Africa deserves secure banks – Oracle VP

Nazif_Mohammed.jpgAs African banks layer more security into their banking procedures, software manufacturer Oracle has unveiled solutions which it says makes transactions easier and more secure.

Speaking to IT News Africa in Durban this week at the Oracle User Group Conference in Durban, Nazif Mohammed, Vice President Financial Services, said, “We believe in layered security to ensure confidentiality and integrity of the bank’s & customers information”.

“We provide the highest level of security for banks, the ultimate goal for any country is to have a secure banking system and we provide that,” Mohammed said.

Oracle provides 100% visibility into all database activities – including both privileged and application user actions – across all platforms, without impacting on performance or IT infrastructure.

Mohammed added that successful implementation of Oracle solutions will improve security and monitoring to prevent unauthorized changes to critical financial tables by privileged users such as DBAs.
African Banks are facing security challenges; access and identity management have leaped to the top of the five most important security concerns for financial services firms this year. A number of institutions have flagged this as their most important challenge for the next 12 months.
According to Mohammed, African Banks that have adopted Oracle solutions are privileged because they are receiving world class software being used by leading international firms.
“Africa gets the same software that we supply elsewhere, this gives them the same levels of security as their European counterparts,” he said.
Meanwhile the software giant this week posted results that topped international forecasts and its shares surged in reaction to the news.

That was despite a 5 percent drop in sales and a 7 percent decline in profits.

The company blamed this decline on the effects of a stronger dollar. That makes deals done in other currencies worth less. Oracle’s quarterly results and outlook beat expectations it set in March, when executives warned the recession and strong dollar would take a substantial bite out of profits. Since then, the economy has stabilised and the currency has weakened, setting Oracle up to beat those conservative estimates.
Oracle, which has completed a handful of acquisitions over the past year, made a surprise bid for Sun Microsystems Corp. (JAVA) in April, boosting the range of products it will offer. The company has a strong track record of acquisitions, which have added to earnings growth.

Samuel Mungadze

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