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November 2, 2020

Lloyds Bank unveils £500m battleplan to combat cybercrime

Lloyds Banking Group (LBG) has introduced a technology project to offer its customers enhanced protection against hackers.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

Through the £500m project, the bank aims to bolster its own defences as well as its two-step verification process for customer onboarding.

The British lender claims that this will make it difficult for hackers to hack customers’ bank accounts.

The project is focused on improvements such as providing the bank’s staff at its branches with the latest technologies to speed up their service.

The lender believes that the risks of cybercrime are on the rise as more customers are banking online and via mobile apps, rather than visiting the branches.

Lloyds Bank ’s latest technology project is said to be a part of its three-year strategy, the details of which will be revealed by the bank next year.

Under this strategy, the bank is expected to prioritise the sale of insurance and money management services to wealthy customers.

Last week, Lloyds Bank announced a pre-tax profit of £1bn ($1.3bn) in the third quarter on an income of £3.4bn.

The profit beat analysts’ expectations (an average of £588m) and is likely to give investors a more optimistic view of the bank’s near-term prospects.

Moreover, Lloyds Bank has asked two-thirds of its 65,000 total employees to continue working from home until at least early 2021 due to the ongoing Covid-19 pandemic.

Several other UK banks have upped their security game lately.

Last month, Standard Chartered invested in Israel-based passwordless authentication specialist for enterprises Secret Double Octopus.

In the same month, NatWest tapped Featurespace, a provider of enterprise financial crime prevention software, to protect its customers from push payments fraud.

This September, NatWest also entered into a partnership with advanced endpoint protection and remediation solutions provider Malwarebytes.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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