The Westpac Banking Corporation has invested directly in technology security specialist QuintessenceLabs or QLabs as they are known, which is waging a high-tech war against hackers.
QLabs has created quantum technology that encrypts confidential data using advanced engineering methods to create “keys” that are random and provide unhackable number combinations. The bank will use the technology to secure the devices and work of its own employees, while it investigates its use on customer data. Tim Erlin, Tripwire Director of Product Management, Security and IT Risk Strategist believes it is a sign that the banking industry will take a more active interest in both protecting its assets and investing in the security industry as well.
Tim Erlin, Director of Product Management, Security and IT Risk Strategist at Tripwire commented:
“In the wake of an increased focus on encryption related vulnerabilities, a major bank investing directly in a quantum cryptography company is a sign of both the relative importance of encryption to business and the risk of not keeping current on the technology. Westpac clearly thinks that this investment will not only provide cutting edge security, but also a competitive advantage in the market. It would be easy for the bank to simply become a customer, but making the choice to invest demonstrates a deeper interest in the technology behind information security.
Cryptography isn’t a panacea for risk, however. Breaches and attacks do not often directly target cryptography, but instead aim at vulnerabilities in the software applications that provide access to valuable data, encrypted or otherwise. Before jumping onto the latest in encryption technology, organizations should make sure they’re taking action on the basics. Securing configurations and identifying vulnerabilities will make a material difference immediately in lowering an organizations risk profile.”