Mr. Channa de Silva
General Manager /CEO
LankaClear (Pvt) Ltd
As the security incidents across the globe are rising both in terms of numbers as well as sophistication, organizations are opening up to the reality that information security is no longer an IT Risk; but rather a Business Risk. The statistics are alarming. According to the Global State of Information Security Survey 2016 of PWC, in 2015, 38% more security incidents were detected compared to 2014. The average cost of a corporate data breach has increased by 15% to $3.5 million (www.insurancejournal.com). Astonishingly, third parties with trusted access have been found responsible for 41% of the detected security incidents at financial services organizations (2015 Cyber Threat Defense Report). Even though these are global statistics, we simply cannot assume that Sri Lanka is immune to such threats.
Banks and financial institutions have been a prime target of hackers and there are numerous examples of a single security breach in a bank, which has led to destabilizing an entire financial system. In this backdrop, FINCSIRT was established to address a timely need of the industry by assisting the banks and financial institutions of the county to help handle cyber threats effectively and moreover in a proactive manner. Launched as a join initiative by Central Bank, SLCERT, Sri Lankan Bankers Association and LankaClear, the prime objective of FINCSIRT is to uplift the information security of the entire financial sector by providing both proactive and reactive responses to industry-specific security threats. FINCSIRT functions under a governance model monitored by a steering committee consisting of Central Bank, SLBA, member organizations, SLCERT and LankaClear. It is noteworthy that FINCSIRT has achieved a significant growth over the last two years since its inception in 2014; and currently serves over 30 organizations.
LankaClear as the operator of Sri Lanka’s National Payment Network – LankaPay, takes great pride in being an integral part of FINCSIRT. Security is of fundamental importance to all our operations. We continuously invest and thrive to achieve the highest international standards in terms of security to ensure stability of our systems, which is critical to provide a reliable back-end support for entire financial system of the country. Security also plays a key role in the adoption and growth of electronic payments. In this context we find FINCSIRT to be complementing our core operations.
This quarterly newsletter of FINSCIRT is intended to provide worthy information on security related issues and will further elucidate banks and financial institutions on the rising security risks.