Trend Micro Incorporated (TYO: 4704;TSE: 4704), the global leader in cloud security, has announced that United Arab Bank’s security transformation is unlocking the region’s USD 8 billion banking security market.
The Middle East and Africa’s banking and financial services sector, which faces three times the number of cyber-attacks as any other sector, will post the largest cybersecurity market share among industry verticals and reach USD 8 billion by 2023, according to Research and Markets.
Supporting the Middle East’s banking security, United Arab Bank has digitally transformed its security infrastructure with Trend Micro. United Arab Bank was founded in 1975 and has seven corporate and retail branches in the UAE.
United Arab Bank replaced its legacy anti-virus software with a secure digital platform with full network visibility and management. The bank has gained virtual patching, malware protection, user behavior, and malicious activity for 500 users running 60 systems and apps on 1,000 servers. As a result, United Arab Bank reduced time to manage encryption from 8 hours to 2 hours, detects over 80 percent of cyber-threats, and quickly and easily deploys security agents.
“In the face of rising cyber-threats against banks in the region, our security transformation with Trend Micro assures our customers that they are banking on the most secure banking platform,” said Mahmoud Yassin, Head of Information Security, United Arab Bank. “Trend Micro’s automated and integrated security solutions, and its strong research and development, are key for our competitiveness, our compliance, and staying ahead of the curve.”
In particular, United Arab Bank has deployed the Trend Micro solutions Smart Protection Complete for endpoint security, Deep Security Software for runtime security for workloads, and Endpoint Detection and Response for real-time threat detection and response. United Arab Bank has also integrated Trend Micro solutions with the VMware NSX virtualization software.
Showing the UAE’s threat landscape, in the first half of 2020, the UAE hosted among the region’s highest cyber-threats. Trend Micro blocked a combined 13,100,616 email, URL, and malware threats, according to the company’s 2020 Midyear Security Report. The UAE’s ransomware attacks in the first half of the year are 4.27% of the world’s ransomware attacks, or 6th worldwide.
“Connectivity, smart devices, and e-commerce are all fueling the record number of threats in the Middle East’s banking sector,” said Ayman AlQudsi, Chief information Officer, United Arab Bank. “United Arab Bank’s security transformation shows how banks can leverage Trend Micro’s security integration and automation to defend against cyber-threats, enhance business processes, and keep customers’ trust.”
Currently, United Arab Bank is exploring additional Trend Micro solutions such as Intrusion Protection System, Deep Discovery Inspector, and Deep Discovery Analyzer.