19 October 2017

CBA says not 'stepping back' from cybersecurity despite offshoring plans

26 September 2017  |  4468 views  |  0 cba branc

Commonwealth Bank of Australia has been forced to defend its commitment to cyber security after it emerged that the lender is set to offshore some critical IT functions.

Earlier this month, The Australian reported that CBA was looking to outsource some cybersecurity work to an offshore provider, possibly in India, as part of a cost cutting exercise.

The plan, initiated by new information security boss Yuval Illuz, could see the bank offshore its real-time threat monitoring, and firewall and proxy server management.

With rumbles of discontent about the plans building over the last few weeks, CBA has now issued a statement insisting that "reports suggesting we are stepping back from cyber security are incorrect".

The vague message confirms that "we keep a close eye on the services and capabilities available to us". However, it claims that "this is not about outsourcing our cyber team. It is about ensuring we have access to the best possible services and skills when we need it to complement our own cyber security expertise."

Talking to the Australian Financial Review, CIO David Whiteing is a little more forthcoming, confirming that cyber work is going offshore.

"We want the best talent to be working if not for CBA, then with CBA. We are relatively agnostic where it comes from … If it means we have to work with a global partner or bring in someone from overseas then that is what we will do because it is too important for us not to do it with the best people available," says Whiteing.

The news comes as it emerges that CBA is also cutting about 170 jobs in its enterprise services teams as a result of automation and digitisation.

KeywordsOUTSOURCING

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commonwealth Bank takes quantum leap

Commonwealth Bank takes quantum leap

23 August 2017  |  7001 views  |  0 comments | 6 tweets | 12 linkedin
CBA blames money laundering reporting failures on ATM coding error

CBA blames money laundering reporting failures on ATM coding error

07 August 2017  |  9586 views  |  1 comments | 4 tweets | 6 linkedin
CommBank hires Chip the robot for AI push

CommBank hires Chip the robot for AI push

23 August 2016  |  8433 views  |  0 comments | 6 tweets | 16 linkedin
Former CommBank IT manager charged with bribery

Former CommBank IT manager charged with bribery

18 March 2015  |  3653 views  |  0 comments | 2 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15786 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8945 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8040 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7140 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6281 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job