Page 38 - November 2020

WINNING CONSUMER
TRUST BY ENSURING
CYBERSECURITY
The third webinar on session. Along with them,
InsurTech shed light on the there were three more
topic: Winning consumer trust
by ensuring cybersecurity. The
Keynote of the session was Arif Sikder, Managing
presented by Bhishma Director, Ezy Fintech Ltd. and
Maheshwari, Executive Vice MD Moniruzzaman Khan,
President and Cyber Insurance
Practice Leader, Marsh India.
MD. Shahadat Hossain, IT Communication, GDIC.
Specialist (Information/Cyber
Security) BISD Project, IDRA,
and FID, Ministry of Finance
was present during the
The keynote presenter,
Bhishma Maheshwari,
started the session by
divulging the current
trends and challenges
in ensuring
cybersecurity and the
way forward.
BHISHMA
MAHESHWARI
Executive Vice President and Cyber
Insurance Practice Leader
Marsh India
36
millennials are hooked to digital the cybersecurity parlance, they example, we are at the brink of Q & A: From your malware on the internet and old. There are 79 insurance facilitating the trust that was one in terms of the consum
companies in the country.
taking adequate
witnessing the: Personal Data
technology, but this whole
say you can never avoid it. It
necessary to improve financial
base, revenue and brand
experience as a veteran
advancement also creates some might happen if a hacker is Protection Bill '' in India and I am banker, can you please countermeasures. The fourth Thousands of people, directly and inclusion in the country. The perception and have been so
risk and what is at risk in our
layer deals with data security. To
sure Bangladesh will have its
determined to help you even find
introduction of various fintech
indirectly, work in this ecosystem
decades. We have been spending
shed light on the existing
personally identifiable information a way to have assistance. It is version very soon. I believe cybersecurity threats that ensure data security and prevent and there are around 8000 companies has taken financial a considerable amount of tim
is at risk. Now, everything is on where the transfer of risk comes regulatory constraints will keep data loss, database activity branches, so geographically the inclusion on a different level in and resources to improve
might undermine
mobile; we don't use credit cards, into hand comes into play. How companies from misusing user customer trust in the monitoring tools may be distribution is quite good. But the Bangladesh. However, being a insurance and increase its
panelists: Anisur Rahman, we use mobile wallets. So, our can you transfer the risk? There data. These legislations are very banking sector? implemented. market penetration in terms of part of financial inclusion, the accessibility. The implem
Head of IT, City Bank Limited; personally identifiable information are some settings available to robust and compel the companies In the banking sector, we view this As a whole, these four layers of product and policies is very low. insurance sector is yet to make of technology and the coll
is right there out there on the dark transfer the risk, and one of them to prioritise data protection from cybersecurity as a multi-layer defence combine with The rate is actually around 1% in a substantial impact on the effort of ensuring efficiency,
web. is cyber insurance. the very first day. Therefore, I topic. To ensure a robust cybersecurity which includes a market of 170 million people. Bangladesh economy. However, I transparency and accessibil
believe a change of habits, cybersecurity system we engage in Incident response team, Securities One of the primary reasons for the firmly believe insurtech, cyber can provide the sector wit
SEVP, Head of Digital THE HARD QUESTIONS STAYING AHEAD OF regulations and firms becoming five layers of defiance. A breach in information event management lack of penetration is the trust tech and strong cybersecurity momentum it needs to go
Business & Brand We use digital technology to ensure THE CURVE more careful in data handling will one of the layers can cause and user educational awareness. issue. The lack of trust and can win the consumer's hearts forward. I am happy to infor
that the processes become better, it Bangladesh may come up with undoubtedly result in a more problems for any financial The layers must be regularly awareness causes people to view overcoming the trust issue. you that GDIC is one of the
helps us in our overall life, but it their data protection acts or secure environment, and I believe institution be it a bank or an NBFI. assessed and improved to ensure insurance as a social taboo and companies in Bangladesh that i
also increases a lot of data privacy guidelines, including the that's the way forward. To ensure infrastructure security, a robust cybersecurity system. MD MONIRUZZAMAN people are incredibly adamant As a seasoned brand working on this combination on
risks simultaneously. And one regulatory fines and penalties. we regularly carry out penetration Finally, I want to restate that any KHAN about getting any insurance. The marketing professional, the quest of building consumer
thing which definitely will help all Similarly, there are data breach testing and vulnerability breach in any layer of security of SEVP, Head of Digital Business & scenario did not just happen what kind of brand trust. As a market leader, we
the companies to ensure that their costs which means that any the security system can overnight; it is the result of years marketing initiatives want to set the precedence for
technological advancement is up is first-party expenses of forensics, assessment using some tools compromise user data which wipe Brand Marketing, of accumulated incompetence. enabled by technology our peers to learn and follow.
Green Delta Insurance Company
the task and trust in their which a firm does expand available in the market. Banks are out the revenues of a company in Limited Most of the companies that are can help people gain believe it's a collective effo
customer's mind. And when I trust immediately after a cyber attack, bound to run the tests as a a matter of seconds.Therefore the operating in the market are doing better trust in the if we lead the way, others wil
compliance regulation from the
entire security system should
very well and operating ethically.
THE DIGITAL unemployment, fiscal crisis, but I can talk about things which gets covered under the policy. central bank. I think the insurance work on collectively and There has been no better time to Unfortunately, a handful of system? Can digital able to follow the route.
primarily forms of trust,
In the end, I would like to say that
talk about cybersecurity. The
TRANSFORMATION two of the broad issues with transparency, and safety. How type of risk is real, it's there, and industry should also be operated coherently. pandemic has taught us many companies are guilty of claiming settlement How can we change the
standouts are and which are of
process be an essential
under similar regulations and
The digital transformation has more importance to us transparent are you when you are every firm is exposed to the same security protocols to ensure Fintech in Bangladesh has things; as it was rightly pointed malpractice and are responsible element to win the negative attitude of the
for creating mistrust among the
taken over our lives and made it
more convenient. Technology is cyberattacks and data progress. doing your dealings? When you're type of risk. Still, the firm which contemporary security standards. managed to gain a strong out in the presentation, the customers, which has continued client's trust? insurance companies
taking somebody's personally
towards assessing the
is more prepared in both in terms
being added to every aspect of The pandemic has also ushered in identifiable information form as a of mitigation, mitigating the risk, Other technologies such as foothold in Bangladesh as pandemic has been the catalyst over time. Two issues are responsible for claims?
behind the mass digitalization of
increased cyberattacks including
Network Traffic Monitoring, Next
life. We have heard about ransomware and phishing form? Are you transparent enough and also in terms of transferring generation firewall, SDN, Secured opposed to insurtech. How companies across the world. Even Green Delta is the market leader the low penetration of insurance One of the primary reason
in Bangladesh. On is a trust
in non-life insurance in
FinTech, Insurtech and food tech.
Everywhere, it is a technology attacks. Today we are here to talk to tell them which all areas their the risk to a right solution will DNS, Wireless prevention systems can we make a new though there were minimal Bangladesh, and we have been issue, and another is an the negative perception of the
information will use, and how safe
product like insurance
insurance industry is the clai
cope much better in the event of a
which is being integrated on our about cyber risks. is your network when I'm handing cyber attack. And this is where and privileged access management more appealing to the preparations, businesses across working diligently for the years to awareness issue. Most people settlement issue. Usually, th
sectors are beginning to
should be implemented to
system. This whole pandemic INCREASED you over my personally identifiable the whole trust issue comes in. If ANISUR RAHMAN strengthen infrastructure security. consumers while ensuring incorporate technology in their regain consumer confidence in the are not aware of how insurance discontent stems from the s
policies can safeguard an
insurance sector. However, it will
situation has only accelerated
that advancement. Now we all ACCESSIBILITY, information or as a data a firm has better preparation, has Head of IT In the case of applications, robust cybersecurity? operations successfully. take a collaborative effort from all individual and their community of the timing of claim sett
custodian? These are two broad
better processes, an equal
Although it is dependent on
City Bank Limited
know that you say the world is GREATER RISKS issues which every company has to technology place will win more financial institutions must have Firstly, we have to grasp the However, this transformation has the players in the sector to make from unforeseen events. In technical and legal constraint
brought a new set of risks, and
significance of fintech. It has
going through this large health When we talk about digital take care of. trust from its customers. The presentation was wonderfully an inventory of the number of cybersecurity is one of them. this a reality. Our regulatory today's world, people are more the sector has to address t
and economic crisis. Amid the touchpoints in Bangladesh, there insightful; however, I believe a applications they operate, and been pivotal for increasing Concurrently, we now have to commission IDRA is working inclined to purchase experience. issue in order to ensure
financial inclusion in
bad news, we have some silver were around 45 million MANAGING THE RISKS We repeatedly hear that few things also need to be they should be regularly tested. take measures to safeguard relentlessly to restore trust and The same product can be availed satisfaction. Thankfully,
linings. Many companies have smartphone users in 2017. This When there is a risk, there is also a different social media focused on. Firstly, the The source codes must be Bangladesh. However, the current customer information. Therefore, facilitate a healthy competition from multiple businesses, but roll-out of insurtech, the c
growth rate of fintech is
started focusing on near term number is slated to touch at risk management process which management needs to be aware of regularly scanned for vulnerability stakeholders of different sectors among the competing companies customers will always lean process will be completely
survival. And then this quest of 130.8 million by 2025. Mobile every company implements. platforms store customer the fact that investment is crucial and phishing attacks. considerably low due to some have to work together to create a in the sector. Concurrently, the towards a better experience. digitalized. Currently, this
reasons. Although fintech has
survival what they have done is payments have increased to Classical risk processes start with information without in strengthening cybersecurity. The customer-facing applications robust cybersecurity system insurance companies are tirelessly From a brand marketing process is manually conducted
they're becoming more and more massive levels with more than avoiding or terminating the risk. consent. Do you think Secondly, a skilled team is are riskier, and they should be facilitated a fast and efficient across industries. working towards the same goals perspective, the more I will be through human interaction
method of transaction,
digital. $2.35 billion of payments So, if there is a risk associated with insurtech can ensure better essential to execute a strategy assessed in compliance with as per the directive from the able to make the customers is very time-intensive. But
mobilized for mobile payment. specific processes or technology, it data privacy for the efficiently. Finally, it can be global practice. I believe such maintaining overhead costs and regulatory commission. aware about my offerings, the insurtech, with the incorpor
INTERCONNECTED Because also increased internet starts with avoiding the risks customers? summarised that increased usage infrastructural and security most importantly creating a Q & A: The insurance Interestingly, the trust between better the chances of customers of latest technologies suc
RISKS banking, card-based e-commerce which are always not possible. The I am a big proponent of data due to easier access may lead to compliance should be uniform regulatory directive is sector has long been the customers and insurance opting for my products. It has to Big data and blockchain
very difficult in Bangladesh.
implemented in the insurance
Most of the current risks are now transactions have gone up by next step to mitigate the risk is privacy and believe data greater security risk. Therefore, Therefore, increasing financial stigmatized among the companies can easily and quickly be done with the help of make the process efficient and
interconnected in nature. When 30%, electronic fund transfer is employing the best of the class protecting begins at home. As customers will always lean sector. inclusion through the use of general population in be restored with the help of technology as most of the more transparent than ever
Thirdly, the security of the
you talk about infectious almost at 40% and Bangladesh infrastructure and trained people individuals, we are not very towards a more secure endpoint device used by the technology is a journey and Bangladesh. Why do you technology. For example, the potential customers are very thought possible. On average,
diseases, which is this pandemic has now become the fifth largest and ensuring that there is enough careful about our data, and that's cybersecurity system. employees must be ensured with everyone involved has to work think the negative introduction of MFS facilitated the receptive of what they hear and insurtech will reduce aver
see in the digital sphere.
mass penetration of the banking
has created lots of risks and smartphone market in the Asia transparency and safety when you where the problem originates. Realistically, no system can the help of antivirus and together towards a common long perception of the industry industry in Bangladesh. It played From our perspective, Green claim settlement time from
Firstly, the entire attitude needs to
Pacific region. Now, what all this
issues across the board. One of
them is a food crisis, then there is means is that there is a lot of are running your processes. But change from an individual point guarantee a hundred percent encryption mechanisms. The term goal. has prevailed? a pivotal role in increasing Delta is the number one non-life twenty-one to 3-4 days.
critical infrastructure failure that investment when it comes to even after doing everything of view. It also has something to security, but we can reduce employees will also have to be The insurance industry in financial inclusion in the country. insurance company in the
possible, nothing can guarantee a service significantly with modern educated on detecting malicious Bangladesh is more than 45 years Therefore, technology is private sector. We are number
is issues related to data fraud, technology in families, the hundred percent safety. In fact, in do with the regulatory aspect, for technology.