Iceland's financial services backbone overhauls security infrastructure

Image courtesy of Genetec and Reiknistofa Bankanna

April 30, 2021

Reiknistofa Bankanna (RB), an IT service provider for Icelandic financial institutions, recently overhauled its security infrastructure. RB is a provider of mission critical IT systems for Icelandic financial institutions, responsible for the country’s central clearance and settlement system and a number of multi-tenant core banking solutions. It also operates an e-invoicing and e-payment system for corporates and consumers. It is jointly owned by the three main Icelandic banks, two saving banks, the Icelandic Savings Bank Association and the three main payment card processors in Iceland. RB’s clients are these banks, the Central Bank of Iceland and other financial institutions as well as the government and public entities. With solutions operated in multiple data centers and in a shared multi-bank environment, RB sought a flexible technology partner that could ensure the highest levels of operational security, cost efficiency and resilience.

With the help of its system integrator Hafnes Ehf, RB is now using Genetec to manage its cameras, access control, and video analytics through one unified interface. RB places very high importance on security; not only to ensure its data stays safe but also to protect employees and visiting clients. While its server rooms and offices were protected via disparate video and access control systems, the technology was old, and maintenance was becoming both a financial and an operational burden.

RB operates its solutions across multiple data centers in a shared, multi-bank environment. This requires a modern, reliable system that brings video and access control into a single solution – making it easy for operators to understand what is happening, when, where, and what action to take next. As an open unified platform, Genetec Security Center simplified daily security operations, allowing for further integration with other tools such as RB’s heating and cooling systems, and delivered business-wide value.

“From day one we wanted a unified system which could help our teams understand the situation quickly; alerting them if anything required their attention,” said Geir Sæmundsson, Datacenter Manager at Reiknistofa Bankanna. “The Genetec solution does just this and is allowing us to build in customized alerts so we gain business intelligence – providing us with better ROI.”

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Ransomware and the propulsion of the extortion economy has rapidly eclipsed into a national priority. Recently, we observed the catastrophic impact of a widescale ransomware attack impacting gas pipelines and raising national gas prices overnight.