Standard Bank spends more than R1-billion/year keeping its systems safe from attackers.
IT budget of more than R23-billion, Standard Bank Group’s IT estate is vast. It directly employs 5 500 people in group technology, nearly a thousand of which are dedicated to keeping the bank’s systems safe from malicious actors., who told TechCentral’s Meet the CIO podcast recently that security is a top-of-mind issue for Africa’s largest lender.. “We spend north of R1-billion on cybersecurity. And even though we have quite a good in-house team, we also work quite a lot with partners.
Standard Bank’s security strategy is built around the Microsoft security stack. Each of the group’s business units, including personal and private banking, business and commercial banking, corporate and investment banking, and insurance and asset management, have a dedicated chief information security officer , each of whom reports both into Fischer and the group’s risk and audit function.
“I spend a lot of time with other CISOs internationally just to learn from their incidents because there is a lot of stakeholder management, regulatory management and so on. I ask those who have had breaches how they handled their particular situations,” said Fischer.“If you had to ask me what keeps me awake at night, and it is a bit of a cliché, but it’s definitely cybersecurity because the thing is you just don’t know.
“I found technology people often make innocent mistakes and then try and cover them up. So, it was about escalating fast and getting people to know what’s wrong by telling them about it ,” said Fischer.
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