As Asia’s trusted name in general insurance, FPG provides a comprehensive range of general insurance products for both businesses and individuals, across the Asia Pacific region. FPG had a new website and mobile application to launch. As an insurance company, they are responsible for the safety of their clients’ data and needed a secure environment to reduce any potential cyber breaches.
The scope of service for FPG systems include a security testing on their mobile application, backend server and web application. The testing began with a thorough scan of the website and mobile applications, followed by a detailed report to illustrate the security issues. In the first round of security assessment, Pragma identified 44 issues, of which 90% of critical issues were successfully remediated while the remaining being issues with acceptable risks during the second round. It took two weeks for our penetration testing team to discover all the vulnerabilities.
Our report serves as a silver bullet for FPG to troubleshoot their potential cyber risks. We presented a report that links back to FPG’s business objectives, including an executive summary, security risk and severity, the scope of work, and recommended solutions to launch their web applications confidently.
Connect by Crossbridge
With offices in London, Singapore, Monaco and Malta, Crossbridge Capital delivers Wealth Management, Corporate Advisory and Family Office services to entrepreneurs and families globally. Through its CONNECT brand, it also offers a digital advisory platform to investors from Singapore.
Banque Julius Baer, the renowned Swiss private banking group, is a founding minority shareholder of Crossbridge Capital.
As the first cloud-based RoboAdvisory to go live in a country that prides itself on the stability of its financial sector, and as a firm dedicated to protecting its clients assets, CrossBridge had to get the security of its CONNECT platform just right. Crossbridge hired two security firms: one to provide in depth due diligence on the security of the platform, and help ensure it met the stringent Monetary Authority of Singapore Technology Risk Management Guidelines (MAS TRM), and another to run state of the art penetration testing to ensure no surprises.
Crossbridge CONNECT launched successfully, on time, and continues to offer a digital advisory platform to accredited investors, reducing volatility and enhancing performance through diversification across multiple asset classes. Truly a smarter way to invest.
Global Insurance Group
A global insurance group with 15 member companies, our client has a large product line and an enormous global customer base. Like all global corporations, our client outsources some of its business processes to specialist online service providers.
Our client notified us of a potential incident involving a service provider. We mobilised a specialist team onsite to identify, detect, and analyse unusual operations at the service provider, and trace back to an underlying root cause. We contained and isolated the incident to prevent any further spread, identified the egress points, and worked with the service provider to remediate the incident and identify key upgrades to their security infrastructure to prevent future attacks. We then worked with the client’s team to provide a clear root cause analysis to be submitted to the regulators.
The outcome was equally positive for the two security firms: having worked together successfully once, they banded together to found Pragma Pte and deliver successful outcomes to a wider range of clients.
Austin, Texas, United States
A leading brokerage and investment firm, our client focuses on insitutional brokerage, investment banking and asset management for corporate and institutional clients around the world. Headquartered in Hong Kong and with offices and staff spanning the globe, successful identity and access management is key to protecting its digital assets.
The client choose Sailpoint IdentityIQ, the industry leading Identity Governance solution, as its strength and modular architecture allows for rapid expansion across the enterprise. SailPoint’s stellar industry reputation certainly helped: it has been named a Leader in Gartner’s Identity Governance and Administration (IGA) Magic Quadrant every year the report has been published.
Pragma worked with the client to rapidly prototype a Sailpoint deployment, mirroring its existing in-house identity platform to allow a seamless upgrade from old to new. Pragma deployed custom connectors to critical apps, and developed flexible approval workflows that The client was able to protect its customers and its reputation from further damage. The eradication of the cyber criminals from the service providers system via our technology and business advice enabled the service provider to update and upgrade their service offering, to ensure minimal future incidents.
CMC Markets is Singapore’s best trading platform for value, with over 10,000 CFD markets to trade across forex, indices, commodities, shares, ETFs and treasuries. With such a diverse product range, tight control over trading limits is essential to support the risk management functionality that is key to their trading experience.
CMC required a due diligence attestation on compliance criteria prescribed by the Monetary Authority of Singapore. To enable the attestation we tested the process, procedures and technology implemented by CMC against the compliance criteria. We conducted the design and operational effectiveness for a six months period across all products within the Contract for the Difference (CFD) CMC financial markets services. Our unique consultants have both financial markets, regulatory and technology experience, which was a key requirement in delivering a world class service.
CMC Markets can independently demonstrate via the attestation that CMC are compliant to the regulatory requirements set out by MAS. The attestation enables CMC show comfort to their clients that they can offer CFD products that are both compliant to the regulation and inline to protect clients and CMC.
CMC were the first brokerage in Singapore to be able to show independent compliance to MAS regulations for CFD products.