Commonwealth Bank wants to move a substantial part of its information technology division, including critical cyber security operations, to save costs, amid a growing scandal over its ability to monitor and report suspicious transactions. Sources said the bank was seeking substantial savings from its group-wide cyber security division, in what appeared to be a change of strategy under new head Yuval Illuz that has ruffled feathers inside the bank and led to several staff departures. The bank has called a tender to move staff and a range of functions involved in its critical cyber security defences to an offshore location, possibly India, in what industry sources say goes against industry practice. According to a source, the operations and people involved range across a number of functions, from managing security access through to real-time monitoring of threats inside and outside the bank, as well as staff use of technology. CBA has been highly regarded for its approach to cyber security, with big spending to establish industry leadership in digital banking drawing talent to the bank under its previous head Ben Heyes. Prior to joining CBA Mr lluz served as the global chief security officer for Israeli gaming software supplier Playtech.
It appears the easing of some coronavirus restrictions was insufficient to prevent a further sharp drop in demand across the services sector, while manufacturers have cited widespread supply chain delays and issues with imported goods. Any reading below 50 signals a deterioration in business activity on the previous month. Two consecutive reads in the twenties is simply astonishing as well as concerning. It is likely that only a manufactured slowdown due to imposed restrictions could produce such results. Encouragingly, companies are much more confident this month about the month outlook than they were in April, with business confidence in May jumping sharply to the highest in eight months.
Best Digital Finance Institution. Best Retail Bank in Asia Pacific. Best Retail Bank in China. Best Retail Bank in the Middle East.
Every year, The Asian Banker recognises achievements in the key business and operational areas of the financial services industry. The purpose of these awards is to recognise annual achievements and winners in the competition for market share, product and operational excellence. From onwards, we take on an audit-based approach in the building of evaluation process. We have also redefined categories and opened the programme to financial technology fintech platforms to compete alongside traditional banks. This involves submissions completing in a comprehensive data sheet where we need to have your basic quantitative figures which will be collated and compared with your peers in the industry.