Driving Innovation in Security Technology Through ... - FST Media

Driving Innovation in Security Technology Through Emerging Channels“How do I ensure thereis a secure transactionhappening? We don’thave an easy answer.”– Chris Smith, NAB“The question that ismost interesting hereis how do you keep acustomer secure, but atthe same time solve theissue of convenience?”– Cameron Owens,NAB4Chris Smith, NAB: I think a lot of what we dois the Wild West and so we create these apps. Iagree iOS is quite unique and a lot safer but I’vegot another audience, and who knows what they’redownloading on that site.One of the issues we face is second mop up: howdo you authenticate? So you’re in that app, you’rein that experience, how do you get that? I agree it’sgood but I have a fundamental problem and thatis how do I ensure there is a secure transactionhappening? We don’t have an easy answer.Vic Mankotia, CA Technologies: There isadvanced authentication, there is authentication atthe log-in phase, risk-based authentication, thereis authentication with one-time password (OTP),there is SMS OTP, authentication on the web site,and again too much security will just hamperbusiness. Five people will stab you with a spoonbecause you’re going to delay the speed of businessand you’ve got to move at the pace of the customer.Dave Williams, Bankwest: Coming back toyour comment earlier about not being concernedabout the Qantas points. Qantas actually hold quitea lot of information on you, as do many other sitesthat you register with, but they don’t have the samelevel of security that banks would have. So it’s notjust what security we can have, but how can weprotect ourselves against non-financial institutions’sites that collect credible, identifiable data.Paul Guardabascio, NAB: As an industry, thespeed of innovation and market competitive forcesare driving change. What do you see in terms ofcollaboration with the telcos and utility companiesand the banking sector? Who actually owns thecustomer?Vic Mankotia, CA Technologies: The telcostake no responsibility. The banks say, I provide youwith an application, it’s yours to use, but use it atyour own peril. The software security companiesare saying, “Here’s a solution.” It works half thetime, it doesn’t work the other half of the time.And the hardware manufacturers are saying, “Hey,what about Android, iOS 5, what about Galaxy?What about Symbian, BlackBerry Storm?”Soon it’s going to condense. It’s a four-horserace; soon it’s going to become a two-horse race.If you don’t look after your assets, nobody elsewill. Don’t expect there to be an ombudsman or acollaborative network of people who are going togo out and say, “I’ll do it for you.”Cameron Owens, NAB: The question that ismost interesting here is how do you keep a customersecure, but at the same time solve the issue ofconvenience? A lot of the solutions we have todayare token. There’s no especially convenient way tosolve the security issue. So that’s the interestingdilemma we have. Our customers are draggingus there, and we need to be there and we need tomake their life easier but also to protect them. Theyare obviously dealing in large sums of money, butif the customer experience is so cumbersome, it’s amassive barrier.Naresh Vyas, Standard Chartered:Customer experience is important, otherwiseusability will be a problem.Vic Mankotia, CA Technologies: I’ll go backto your Square example. Last week in San FranciscoI was shocked when I saw how it worked. It was soconvenient that I used it 20 times during the week.Naresh Vyas, Standard Chartered: Thishas completely changed the industry locally inthe US. This is a device that you can plug into theheadphone jack of either an iPhone or Android anddownload an app from different stores. It convertsa magnetic strip’s data into an audio signal soit can plug right into the audio jack. Once that isplugged in, I then have a POS device. I can swipean American Express card, Mastercard or Visa cardand put in the amount and charge it.You can have other features. You can take aphotograph of what you’re selling, the person willget an email receipt with an image of your house,and the location of where the transaction occurred,the amount.They give you this device for free. What it doesis turn anyone into a merchant. You don’t needanything special, you don’t need a merchantaccount. It was convenient but it also gave me theheeby jeebies, because I had no idea about thesecurity of this.Richard Farrell, ANZ: But you still used it,right?Naresh Vyas, Standard Chartered: But Istill used it.Vic Mankotia, CA Technologies: The secondproblem that many executives are talking about isemployees bringing in their own devices. Are youseeing that happen often?Berin Lautenbach, GE Capital: You surveypeople and a huge number actually don’t want tobring their own PC in. They’re not really interested.Naresh Vyas, Standard Chartered: We’veissued standardised iPhones to employees. Wehave an eco-system within the bank with securitycertificates for the devices. You have accessibility toimportant data remotely as opposed to having to bephysically in the office.