Shaping Nigeria's Digital Future: The Strategic Leap in Data Security by Interswitch and Thales

Data is the heartbeat of business in today’s dynamic digital landscape, driving transactions, communications and almost every interaction in the digital space.

As organizations increasingly embrace digital platforms, they become more susceptible to a range of cyber threats.

This growing vulnerability underlines the critical need for robust data protection strategies that can evolve alongside emerging threats.

In a strategic move to address this need, Switching between each otherone of Africa’s leading integrated payments and digital commerce companies, has joined forces Thalesa global leader in digital and data security solutions, launches CipherTrust Data Security Solution. This advanced platform is designed to protect organizations against data breaches and cyber threats.

The CipherTrust Data Security Solution was introduced at a recent customer engagement forum at the Wheatbaker Hotel, Lagos. The event attracted Chief Information Security Officers (CISOs), Chief Information Officers (CIOs), compliance and risk managers from a range of sectors, including the financial and non-financial sectors, fintechs and other financial institutions.

L-R: Chijioke Eze, Head of Banking Technologies, Interswitch; Tina Olaore, Head of Digital Banking, Interswitch; Neil Cosser, Regional Sales Director, Africa, Thales Group; at the Interswitch and Thales Information Security Summit held recently in Lagos.

The forum served as a crucial platform for discussions on the latest data security trends, emerging threats and effective risk mitigation strategies. Industry experts shared insights into the changing data security landscape, highlighting the increasing complexity of threats and the essential role of advanced security measures in protecting organizations.

The partnership between Interswitch and Thales combines Interswitch’s deep expertise in payment solutions and Thales’ advanced data security technologies. Companies like Interswitch and Thales don’t just offer security solutions; they build the trust that underpins the future of digital business. Their work ensures that Nigerian businesses can operate without the fear of data breaches, creating an environment where innovation and growth can thrive.

The CipherTrust Data Security Solution redefines how to approach data security in today’s financial ecosystem. The platform confronts the latest trends in data security, threats and breaches, providing a defense mechanism that is both comprehensive and adaptable. Whether companies operate on-premises, in the cloud or via a hybrid model, this platform provides essential features such as advanced encryption, key management and access control to ensure data protection in all environments.

In his keynote speech, Tyoyila Aga, Vice President Financial Services at Interswitch, emphasized the importance of deploying advanced technology for data protection. He emphasized the importance of compliance and collaboration within the data security ecosystem. “Our partnership with Thales is an example of our commitment to using cutting-edge technology to protect our customers and partners,” said Aga. “Regulatory frameworks around data security are becoming increasingly strict and organizations must ensure they are fully compliant to avoid fines and safeguard their reputation.”

Aga expanded on the features of the CipherTrust platform, noting that it integrates advanced encryption, key management and access controls to provide comprehensive protection for sensitive data across all environments, whether on-premises, in the cloud or in a hybrid setup. “This platform provides a comprehensive set of tools designed to address the complex challenges of modern data security,” he added.

The CipherTrust platform integrates data discovery, protection and control into a single platform, simplifying business operations for companies navigating the complex landscape of regulatory compliance and multi-faceted cloud environments. By streamlining these processes, the platform gives organizations the clarity and control they need to effectively manage their data security.

Neil Cosser, Regional Sales Director for Africa at Thales Group, demonstrated the practical applications and benefits of the CipherTrust Data Security Solution. He highlighted the platform’s role in revolutionizing data protection. “The CipherTrust Data Security Platform is a game changer in data protection,” said Cosser. “Using advanced encryption, multi-factor authentication and advanced fraud detection systems, it ensures that sensitive data remains secure and only accessible to authorized users. Our continued updates to these technologies help us stay ahead of cyber threats and provide a secure environment for digital transactions.”

During a fireside chat, Cosser further explained how the CipherTrust platform simplifies data security management. “CipherTrust represents a new era in data protection,” he explains. “With CipherTrust, companies can confidently unleash the full potential of their data, while we manage the complexities of securing it.” Cosser also noted that the CipherTrust platform not only improves data security, but can also strengthen business capabilities, streamline operations and support informed decision-making. This in turn stimulates innovation, competitiveness and sustainable growth.

As Nigeria continues its journey towards a fully digitalized economy, the importance of strong data security frameworks is becoming increasingly apparent. The collaboration between Interswitch and Thales goes beyond meeting today’s security needs, but also about anticipating tomorrow’s challenges and equipping companies with the tools they need to meet these challenges. By doing so, they enable organizations to unlock the full potential of their data, increase their competitiveness and drive innovation within a secure and reliable digital environment.