping the customer’s information free from any malicious attacks.

It is near impossible to get it right all the time as technology evolves continuously. But there are mobile-specific defences which we employ as well as PC-specific defences based on the industry standard.

In short, there is no one-size-fits-all strategy. There is only so much that a service-provider can do in order to protect the customer data but the customer themselves can also take steps to prevent falling victim to cybercrime.

Some ways a customer can hinder, if not prevent, an attack are:

  • Upgrade to the latest anti-virus, anti-spyware and firewall software on their computer and mobile;
  • Do not "jailbreak" smartphones as it is more vulnerable to external threats;
  • Do not connect to an unsecured Wi-Fi when performing transactions in a public place;
  • Ensure that their browsers are updated to the latest versions;
  • Look for the security lock icon during authentication and encryption procedures when conducting online transactions;
  • Never disclose PINs, passwords, personal details and other confidential information to anyone;
  • Avoid sending sensitive account or personal information, such as PINs, via phone, email or SMS; and
  • Do not install software or run programs of an unknown origin.

Our customers can alternatively head to our website at www.baiduri.com and look through our safety and security tips on other ways they can protect themselves.

Issued by: Sim Kiem Lee, Chief Technology Officer, Baiduri Bank

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