Page 42 - November 2020

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 consumer technologies to increase stakeholders. Therefore, it is a burning
technology, but this whole say you can never avoid it. It witnessing the: Personal Data experience as a veteran taking adequate companies in the country. necessary to improve financial base, revenue and brand Panelist transparency and efficiency in issue that needs to be solved through
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 for the sector, including AI, discussions and today's discussion is
risk and what is at risk in our determined to help you even find sure Bangladesh will have its shed light on the existing layer deals with data security. To indirectly, work in this ecosystem introduction of various fintech decades. We have been spending Blockchain and Big Data. the step in the right direction.
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 time Numerous companies have been
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 digital successful in increasing the Q & A: You are currently
mobile; we don't use credit cards, into hand comes into play. How companies from misusing user might undermine monitoring tools may be distribution is quite good. But the Bangladesh. However, being a insurance and increase its accessibility of insurance using working with Surokkha, what
we use mobile wallets. So, our can you transfer the risk? There data. These legislations are very customer trust in the implemented. market penetration in terms of part of financial inclusion, the accessibility. The implementation IoT. When customers witness the was the inspiration behind
personally identifiable information are some settings available to robust and compel the companies banking sector? As a whole, these four layers of product and policies is very low. insurance sector is yet to make of technology and the collective implementation of these your contribution towards the
is right there out there on the dark transfer the risk, and one of them to prioritise data protection from In the banking sector, we view this defence combine with The rate is actually around 1% in a substantial impact on the effort of ensuring efficiency, technologies, they will start to program?
web. is cyber insurance. the very first day. Therefore, I cybersecurity as a multi-layer cybersecurity which includes a market of 170 million people. Bangladesh economy. However, I transparency and accessibility lean towards the sector. We prioritized on working toward
believe a change of habits, topic. To ensure a robust Incident response team, Securities One of the primary reasons for the firmly believe insurtech, cyber can provide the sector with the Additionally, we have to shift solving an existing socio-economic
THE HARD QUESTIONS STAYING AHEAD OF regulations and firms becoming cybersecurity system we engage in information event management lack of penetration is the trust tech and strong cybersecurity momentum it needs to go toward a pure agile approach problem. Consequently, we decided to
We use digital technology to ensure THE CURVE more careful in data handling will five layers of defiance. A breach in and user educational awareness. issue. The lack of trust and can win the consumer's hearts forward. I am happy to inform when implementing front end work with vehicle insurance. We wanted
that the processes become better, it Bangladesh may come up with undoubtedly result in a more one of the layers can cause The layers must be regularly awareness causes people to view overcoming the trust issue. you that GDIC is one of the approach. In the case of core to provide the opportunity to access
helps us in our overall life, but it their data protection acts or secure environment, and I believe problems for any financial assessed and improved to ensure insurance as a social taboo and companies in Bangladesh that is insurance, we should focus on insurance without incurring those costs
also increases a lot of data privacy guidelines, including the that's the way forward. institution be it a bank or an NBFI. a robust cybersecurity system. MD MONIRUZZAMAN people are incredibly adamant As a seasoned brand working on this combination on MD. SHAHADAT business accountability. If we can quickly. Concurrently, subsequent
successfully incorporate
risks simultaneously. And one regulatory fines and penalties. To ensure infrastructure security, Finally, I want to restate that any KHAN about getting any insurance. The marketing professional, the quest of building consumer market research revealed that very little
thing which definitely will help all Similarly, there are data breach we regularly carry out penetration breach in any layer of security of scenario did not just happen what kind of brand trust. As a market leader, we HOSSAIN innovative technology in our progress had been made in the sector. It
operations, we can ensure more
the companies to ensure that their costs which means that any testing and vulnerability the security system can SEVP, Head of Digital Business & overnight; it is the result of years marketing initiatives want to set the precedence for IT Specialist (Information/Cyber adaptation of the products from encouraged us to work towards making
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. We Security) the insurance companies. breakthroughs in the sector. Also, the
Green Delta Insurance Company
BISD Project, IDRA and FID
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 effort, and government is working relentlessly to
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 will be The insurance industry primarily restore consumer trust in the sector,
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. deals with financial data, health and the current growth rate of 11% of

primarily forms of trust,
the insurance companies enticed us to
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 data and PII (Personally invest ourselves in the sector.
process be an essential
standouts are and which are of
Identifiable Information), as
under similar regulations and
The keynote presenter, 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 opposed to banks which only Panelist Considering the entire
for creating mistrust among the
taken over our lives and made it
Bhishma Maheshwari, 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 contain currency data. Ensuring ecosystem, how can other
taking somebody's personally
towards assessing the
is more prepared in both in terms
started the session by 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? data privacy is crucial for companies win customer
increased cyberattacks including
insurance companies; therefore,
behind the mass digitalization of
Network Traffic Monitoring, Next
divulging the current 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 reasons for the attacks on integrity and confidence with the help of
in non-life insurance in
in Bangladesh. On is a trust
FinTech, Insurtech and food tech.
trends and challenges 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 privacy of data can render an technology?
information will use, and how safe
product like insurance
cope much better in the event of a
insurance industry is the claim
The entire insurance business depends
in ensuring 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, the insurance company obsolete. on trust. And the immense potential of
sectors are beginning to
Insurance companies must have

should be implemented to
cybersecurity and the 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 status robust IT infrastructure with the sector has not been yet utilized
policies can safeguard an
insurance sector. However, it will
situation has only accelerated
way forward. 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 settlement. proper awareness of the risks. because of the lack of trust. If trust can
custodian? These are two broad
Although it is dependent on
be restored, the possibilities are
In most cases, security breach
better processes, an equal
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 constraints, originates from the lack of immense. Our business is heavily
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 this awareness. We are also to ensure reliant on an agent-based network.
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 customer that the customers don't fall prey There have been few incidents where
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, with the to social engineering tactics. Our the agent swiped money from the
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 claim presenter rightly pointed out that ARIF SIKDER customers by producing fake receipts.
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 people have been adapting to the Managing Director As a result, the customer will not get
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 work from home culture since the Ezy Fintech Ltd the stipulated payout during claim
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 pandemic began. It has made our settlement. Such incidents have created
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 which work life more technology- I believe the pandemic has been a an atmosphere of mistrust in the sector.
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 intensive. Therefore we have to be driving force in technological Stakeholders of the industry should
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 incorporation aware of the existing risks and adaptation and implementation consider this issue a priority and work
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 such as AI, collaborate towards reducing them. across businesses in Bangladesh. towards eliminating such incidents.
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 will Subsequently, the issue of Concurrently, some companies have to
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 Q & A: As an IT consultant, cybersecurity has become the relinquish the mindset of depriving or
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 what kind of IT focal point of discussions as we delaying settlement amount, which is
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, infrastructure can encourage advance. It is a decisive issue for prevalent among a handful of
BHISHMA 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 average the general population about Bangladesh, which highlights the companies. The above goals can be
see in the digital sphere.
mass penetration of the banking
MAHESHWARI 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 the industry? absence of a skilled workforce in achieved through the digitalization of
We are at an advantage in this
Firstly, the entire attitude needs to
issues across the board. One of
Pacific region. Now, what all this
Executive Vice President and Cyber 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. regard as most of the current the sector. Moreover, we must the sector as it will help to establish
also address the lack of
Insurance Practice Leader 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 policyholders are tech-savvy. We consumer trust and confidence.
Marsh India 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 willingness to invest in
is issues related to data fraud, technology in families, the hundred percent safety. In fact, in do with the regulatory aspect, for technology. can introduce a range of cybersecurity from some of the
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