The Islamic bank based in Karachi has engaged Resecurity’s Digital Risk Monitoring & Cyber Threat Intelligence to provide visibility to its security personnel about external threats and risks of exposure to its clients.
Strategic partnership between BankIslami and Resecurity, a cybersecurity and threat intelligence firm based in the US, has been formed to improve their digital security systems on their banking network. The strategic partnership of BankIslami with Resecurity in cybersecurity will enable the security team of the bank to have insights about the potential threats, dark web and adversarial intelligence.
Resecurity contributions to BankIslami’s cybersecurity arsenal
The collaboration between BankIslami and Resecurity entails using two dedicated service offerings from Resecurity. Resecurity’s DRM is responsible for monitoring the risks that exist in the bank’s presence on external digital platforms, thus detecting any data leaks and reputational threats before they become serious problems. Resecurity’s CTI service provides intelligence on adversaries, thus enabling the BankIslami security team to understand what is happening with cybercriminals on the dark web.
- Digital Risk Monitoring (DRM): Real-time monitoring of external threats, data leakage, and the digital footprint of the bank on the public and dark web.
- Cyber Threat Intelligence (CTI): Adversarial intelligence that helps identify threat actors and their attack methods prior to their manifestation as operations or impacts on customers.
- Dark Web Monitoring: Continuous monitoring of dark web activity relating to any exposure or fraud involving BankIslami.
This particular aspect of importance in case of Islamic banking
In addition, there is another factor associated with the Resecurity cybersecurity project, which is relevant to Islamic banks, and BankIslami highlights it explicitly. BankIslami views security through the prism of providing Shariah-compliant banking services, and therefore, ensuring the safety of their transactions is not only an operational but also a moral aspect in this case. Trust plays a very important role in Islamic banking, so data breaches and cases of fraud are always a matter of reputation and not just finances.
Our highest priority is to uphold our customers’ trust by safeguarding their interests. Our partnership with Resecurity reflects our commitment to adopting global best practices.” Rizwan Ata, CEO and President, BankIslami
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The context of the partnership Digital Transformation of BankIslami
The signing ceremony of the Resecurity of BankIslami is one of the many elements of the overall digital transformation programme that BankIslami has been implementing. This digital transformation programme stresses innovation, efficiency, and sustainable growth. The involvement of an expert from the US with dark web monitoring skills indicates that BankIslami is approaching cyber threat management at the global standards level.
Who signed the MOU?
In the MOU signing event held at the Karachi head office of BankIslami, Saadia Yasin (Chief Information Security Officer – Officiating) and Sajjad Qureshi (Chief Risk Officer) from BankIslami and Muhammad Bilal (Vice President of Operations) and Burhan Sheikh (Adviser) from Resecurity were present.
Nayab Fatima is a media professional specializing in fact-based journalism, research, and analytical reporting on technology, telecom, aviation, and automobiles.
