{"id":234521,"date":"2022-08-18T18:36:36","date_gmt":"2022-08-18T16:36:36","guid":{"rendered":"https:\/\/mypr.co.za\/?p=119965"},"modified":"2022-08-18T18:36:36","modified_gmt":"2022-08-18T16:36:36","slug":"software-escrow-first-line-defence-against-cybercrime","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/software-escrow-first-line-defence-against-cybercrime\/","title":{"rendered":"Software escrow \u2018first line defence\u2019 against cybercrime"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/08\/software-escrow-first-line-defence-against-cybercrime.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/08\/software-escrow-first-line-defence-against-cybercrime.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p>Software escrow is increasingly being drafted into service as one of the \u2018first line defences\u2019 when it comes to protecting banks and their customers from cybercrime.<\/p>\n<p>This is the conclusion reached by business continuity and risk associated with IT systems expert and Managing Director of Escrow Europe, Andrew Stekhoven.<\/p>\n<p>Referring to two recent announcements \u2013 one by the Bank of England and the other by the Singapore Monetary Authority \u2013 Stekhoven said the financial industry\u2019s reliance on information technology, in particular for cloud services, is enhancing the risk landscape and requires a clear regulatory response.<\/p>\n<p>\u201cThe Monetary Authority of Singapore (MAS) is the financial regulator in Singapore and also the country\u2019s central bank,\u201d he said. \u201cNearly a decade ago, it issued guidelines to help financial institutions build sound technology risk management frameworks, strengthen IT system security, and safeguard sensitive data and transactions of all the clients.<\/p>\n<p>\u201cThe TRMG are regarded as one of the most comprehensive, elaborate and robust guidelines in the world. But they were recently revised to include instructions for escrow protection, and to specifically extend the TRMG to all third parties including outsourced service providers.<\/p>\n<p>\u201cImportantly, they also addressed documenting and implementing standards and procedures for vendor evaluation, selection and controls, and implementing safeguards and putting in place source code escrow agreement if the vendor is unable to support the financial institution,\u201d he said.<\/p>\n<p>Stekhoven explained that The Bank of England had acted similarly in April this year when it shared a series of proposals focused on outsourcing and third-party risk management within financial market infrastructure firms. Last year, it had also published operational resilience policy, this noting that a major priority for the Bank, the Prudential Regulation Authority and the Financial Conduct Authority was to create a robust regulatory framework to \u2018promote operational resilience\u2019 amongst financial market infrastructure firms,\u201d he said.<\/p>\n<p>He pointed out that, taken together, these demonstrated the Bank\u2019s continued drive towards operational resilience amongst financial services providers, given increased reliance on third-party technology and software.<\/p>\n<p>\u201cOf particular note,\u201d added Stekhoven, \u201cis how the Bank highlights the importance of contractual and escrow arrangements between customer and third-party providers.<\/p>\n<p>\u201cIt specifically states that software escrow agreements are one of the most effective, proportionate and cost-efficient measures to managing third-party technology risks with cloud, software and technology providers.\u201d<\/p>\n<p>For nearly two decades, during which time Escrow Europe received an Institute of Risk Management of South Africa (IRMSA) award for its role in assisting South African businesses manage their mission critical business risks, Stekhoven has pointed out that most commercial and governmental institutions are often entirely dependent on software over which they have limited or no control.<br \/>\u201cOne of the biggest mistakes all companies make when evaluating risks to their business continuity is to neglect to consider and acknowledge how dependent their annual revenues are on technology platforms over which they have no control,\u201d he said.<\/p>\n<p>\u201cFor corporate entities, this is often measured in millions of Rands, and yet this clear and present danger is often ignored or grossly underestimated.<\/p>\n<p>\u201cA sound, common sense approach to mitigating disaster, active software escrow provides cost effective relief and security for a business. In today\u2019s technology dependent business world, active escrow agreements between an end-user organisation and the supplier of the technology it utilises are a necessity, not a nice to have.\u201d<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/contact\/featured\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">86<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/software-escrow-first-line-defence-against-cybercrime\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. Software escrow is increasingly being drafted into service as one of the \u2018first line defences\u2019 when it comes to protecting banks and their customers from cybercrime. This is the conclusion reached by business continuity and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":234522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021,1],"tags":[3257],"class_list":{"0":"post-234521","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mypr","8":"category-south-africa","9":"tag-mypr","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/08\/software-escrow-first-line-defence-against-cybercrime.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/234521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=234521"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/234521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/234522"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=234521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=234521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=234521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}