Sydney, Australia. Regional customer-owned bank Geelong Bank enlists financial technology expert Experteq to restructure its IT infrastructure management to reduce the risk of security breaches and remain compliant.
As a bank focused on customers, information and data security has always been a top priority. However, with the 2019 update to APRA’s CPS 234 regulation in response to ongoing cyberthreats faced by Australia’s financial sector, the bank knew that it had to act quickly to further protect its customers’ information and data.
With the help of Experteq, Geelong Bank was able to secure its IT infrastructure and fast-track its digital journey, especially during lockdowns – and without any customer impact. Supporting seamless operations, Experteq handled all patching and software upgrades, whilst ensuring the bank met regulatory requirements. The IT restructuring also freed up bank staff to focus on value-creating tasks, rather than spending time on non-core business areas.
Geelong Bank CEO Vivien Allen said of the partnership, “With Experteq, the reporting that we can now produce when it comes to our information security is a world away from what we were doing before. That makes it easier for the board to have confidence that we’re doing what we need to do, to protect our members. Partnering with Experteq has helped free up my staff to do the job they’re supposed to be doing.”
Experteq CEO Shane Baker added: “APRA’s update to their CPS 234 regulation, as well as the impact of the pandemic with lockdowns and a hybrid workforce spread across multiple locations, has meant that the financial sector has had to move quickly to secure their digital infrastructures for business continuity, risk mitigation and data security. We worked closely with Geelong Bank to get all teams onboard to identify and resolve issues, which required proactive change management and communication, to create a reliable and robust solution with zero customer impact.” ~ ENDS
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About Experteq (www.experteq.com) Founded in 1989, Experteq is an Australian-owned and operated provider of technology solutions to Australia’s financial services market. With extensive experience servicing one of the most highly regulated industries, Experteq delivers the highest levels of availability and quality of service to over 50 clients and remains a trusted managed services partner for the FSI sector for delivering robust, secure and industry-compliant services.
About Geelong Bank (https://geelongbank.com.au) Geelong Bank (formerly known as Ford Co-operative Credit Society Limited, or FCCS) was established in 1974 by a dedicated group of 80 employees of the Ford Motor Company, to provide financial services to Geelong Ford employees and their families. Since its inception, the customer-owned bank has always focused on providing real value to its customers rather than pursuing big profits. In 2018, FCCS changed its name to Geelong Bank and today, the forward-looking bank continues to move with the times, remaining relevant among the next generation of customers.