Thales provides database encryption solution for Beyond Platform’s peer-to-peer lending service
Vormetric Transparent Encryption Solution from Thales complies with Personal Information Protection Act and delivers bank-grade security
Thales, a leader in critical information systems, cybersecurity and data security, announces internet-based financial services technology company Beyond Platform has adopted Vormetric Transparent Encryption from Thales to deliver a secure credit evaluation model for its peer-to-peer (P2P) lending platform.
Beyond Platform wanted to implement a data security system that offered a security level required by the major banks in order to comply with the Personal Information Protection Act (PIPA) in South Korea. In addition, the solution needed to pass a security review by NongHyup Bank (an agricultural and retail bank in South Korea) with whom Beyond Platform was developing a joint P2P lending service. Beyond Platform adopted Vormetric Transparent Encryption from Thales to encrypt structured and unstructured data in an enterprise system. As a result, it met the database encryption requirements and passed the bank security review, opening the floodgate for developing and launching P2P services. In addition, the company has built a reputation among customers as a reliable and safe P2P provider.
Vormetric Transparent Encryption is a kernel-level encryption solution that encrypts all file types including logs and images as well as database data, so there is no need for enterprises to purchase a separate encryption solution for database encryption and unstructured data encryption.
For a startup like Beyond Platform, with a limited number of data security personnel, the solution was considered suitable because it has few performance issues once deployed and offers ease of maintenance. The elimination of additional maintenance and labor costs related to implementing the new solution drastically reduces the total cost of ownership (TCO). The decision to adopt Vormetric Transparent Encryption was also largely influenced by the fact that the full implementation of encryption technology could be reached without making any changes to the existing systems, and the implementation time was significantly shorter than that of other companies. In addition, security benchmarking through Common Criteria certification (EAL4+) gave them confidence to choose the Thales solution.
Won-seok Kim, Manager IT Dept., Beyond Platform says:
"What separates Beyond Platform from numerous other FinTech companies is that we provide the security level required by the major banks based on our corporate philosophy of putting the top priority on protecting customer information. The Thales solution provides comprehensive data security as a kernel-level encryption solution, and we believe that will allow us to protect and manage customer financial information more efficiently. We will strive to be a P2P leader in the industry by continuously driving up the security level and ultimately to become a well-respected FinTech company.
Moon Lee, Senior Manager of Thales eSecurity says:
“Vormetric Transparent Encryption is simple, fast and ensures reliable system operation and management without making changes to existing applications and systems and reduces additional investment costs. As requirements for personal information protection continue to rise, enterprises considering implementing encryption are paying increasing attention to Vormetric Transparent Encryption. Thales will continue to safely protect customer information in all formats as our customers undergo their digital transformation.”
Thales partner Roltech implemented the database encryption solution for Beyond Platform. Roltech is a data encryption and network security solution provider that offers consulting, implementation, outsourcing and maintenance services for enterprise data protection and personal data compliance.
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