NTT DATA partners with Lynx to revolutionise fraud detection in financial services industry
Half of businesses report an increase in state-sponsored cyberthreats amid rising geopolitical tension
CISO news
NTT DATA partners with Lynx to revolutionise fraud detection in financial services industry
TT DATA , a global leader in business and technology services , has announced its strategic partnership with Lynx
N
Tech , a revolutionary fintech company specialising in AIdriven fraud detection .
This collaboration will leverage NTT DATA ’ s network and extensive experience in the banking and finance industry to scale Lynx ’ s innovative solutions across the UK and European markets .
Lynx identified NTT DATA as a crucial partner for scaling its operations due to NTT DATA ’ s profound expertise and past successes in the banking and financial services sector . Lynx has developed an innovative product built by a dedicated team of engineers and data scientists committed to advancing fraud prevention technologies . Lynx recognised the need for a partner like NTT DATA to successfully achieve its ambitious growth goals at pace .
This partnership will initially focus on the UK , Irish , Spanish , LATAM and DACH markets , with particular emphasis on the UK and Ireland due to the upcoming Payment Systems Regulation ( PSR ) changes in October , which will mandate banks and payment service providers to reimburse scam victims .
“ Our collaboration with NTT DATA marks a significant milestone for Lynx ,” said Lucy King , Director of Global Alliances , at Lynx . “ By coupling NTT DATA ’ s extensive industry experience with our cuttingedge solutions , we are poised to transform the landscape of fraud prevention across the financial services industry .”
Half of businesses report an increase in state-sponsored cyberthreats amid rising geopolitical tension
H alf ( 47 %) of businesses reported an increase in the volume of state-sponsored cyberthreats over the past year , amid rising geopolitical tension and NCSC warnings .
In recent months , the UK was subject to a Chinese-backed cyberattack against the tech supplier of the Ministry of Defence , exposing the personal information of up to 270,000 servicemen and women , as well as veterans , including names , addresses and bank account details .
“ The volume and sophistication of cyberattacks will only continue to rise and it ’ s no surprise to see organisations feeling the effects of state-sponsored threats and ransomware attacks ,” said Andy Ward , VP International at Absolute Security . “ It ’ s no longer enough for security leaders to try and prevent attacks , they need to be able to respond and recover when successful breaches happen .”
The findings were revealed in Absolute Security ’ s United Kingdom Cyber Resilience Report 2024 , which surveyed 250 UK CISOs , via independent polling agency Censuswide .
Especially when it comes to ransomware , a staggering 69 % of CISOs expressed that the financial repercussions of a successful attack could cripple their organisation .
While 62 % are worried that they could lose their job if their organisation was hit by a major successful cyberattack .
Ransomware was considered to be the biggest threat to CISOs , with four out of five identifying ransomware as the most significant cyber concern their organisation faces today .
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