Malaysia’s Trusted Islamic Insurance Company Deploys LogRhythm SIEM to Ramp up Security for New Digital Services

The Business Challenge

Driving New Values in Today’s Digital Age

Takaful Malaysia has long established itself as a trusted and reliable Islamic insurance provider, and this success stems from an unwavering commitment to its customers. Takaful Malaysia is constantly looking at how to innovate its products and services in ways that generate new value and meet customer needs. Today, this means digitising its platform to reduce costs and offer increasingly personalised services. For instance, Takaful Malaysia has introduced new online Takaful products alongside a mobile app to provide more seamless and convenient access for today’s tech-savvy audience.

However, these new opportunities bring new risks. As customers increasingly engage in digital transactions, Takaful Malaysia must contend with an exponential amount of personal and confidential data. The Islamic insurer recognizes the need to ensure that these transactions and data are transmitted and stored securely, or they risk falling victim to cyberattacks. Under local regulations, any data breach will result in a fine or temporary suspension — but more crucially, any threat or disruption to the business will erode consumer trust and confidence in the long run.

To minimise security vulnerabilities and strengthen its cybersecurity infrastructure, Takaful Malaysia partnered with Vigilant Asia, a service provider to helm their Security Operations Center (SOC) and deploy a security information event management (SIEM) solution. By doing so, Takaful Malaysia will have real-time visibility and round-the-clock threat automation capabilities across its entire network.

The Solution

Single Pane Visibility Across Network

The responsibility of safeguarding the Islamic insurer’s security operations does not lie with a single team alone. After a thorough evaluation process conducted by various stakeholders, including seven Division Heads and an external Security Consultant, Takaful Malaysia chose the LogRhythm SIEM platform. LogRhythm also beat the competition due to its competitive suite of features and functionalities, such as its out-of-the-box user entity and behaviour analytics (UEBA) and security orchestration automation response (SOAR) capabilities.

After just one month, the Security Operations Center was up and running, and leveraged the SIEM solution to gain visibility over their external online services. The company managed to expand protection across its entire IT estate–inclusive of its 24 physical branches within the next two months.

Seamless and Flexible Integration

Takaful Malaysia worked closely with their service provider, Vigilant Asia, and the LogRhythm SIEM engineering team to manage their entire SOC and engineering services. While it took additional time to build and engineer customized dashboards in line with financial regulations, it was straightforward to onboard existing logs and set up new rules. With that, the system was quickly up and running to deliver actionable insights.

Vigilant Asia was also tasked with developing detection rules and fine-tuning the SIEM solution, tailored to best suit their SOC needs. During this period, the team obtained a baseline of user behaviour and network and endpoint activity. This enabled them to tailor their alarms based on the baseline with the help of LogRhythm SIEM, reducing noise and false positives. This resulted in a 36% reduction in false positives, enabling the team to hone in on more critical alarms.

At the same time, they were responsible for crafting an operational roadmap for the use of the SIEM solution, recommending product improvements and detection rules to enhance its efficacy. The entire solution has now been integrated seamlessly into the Cyber Emergency Response Team (CERT) process. Takaful Malaysia now also complies with Bank Negara Malaysia’s Risk Management in Technology (RMiT) regulation.

Real-Time Actionable Insights

Since implementing LogRhythm SIEM, Takaful Malaysia has benefited from the enhanced security capabilities needed to secure its IT estate. This is especially important for such a trusted, high-value organization that stores troves of confidential customer information.

Now, the Islamic insurer has access to real-time alerts for severe issues, as well as zero-day vulnerability escalation. These valuable insights equip them to act quickly and take action, to prevent any breaches in their network. In addition, they rely on monthly reports to assess their cybersecurity posture and inform upcoming priorities. The LogRhythm SIEM solution has become an integral part of Takaful Malaysia’s cybersecurity strategy, and the team continues to explore new solutions and ways to enhance their capabilities.

Syarikat Takaful Malaysia Keluarga Berhad website: https://www.takaful-malaysia.com.my/

“It has been a pleasure to work alongside the LogRhythm SIEM team to enhance our security infrastructure, especially as we accelerate our digitization push to delight customers. LogRhythm SIEM has reduced our cyber vulnerabilities as a whole by empowering us with real-time insights and crucial information to build more nuanced threat mitigation strategies. With our company looking to scale digital initiatives in the coming years, security solutions like LogRhythm SIEM will continue to play a pivotal role in ensuring that we can safeguard our operations and meet customer needs.”

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• Patrick Wong CIO

  Syarikat Takaful Malaysia Keluarga Berhad