Robert Trong Tran, director of Cyber Security Assurance Service at PwC, talks to VIR about how to avoid cloud security pitfalls. Potential cloud threats In Vietnam, the importance of cloud security has often been underestimated. Many business leaders still consider cloud services as the best solution for ensuring data security. This is not entirely accurate. The aforementioned incidents had several things in common. All occurred on a public cloud, where security configurations are sometimes complex, disjointed from on-premises standards, and often misunderstood. All companies could have benefited from a more detailed design and implementation of cloud infrastructure, business processes and security policies, and all suffered from a vaguely defined ‘shared responsibility model’ that created exploitable loopholes. It doesn’t end there. In the broader market, there are many common pitfalls which are often left unaddressed. According to the Lloyd’s Class of Business … [Read more...] about How to avoid cloud risks
Vendor risk management best practices
Social News Headlines 13/4
Doctors to examine killer skin disease As many of 300 reports on dermatology and venereology, including 60 reports from Viet Nam, will be presented at the 21st Regional Conference of Dermatology which opened in Da Nang yesterday. Steven Chow, secretary general of Asian Academy of Dermatology and Venereology (AADV) and the League of ASEAN Dermatological Societies (LADS), said the conference would share information and expertise relating to dermatology practices. "This RCD has been held the first time by Viet Nam in celebration of the entry of the Vietnamese Society of Dermatology and venereology into the League of ASEAN Dermatological Societies. This important event follows the inauguration of the Asian Academy of Dermatology and Venereology in Ha Noi in 2009," Steven said at the opening ceremony. "Trainees and dermatologists will take advantage of this special opportunity to attend various teaching courses and workshops at the conference," he said. Chairman of Viet Nam Society of … [Read more...] about Social News Headlines 13/4
Coordinated defense
The time has come for threat intelligence sharing between financial institutions in Vietnam and worldwide, said Mr. Robert Trong Tran, Director of Cyber Security Services, PwC Vietnam. Flight information screens at both Noi Bai International Airport in Hanoi and Tan Son Nhat International Airport in Ho Chi Minh City were compromised on the afternoon of July 29, displaying offensive messages about Vietnam and the Philippines along with distorted information about the East Sea. The website of national carrier Vietnam Airlines was also attacked by hackers, with the personal data of many frequent fliers exposed on the main page. The hack affected some 100 flights, which were delayed by between 15 minutes and two hours, the Civil Aviation Authority of Vietnam (CAAV) said in a statement after the attack interrupted the airports’ electronic check-in systems. A day later, the State Bank of Vietnam (SBV) wrote to banks, … [Read more...] about Coordinated defense
Vietnam success in foiling hack shows risk of Swift connection
A foiled hacking attack on a small Vietnamese bank may have been a practice run for an $81 million cyber assault on Bangladesh’s account at the Federal Reserve Bank of New York, and points to vulnerabilities in how banks connect to the Swift interbank messaging system. Vietnam’s Tien Phong Commercial Joint Stock Bank, known as TPBank, informed the country’s regulators on Monday that it had fended off a fraudulent transfer request late last year for more than 1 million euros ($1.13 million). The request came through a third-party service that the bank used to connect to the Swift interbank messaging system, the Hanoi-based lender told the central State Bank of Vietnam. The regulator said it’s investigating, though the incident didn’t result in any losses. “What cyber criminals have been trying to do is focus on banks that might be using outdated versions of Swift or third-party vendor software,” said Kenneth Wong, cyber security leader of … [Read more...] about Vietnam success in foiling hack shows risk of Swift connection
Banks target sustained growth with Basel II
VietNamNet Bridge – Ten domestic commercial banks have been piloting Basel II, a set of banking regulations put forth by the Basel Committee on Banking Supervision, since late last year, as part of measures required by the State Bank of Viet Nam (SBV) to restructure the local banking system. Basel II is the second of the committee’s recommendations, attempting to integrate Basel capital standards with national regulations, by setting the minimum capital requirements of financial institutions with the goal of ensuring institution liquidity. The SBV asked the 10 banks, including Vietcombank and Techcombank, to complete the pilot process by 2018, before the application of Basel II is expanded to other banks in the country. Vietcombank Chairman Nghiem Xuan Thanh and Vikesh Mirani, Group Chief Financial Officer at Techcombank, talked to Viet Nam News reporters Vu Hoa and Ngoc Duy about how the process was going on at these two banks. Your bank is among 10 Vietnamese banks … [Read more...] about Banks target sustained growth with Basel II