Revolutionizing Data Security: Interswitch and Thales launch CipherTrust Data Security Solution

Admin I Thursday, Oct. 03, 2024

 

LAGOS, Nigeria – Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has partnered with Thales, a global leader in digital and data security solutions, to launch CipherTrust Data Security Solution, an advanced data security solution designed to protect organisations from data breaches and threats.

This cutting-edge platform was unveiled at a Customer Engagement Forum that held recently at The Wheatbaker Hotel in Lagos which drew Chief Information Security Officers (CISOs), Chief Information Officers (CIOs), and Compliance and Risk executives from diverse industries including banks – both commercial and microfinance banks, and fintechs. .

The summit featured insightful discussions and presentations by industry thought leaders and experts, focusing on latest data security trends, data threats and breaches faced by businesses, especially in the financial ecosystem, strategies for mitigating them, and the critical role of robust data security measures in protecting organisations.

Giving his keynote address, Tyoyila Aga, Vice President, Financial Services, Interswitch Group, highlighted the importance of leveraging cutting-edge technology for data protection, emphasizing the need for compliance and collaboration in the data security ecosystem.

“Our partnership with Thales exemplifies our commitment to leverage cutting-edge technology to protect our clients and partners. Regulatory frameworks around data security are becoming increasingly stringent, and organisations must ensure they are in full compliance to avoid penalties and protect their reputation.

The CipherTrust Data Security platform is designed with these challenges in mind, offering comprehensive compliance features that make it easier for organisations to adhere to local and international regulations. Keep in mind that data security is a collective responsibility andit requires collaboration across industries, sectors, and borders,” Aga said.

He buttressed that the data security solution combines Interswitch’s expertise in payment solutions with Thales’ advanced data security capabilities, providing unparalleled protection for organisations’ sensitive information. He said: “This platform offers a comprehensive suite of tools, including advanced encryption, key management, and access controls, to safeguard sensitive data across all environments, whether on-premises, in the cloud, or hybrid.”

Demonstrating how the CipherTrust Data Security Solution works, Neil Cosser, Regional Sales Director for Africa, Thales Group elaborated on the practical applications and benefits of the CipherTrust Data Security Solution to businesses.

“The CipherTrust Data Security Platform is a game-changer in data protection. By leveraging advanced encryption, technologies, multi-factor authentication, and sophisticated fraud detection systems, the data security solution is designed to protect sensitive data and ensure that only authorized users can access it. By continuously updating these technologies, we can stay ahead of cyber threats and provide a secure environment for digital transactions, “he said.

In a fireside chat, Cosser said that Thales offers a robust security framework that ensures sensitive data is secure and organisations retain full control and transparency over their information, no matter where it’s stored. “The CipherTrust Data Security Platform represents a new era in data protection. With CipherTrust, businesses can confidently leverage their data’s full potential, while we handle the complexities of securing it,” he said.

He further stated that beyond data security, the solution can amplify business capabilities, streamline operations, and enable informed decision-making, driving innovation, competitiveness, and sustainable growth.

Interswitch’s partnership with Thales marks a significant milestone in the journey towards a more secure digital ecosystem and revolutionizing the Nigerian security landscape. This collaboration is not just a technological advancement but a commitment to safeguarding data integrity and enhancing the overall security posture of businesses across the nation.

Both entities remain dedicated to providing cutting-edge solutions that empower organisations to thrive securely in an increasingly digitized world.