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Trustees identify data security as a key concern as cyber risks increase

By Reporter
29 November 2021 | 1 minute read

Equity Trustees has partnered with Deep Instinct to take a prevention-first approach to stopping ransomware and other malware using a machine learning cyber security framework.

According to a recent report from the Australian Cyber Security Centre (ACSC), cyber crime in the last financial year was up 13 per cent on the previous 12 months, with 67,500 instances reported. Not all are reported.

Australian businesses are investing in the latest technology to safeguard client data following the sharp rise in increasingly more sophisticated cyber attacks as employees worked from home during the COVID-19 pandemic.

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The ongoing challenge of data protection is being magnified not only by the rapid evolution of cyber threats but also by the necessity of working from home during the pandemic, which has created a heightened cyber risk environment according to Phing Lee, chief technology officer at Equity Trustees.

“In partnering with Deep Instinct, we were seeking technology that would actively detect and stop new threats from entering the environment on each and every device used by employees, to provide immediate and accurate prevention,” Lee said.

With a brand built on trust and securing the wealth and assets of clients and beneficiaries now and into the future, it has also been top of mind for the national trustee company.

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Deep Instinct’s Threat Prevention Platform was selected for its new and innovative approach to cyber security, Akash Mittal, general manager, technology and security at Equity Trustees added, commenting on the partnership.

“What appealed to us was the platform’s intuitive ability to protect against unknown threats like ‘zero-day attacks’, which exploit flaws in software and hardware, and advanced persistent threats, which use sophisticated hacking techniques.

“It was also easier to work with a simple solution offering without the additional complexity of a tiered services structure,” Mittal said.

Since implementing the system, Mittal noted that Equity Trustees had saved time and increased efficiencies.

“Where previously we were overloaded with alerts and false positives from anti-virus software, we can now immediately identify valid threats and further strengthen our overall security, providing peace of mind to our clients.”

In support of the new partnership, Jeff Giannetti, chief revenue officer at Deep Instinct is aiming to capitalise on the prevention-first approach with the new partnership.

"With Deep Instinct's threat prevention platform and end-to-end deep learning framework, financial organisations like Equity Trustees, can have peace of mind by reducing the time spent on false positive investigation and allowing teams to prioritise legitimate security concerns."

"We are pleased to bring a prevention-first approach to Equity Trustees, allowing the IT security team to protect their business better," Giannetti concluded.

[Related: Russian hackers target millions of Gmail users]

 

 

 

Trustees identify data security as a key concern as cyber risks increase
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