Vietnam’s Sacombank partners IBM to transform cybersecurity ops centre
Published 26 February 2021
Sacombank announces on Friday its further cooperation with IBM in an attempt to transform its Cybersecurity Operations Center (SOC), strengthening the Bank’s information technology security infrastructure.
IBM has proposed Saigon Commercial Joint Stock Bank (Sacombank), ranked as one of the top 50 largest enterprises in Vietnam by VNR500 Ranking, a 3-year roadmap for modernizing and improving SOC. The SOC has been established and initially operated according to international standards from the beginning of 2020.
“Now with IBM world-class expertise and security standards, Phase 2 of the SOC transition will allow us to more effectively detect and protect against cybersecurity threats, ensuring customers’ data to be protected optimally and most securely,” said Tran Thai Binh, Chief Information Officer at Sacombank.
The SOC technology that IBM transferred to Sacombank is equipped with intelligent threat detection capabilities and is powered by IBM’s security analysis platform (IBM QRadar Security Information and Event Management – SIEM), following the same methodology as IBM SOCs worldwide.
The transition plan will focus on deploying new and enhanced existing SOC equipment, including upgrading QRadar infrastructure; integrating Security Orchestration, Automation and Response (SOAR) tools to create an agile Incident Response (IR) process; preventing against personal uses of information related to threat documents; implementing Qradar Network Insight (QNI) to identify real-time malicious content and attack alerts (Indicators of Attack (IoA)); extending security monitoring to 250 additional log sources, deploying user framework and libraries; as well as conducting an annual review for SOC.
“Cybercriminals are constantly developing cybersecurity attack tactics for financial gains, disrupting or damaging the reputation of businesses,” said Pham Thi Thu Diep, General Director of IBM Vietnam. “In such situations, it is important for businesses to have SOCs with industry-leading technology in place to operate and respond in a timely manner.”
According to the 2020 Cost of a Data Breach Report conducted by IBM and Ponemon Institute, it takes the financial industry about 233 days to detect and defend against cyberattacks. The financial services industry has lost $ 5.85 million due to data breach, ranked third in the average cost of losses among 17 industries studied.