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Helping businesses fight cybercrime through partnership

iStock 1295646654 - Global Banking | Finance

We spoke to Nihal Sequeira, EMEA Corporate Executive, Nuix and Mark Brown, Global Managing Director, BSI Digital Trust about their recent partnership and how it will help corporates to fight cybercrime

  1. Why do businesses find it difficult to protect themselves from cybercrime?
    Nihal Sequeira EMEA Corporate Executive Nuix - Global Banking | Finance

    Nihal Sequeira, EMEA Corporate Executive, Nuix

Nihal: “In the last year, global cyberattacks increased by triple digits. As a result of this, businesses feel constant pressure to protect themselves, their data and intel from cybercriminals. What many don’t realise, however, is that these may not always necessarily be external attackers. In fact, a 2020 Forrester report found that instances of insider threats are growing, and account for over 40% of all organisational data breaches, as well as costing companies billions in damages, not to mention the further regulatory and reputational risks that ensue. This adds a further strain on businesses hoping to shield themselves from attacks but may not be prepared to act when these attacks come from the inside. One such way to target such insider threats is through greater automation in security, which enables rapid detection of threatening activity.”

Mark Brown Global Managing Director BSI Digital Trust - Global Banking | Finance

Mark Brown, Global Managing Director, BSI Digital Trust

Mark: “Part of the reason why more businesses have fallen prey to cybercrime and particularly insider threats, is the increase of hybrid and remote working, as well as the usage of the Internet to manage, store and save data. Moreover, one of the challenges faced by businesses in their strategies to protect themselves from digital crime is the ability to review data quickly and accurately. If being done manually, this can be a time-consuming endeavour, as well as being inevitably subject to human error.”

  1. Why did BSI and Nuix partner?

Nihal“The partnership between BSI and Nuix comes as a pursuit to combat cybercrime and support businesses as threats evolve and become significantly more sophisticated. As such, the partnership will tackle both internal and external threats, giving businesses the tools with which to devise appropriate strategies to protect themselves from any threats to their data integrity. By giving businesses access to Nuix’s software, organisations will be able to process large volumes of unstructured data safely secured in the cloud, to aid their investigations. This will minimise the time spent in processing data and eliminate the potential for human error, as well as enabling businesses to rapidly detect potential threats, thus granting them greater efficiency in security.”

  1. What value will this cloud-based eDiscovery and investigation solution bring?

Nihal: “Nuix’s cloud-based eDiscovery and investigation solution will enable clients to migrate, understand and interpret their data. This can be used to support internal investigations and regulatory compliance, thus preventing data breaches both from internal or external attackers. By enabling businesses to migrate case data to a cloud-based solution, our partnership will cause a drastic reduction in the time spent on document review, thanks to cutting-edge visual analytics tools which streamline data visualisation. One of the keys to combating data breaches, and particularly insider threats, is rapid detection, which can be achieved by using digital forensics. Our partnership will help businesses to detect data breaches and ensure their critical value data (CVD) is being shared within a secure environment.”

  1. How will the partnership aid the growth of Nuix and BSI?

Mark: “By combining our respective offerings, our partnership aims to enable customers to gain access to Nuix’s investigative software, and to strengthen BSI’s global footprint in data management. The combined strengths and reaches of BSI and Nuix will enable both entities to target new clientele, improve respective capabilities and grow our own customer networks. Both BSI and Nuix are recognised specialists in their fields, with an established offering across several industries and jurisdictions. As cybercriminals become more sophisticated in their means, businesses must stay ahead of the curve and adopt new technologies to ensure effective protection. By coming together, we hope to drive business resilience and enable our clients to find the truth in a digital world.” 

Global Banking & Finance Review


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