Societe Generale has accelerated its digital transformation and considers the development of new technologies to be a major opportunity to better serve its clients. Nonetheless, the threat of cybercrime and related incidents continues to rise and major attacks on an ever larger scale are impacting firms with increasing frequency.
Séverin Cabannes Deputy Chief Executive Officer
New technologies will enable systems to be prolific and innovative while at the same time remaining secure. Thanks to artificial intelligence, automation and mass production techniques, the new infrastructure that we're currently building will ensure that our operations are compliant, transparent and secure.
To meet these challenges, Societe Generale invests in data security and banking secrecy compliance on an ongoing basis to enhance the protection of its customers’ assets and their transactions. Societe Generale’s security strategy for its IT systems covers five key areas: the security of sensitive Group applications, the security of all customer banking information and personal details, Group detection and response capacities, strengthening the security we provide to customers (with robust but easy-to-use tools such as dynamic security codes on our bank cards), and raising awareness among customers and employees and providing them with support.
Meeting today’s security challenges requires openness and co-creation in the use of new technologies. For example, machine learning is used to detect fraudulent bank card transactions. Societe Generale and Wavestone have launched the Banking CyberSecurity Innovation Awards, which are open to cybersecurity startups – a first in the European banking sector. In addition, the Societe Generale Computer Emergency Response Team (CERT) has established a strong partnership with France’s National Cybersecurity Agency (ANSSI). Lastly, Societe Generale’s Cybersecurity Hub is a centre of expertise that focuses on cybersecurity solutions with the aim of supporting the digital transformation of the Group’s businesses.
Fighting cybercrime with big data and machine learning
Enhanced security thanks to the dynamic crypto code
Banking fraud is increasing at a growing rate every day (more than 410 million fraudulent payments were made in 2015). This new technology offers maximum security for online purchases, which today account for more than 700 million banking transactions. How does it differ from the traditional bank card? The three numbers of the cryptogram are replaced by an integrated screen which shows a new code every hour. The data therefore becomes obsolete and cannot be used again, providing more reassurance and protection for clients.
2nd edition of the Banking Cybersecurity Innovation Awards
After last year's successful first edition, Societe Generale and Wavestone launched the second edition of their challenge for startups and innovative SMEs in cybersecurity. Participants in the Banking Cybersecurity Innovation Awards submittes their products and services across four categories: Grand Prix BCSIA 2018, Customer Data Protection, AI and Fraud Fighting and France Special.
Cybersecurity of Critical Infrastructures Chair
A true task force, the Institut Mines-Télécom Cybersecurity of Critical Infrastructures Chair has welcomed Societe Generale as a corporate partner. “In joining this Chair, Societe Generale seeks to ensure it will have the necessary means to support the digital transformation”, explains Nicolas Bourot, Chief Information Security Officer and Operation Risk Manager for the Group’s infrastructures.