Bankmed scales competency in cybersecurity along with customer services

Deploying applications for security vulnerability detection and remediation protection has given Lebanon-based Bankmed confidence to move up the customer services ladder as well.

bassel assah
Bassel Assah

The Bankmed Group faced its first cybersecurity challenge in 2008, when it decided to modernise and add multiple banking channels to its operations. From that point on until today, the bank has found that every major IT project on its digital transformation journey — whether it be implementing a new core banking application or launching a new web service — brings with it a different set of cybersecurity challenges that require a refresh of its security applications and practices.

The Bankmed Group was established in 1944 in Lebanon and is a leading bank in in the country, with 50 local branches. It has a presence in UAE, Saudi Arabia, Iraq, Cyprus and Switzerland. Bankmed provides a range of banking services and uses multiple banking channels as well.

Bankmed follows a strict banking compliance requirement, known as the Banking Secrecy Law. This emphasises the role of cybersecurity and protection of all types of customer data.

While data protection is an obvious priority for financial organisations, Bankmed’s history of deploying new services illustrates how enterprises in all sectors need to  match new customer offerings with appropriate security applications.

Bankmed added its digital banking channels and expanded its online operations for the first time in 2008. Before the bank could open its digital banking services for customers, it had to ensure its internal and external networks were free of vulnerabilities and hardened against threat attacks.

To continue reading this article register now

Download CIO's Winter 2021 digital issue: Supercharging IT innovation