BT Panorama delivers an extra edge in cyber security

BT Panorama delivers an extra edge in cyber security

More than 94,000 cybercrimes were reported to Australia’s Cyber Security Centre in the 2022-23 financial year¹, which was around 23 per cent higher than the previous financial year. It’s clear that everyone - individuals and businesses of all sizes - needs to do all they can to protect themselves from cyber threats.

BT Panorama’s security features

From two-factor authentication to real-time monitoring of transactions, BT Panorama uses a range of security methods to help protect adviser and client details and transactions and has a dedicated team ready to swing into action if a threat is detected.

Chief Engineer of BT Panorama, Alex McRae, said that while BT Panorama’s security features comply with multiple industry regulatory requirements, it is its ability to leverage Westpac’s enterprise security that sets it apart.

“We are able to tap into processes such as Westpac’s proactive risk management system, which reviews not only the events that are occurring in BT Panorama, but also across Westpac’s platforms, We get real-time notification of any suspicious patterns or risk issues across the bank so we are able to either block the user or reach out to that individual to confirm their identity,” he said.

Alex explained within BT Panorama itself there are protocols that involve a series of verification questions and two-factor authentication when a user wants to make administrative changes such as their password. There is also a ‘consent model’ for transactions where the adviser can send a request to the client, who then has to log in and approve the request, which adds an extra layer of protection.

Beyond national requirements

BT Panorama meets a wide range of regulatory requirements prescribed by APRA and the Australian Government that relate to areas such as privacy, data protection, risk management, outsourcing and business continuity.

However, the focus on security starts before advisers and clients even use BT Panorama. The digital coding referenced to build aspects of the online platform are open source, which means they are scanned constantly by the wider IT security expert community for security compromises. In addition, BT Panorama has an internal detection process that will block any software being released if it detects a hint of vulnerability in its structure.

Constant surveillance

If the proactive management system detects potential malicious patterns, the customer service team is notified immediately and a temporary block is quickly placed on the account. The team will then contact the adviser to confirm the transaction, and if it was not them, the account is locked and an investigation commences.

Protecting you and your clients from cyber threats

Maintaining security from the adviser’s side of the process is an important element in both adviser and client security. Alex said that even if you do get malware on your computer, there is value in having a separate device, such as your phone, included in the two-factor authentication process as it unlikely both devices are compromised.

“We will never send you an email or message asking for your financial information or send you a link that will direct you to a sign-in page, asking you to verify or change your account details, PIN, passwords or personal information– that’s one of the requirements we have from Westpac. If you’re seeing two-factor authorisation notifications, or messages that your username and password have been reset, and these are without your knowledge, contact us immediately so we can lock the account.”

Further enhancements planned

Many security upgrades are being planned in response to adviser requests, such as extending two-factor authentication to log-in and expanding push notifications to mobiles.

The team is also investigating multi-factor authentication, which would integrate a double challenge such as using a separate authenticator application.

“Westpac is very diligent and strict around security, and at BT we conduct regular, deep due diligence on all our processes to the group’s standards. Being part of the Westpac group allows us to provide defence at scale,” Alex said.

1 https://www.cyber.gov.au/about-us/reports-and-statistics/asd-cyber-threat-report-july-2022-june-2023

Disclaimer

Important information

Information current as at 28 November 2023. This paper has been prepared by BT, a part of Westpac Banking Corporation ABN 33 007 457 141 AFSL & Australian Credit Licence 233714 (Westpac). It has been prepared for the information of licensees and financial advisers only. The information contained in this paper provides an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The paper does not contain, and should not be taken to contain, any financial product advice, and has been prepared without taking into account any personal objectives, financial situation or needs, and you should consider its appropriateness with regard to these factors before acting on it. © BT - Part of Westpac Banking Corporation 2023