Interswitch has partnered with Thales, a global leader in digital and data security solutions, to launch CipherTrust Data Security Solution, an advanced data security solution designed to protect organisations from data breaches and threats.
This platform was unveiled at a Customer Engagement Forum held recently at The Wheatbaker Hotel in Lagos. The forum drew Chief Information Security Officers (CISOs), Chief Information Officers (CIOs), and Compliance and Risk executives from diverse industries, including banks—both commercial and microfinance banks and fintechs.
Tyoyila Aga, Vice President, Financial Services at Interswitch Group, said, “Regulatory frameworks around data security are becoming increasingly stringent, and organisations must ensure they are in full compliance to avoid penalties and protect their reputation.
“The CipherTrust Data Security platform is designed with these challenges in mind, offering comprehensive compliance features that make it easier for organisations to adhere to local and international regulations. Keep in mind that data security is a collective responsibility, and it requires collaboration across industries, sectors, and borders.”
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Neil Cosser, Regional Sales Director for Africa, Thales Group, stated, “The CipherTrust Data Security Platform is a game-changer in data protection. By leveraging advanced encryption, technologies, multi-factor authentication, and sophisticated fraud detection systems, the data security solution is designed to protect sensitive data and ensure that only authorised users can access it. By continuously updating these technologies, we can stay ahead of cyber threats and provide a secure environment for digital transactions.”
Interswitch’s partnership with Thales is a journey towards a more secure digital ecosystem. According to Lanre Basamta, Co-Founder and CEO of Optimus AI Labs, the digital age has made Nigerians more vulnerable, with their online data easily accessible to malicious actors.
“Nigerians are now almost fully digitalised. Your data can be bought, and then someone can break through the system,” he told BusinessDay. He noted that while global threats from external attackers remain significant, the greater danger comes from internal threats within organisations.
“The biggest threat we saw from Facebook earlier in the year was from their staff. And beyond that, our banking system is now exposed to the world. A young 22-year-old from North Korea can attack the Nigerian banking space. Recently, we heard about virtually all the data from Nigerians, collected by NIMC, being exposed and sold for as little as N100,” he said.
According to Interswitch, its new partnership is committed to safeguarding data integrity and enhancing data security.
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