Beyond Smarter Data Management and Protection for BFSI Institutions

The evolution of digital financial services will be most noticeable in Singapore over the coming years in three important areas: Web 3 and the emergence of decentralised finance, AI and Machine Learning.

A regulatory framework, adherence to policies and accountability will go a long way to improve services, enhance safety and better the client experience. Hence, robust governance and compliance must be a priority in the Banking, Financial Services and Insurance (BFSI) sector.

By adopting a centralised data protection solution, Clients can have visibility and assurances across their heterogeneous workloads to where and how their data are protected, allowing them to meet their recovery time objectives and IT audit compliances.

Malware and ransomware threats and overall cyber security need to be strategically addressed on many different levels. This entails proactively checking for irregularities and monitoring the backups. Backup data are stored securely as immutable copies to prevent encryptions from malware. Data to be recovered also needs to have the option to be scanned and cleanse by organisation's anti-virus solution to prevent ‘unclean’ data to be restored back to production.

Enhancing data trust lifecycle management is necessary to prevent the reintroduction of previously uncleaned data into production as data is being cleaned and operationalised. Everyone must protect their privacy and regulations like the Personal Data Protection Act (PDPA) must be upheld and followed.

Veeam’s customer Kasikornbank (KBank), one of the largest and most successful banks in Thailand, is also Forbes Global 2000 company serving 16.5 million customers. As digital transformation requires modern data protection, they looked for an alternative when their legacy backup solution had to modernise. They deployed Veeam’s solution, which provided data protection that aligns with the bank’s vision to build the digital bank of the future and supports data privacy compliance regulations from the Central Bank of Thailand. Thus saving 900 administrative hours monthly and $70,000 in IT cost annually.

BFSI organisation should adopted these approaches when they seek to modernise their data protection solution.

Modernise Data Protection Strategy

It can be challenging to provide flawless performance while reducing the danger of interruptions due to ransomware and other cyber-attacks. Modern data protection solutions have demonstrated the ability to reduce expenses, enhance automation, boost intelligence and develop novel methods to reuse data to fuel new life.

Automate Finance Operations

Intelligent automation removes manual, time-consuming, and repetitive operations and can guarantee business continuity.

Data Classification to Mitigate Security Threats

BFSI organisations must safeguard all workloads using backups, reinforced with snapshots and replication when necessary. This will ensure data is always recoverable and accessible in the case of outages, assaults, loss, or cyber threats. Practices for data governance are improved by this function.

Ensure Data Immutability to Mitigate Risk

Receive unequalled data immutability, instantly identify ransomware activity, and take action to stop future infection.

OpenGov Asia is pleased to invite you to our OpenGov Breakfast Insight aimed at imparting knowledge to the Singapore Banking, Financial Services and Insurance industry.

This session serves as a great peer-to-peer learning platform to gain insights and practical solutions that enable organisations to maximise data capability through automation, and cost-effective and secure data-driven process to adhere to the current data regulation and compliance.

We will be discussing:

• CURRENT METHODS to improve the availability and accessibility of data
• STRATEGIES to implement data governance across the organisation effectively
• STAGES to boost the accuracy and reliability of data
• STEPS to drive the consistent use of decision-making data across the departments
• METHODS to ensure integrity, confidentiality and data security are maintained
• WAYS that will improve the knowledge and behaviours to ensure data is managed as a strategic asset
• TOOLS that are essential for a data exit strategy and recovery plan

Who should attend:

• Chief Innovation Officers
• Chief Technology Officers
• Chief Data Officers
• Chief Analytics Officer
• Chief Information Security Officers
• Chief Strategy Officers
• Heads of Fraud Strategy
• Heads of Fraud Risk Modelling
• Heads of Data
• Heads of Digital Platforms
• Heads of Trust, Data & Resilience Global Outreach
• Heads Decision Management
• Heads of Digital Transformation
• Heads of Analytics
• Heads of Data Science
• Heads of Information Security
• Heads of Technical Compliance

Host or Publisher OpenGov Asia