BI.ZONE — a Russian cyber-solutions developer will take an active part in Seamless Philippines 2019 — the annual international exhibition of retail technology and payment systems, which is due to be held in Manila on 25-26 of September.
Traditionally, cybercriminals are more focused on the financial sector, where attacks are directed at both the corporate IT infrastructure and the banking customers. The annual BI.ZONE study reveals that the main cyberthreats within the banking sector remain to be leaks of confidential data, social engineering methods, where cybercriminals convince their victims to transfer money through fraud, by phone or SMS, as well as targeted attacks on banking systems. Finding effective solutions in the fight against cybercrime today is the number one challenge for financial organisations, since banks work with resources that have a direct influence on the development of the economy and the quality of life.
At Seamless Philippines 2019, BI.ZONE experts will make a presentation «Omnichannel Banking Fraud Prevention» where they will share their success stories in countering fraud in financial sector. The company’s flagship product BI.ZONE Fraud Prevention solution uses artificial intelligence and machine learning technologies to verify all payments made in digital banking channels in real time and prevent unauthorised transactions.
BI.ZONE experts are also planning to present a unique project aimed at creating a platform for exchanging cyberthreat data. BI.ZONE ThreatVision is now securing over 70 Russian financial institutions and already helped to prevent losses to the banking sector estimated to amount to $122 million.
"Russian-speaking Darknet is one of the most advanced globally and it is always a challenge to understand it due to a language barrier. As a company that protects over 80% of Russian financial sector, we understand this underground community like no one and readily share this knowledge with our clients and partners", says Dmitry Samartsev, CEO of BI.ZONE. — "Cybercrime has no borders, thus building partnerships between countries is essential for a successful fight against global cybercrime. And we hope that we will develop and strengthen our cooperation with the Republic of the Philippines in order to lead this fight together".
The decision for BI.ZONE to partake in Seamless Philippines 2019 was a logical step to strengthen international cooperation. Especially in light of last year’s Memorandum of Understanding signed by the Department of Information and Communications Technology of the Republic of the Philippines and BI.ZONE in which the parties agreed on a mutual response to incidents, as well as the exchange of information on cyberthreats. In June 2019, DICT representatives took part in the largest industry-specific event in Russia and Eastern Europe — Global Cyber Week, including Cyber Polygon — online training for international business cooperation in the fight against digital threats. The aim of the training was to define new and revise the old ways of detecting cyber incidents, responding and mitigating attacks, as well as improving technical and organisational forms of cooperation. The training gathered 12 million spectators from 24 countries and the results impressed everyone: with collaborative efforts, the effectiveness of the response increased by more than 7 times.