Data breach incidents are on the rise in Nigeria, as 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 reverse the trend.
Surfshark, a cybersecurity firm, reported that data breach incidents increased by 64 per cent in Q1 of 2023, recording 82,000 cases of data breaches in Q1 2023, up from 50,000 recorded in Q4 2022.
Interswitch and Thales have joined forces 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 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.
Giving his keynote address, the vice president, Financial Services, Interswitch Group, Tyoyila Aga, highlighted the importance of leveraging cutting-edge technology for data protection, emphasising 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 and it requires collaboration across industries, sectors, and borders,” Aga said.
The vice president 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, adding that, “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, regional sales director for Africa, Thales Group, Neil Cosser, 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.
