Tell us about Xinja's Cybersecurity capability


#1

I understand there is a lot of talk about Cybersecurity and the fact that small or new banks face huge challenges to match the more traditional/big banks in this space. In light of the article https://www.afr.com/technology/neobanks-face-cyber-security-struggle-to-match-big-banks-20190208-h1b06y
Can Xinja explain how overall security is being fulfilled to meet all sorts of security requirements and concerns?


#2

Hey @rkyobe Ronnie! Sorry to take so long to get back to you.

Xinja as you can imagine - takes this area very seriously and it’s a primary focus; every employee - in any part of the business - understands its importance - it’s a massive component of trust now - ie: can I trust you to keep my money and data secure?

The idea that the big banks’ bigger budgets mean better security, doesn’t always follow - It’s not only a question of budget but of approach, process and technology. Big budgets might be being deployed by big banks because of complex, cumbersome legacy systems that are generally expensive to run, maintain, update and to which applying new restrictions and checks and balances is also expensive. Architecture and automation have a lot to do with effectiveness in this area. The advantage we have as a new player is that we can bake security into our design from day 1. The old banks were designed at a time where cyber security was far less of an issue and far less was understood.

As to details, I’m afraid it’s a case of ‘I could tell you but I’d have to kill you’ when it comes to security :ninja_emojis_pink_03: I’m sure you understand that the first rule of security is not to talk about security (or rather what we’re doing in it!) But you can be assured it’s a major priority for us and we are taking advantage of latest technology and approaches to make it best in class or better.

Hope that goes some way to answering your question?

Many thanks!