SAN JOSE, Calif., July 12, 2017 /PRNewswire/ -- Thales, a leader in critical information systems, cybersecurity and data security, announces internet-based financial services technology company Beyond Platform has adopted Vormetric Transparent Encryption from Thales to deliver a secure credit evaluation model for its peer-to-peer (P2P) lending platform.
Beyond Platform wanted to implement a data security system that offered a security level required by the major banks in order to comply with the Personal Information Protection Act (PIPA) in South Korea. In addition, the solution needed to pass a security review by NongHyup Bank (an agricultural and retail bank in South Korea) with whom Beyond Platform was developing a joint P2P lending service. Beyond Platform adopted Vormetric Transparent Encryption from Thales to encrypt structured and unstructured data in an enterprise system. As a result, it met the database encryption requirements and passed the bank security review, opening the floodgate for developing and launching P2P services. In addition, the company has built a reputation among customers as a reliable and safe P2P provider.
Vormetric Transparent Encryption is a kernel-level encryption solution that encrypts all file types including logs and images as well as database data, so there is no need for enterprises to purchase a separate encryption solution for database encryption and unstructured data encryption.
For a startup like Beyond Platform, with a limited number of data security personnel, the solution was considered suitable because it has few performance issues once deployed and offers ease of maintenance. The elimination of additional maintenance and labor costs related to implementing the new solution drastically reduces the total cost of ownership (TCO). The decision to adopt Vormetric Transparent Encryption was also largely influenced by the fact that the full implementation of encryption technology could be reached without making any changes to the existing systems, and the implementation time was significantly shorter than that of other companies. In addition, security benchmarking through Common Criteria certification (EAL4+) gave them confidence to choose the Thales solution.
Won-seok Kim, Manager IT Dept., Beyond Platform says:
"What separates Beyond Platform from numerous other FinTech companies is that we provide the security level required by the major banks based on our corporate philosophy of putting the top priority on protecting customer information. The Thales solution provides comprehensive data security as a kernel-level encryption solution, and we believe that will allow us to protect and manage customer financial information more efficiently. We will strive to be a P2P leader in the industry by continuously driving up the security level and ultimately to become a well-respected FinTech company."
Moon Lee, Senior Manager of Thales e-Security says:
"Vormetric Transparent Encryption is simple, fast and ensures reliable system operation and management without making changes to existing applications and systems and reduces additional investment costs. As requirements for personal information protection continue to rise, enterprises considering implementing encryption are paying increasing attention to Vormetric Transparent Encryption. Thales will continue to safely protect customer information in all formats as our customers undergo their digital transformation."
Thales partner Roltech implemented the database encryption solution for Beyond Platform. Roltech is a data encryption and network security solution provider that offers consulting, implementation, outsourcing and maintenance services for enterprise data protection and personal data compliance.
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About Thales e-Security
Thales e-Security is the leader in advanced data security solutions and services, delivering trust wherever information is created, shared or stored. We ensure that company and government data is secure and trusted in any environment – on premise, in the cloud, in data centers and in big data environments – without sacrificing business agility. Security doesn't just reduce risk, it's an enabler of the digital initiatives that now permeate our daily lives – digital money, e-identities, healthcare, connected cars and with the internet of things (IoT) even household devices. Thales provides everything an organization needs to protect and manage its data, identities and intellectual property and meet regulatory compliance – through encryption, advanced key management, tokenization, privileged user control and meeting the highest standards of certification for high assurance solutions. Security professionals around the globe rely on Thales to confidently accelerate their organization's digital transformation. Thales e-Security is part of Thales Group. www.thales-esecurity.com
Thales is a global technology leader for the Aerospace, Transport, Defense and Security markets. With 64,000 employees in 56 countries, Thales reported sales of €14.9 billion in 2016. With over 25,000 engineers and researchers, Thales has a unique capability to design and deploy equipment, systems and services to meet the most complex security requirements. Its exceptional international footprint allows it to work closely with its customers all over the world.
Positioned as a value-added systems integrator, equipment supplier and service provider, Thales is one of Europe's leading players in the security market. The Group's security teams work with government agencies, local authorities and enterprise customers to develop and deploy integrated, resilient solutions to protect citizens, sensitive data and critical infrastructure.
Thales offers world-class cryptographic capabilities and is a global leader in cybersecurity solutions for defence, government, critical infrastructure providers, telecom companies, industry and the financial services sector. With a value proposition addressing the entire data security chain, Thales offers a comprehensive range of services and solutions ranging from security consulting, data protection, digital trust management and design, development, integration, certification and security maintenance of cybersecured systems, to cyberthreat management, intrusion detection and security supervision through cybersecurity Operation Centres in France, the United Kingdom, The Netherlands and Hong Kong.