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Thursday, 15 September 2022 11:36

Lacework implements security control for Avenue Bank platform

By
Avenue Bank head of engineering Nic Parfait Avenue Bank head of engineering Nic Parfait

Digital business bank Avenue Bank has partnered with cloud security company Lacework to innovate its platform securely.

Officially launching later in 2022, Avenue Bank aims to fill a key gap in the Australian banking market with a mission of helping businesses find new, flexible ways to free up cash.

As Heartland Group is eyeing to acquire Avenue Bank, the bank is driving a broader strategy to become a fully authorised deposit-taking institution (ADI) in Australia.

With its core platform built on Amazon Web Services (AWS), Avenue Bank required a security solution built for the cloud and could provide increased visibility to help meet compliance goals, and enable the company’s engineers to continue building innovative products.

Avenue Bank chief information security officer Kevin Tham has worked closely with head of engineering Nic Parfait to ensure they have the right security controls built into their environment.

“From an engineering point of view, our goal is to be secure from day one, by enabling the engineering team to shift left and ensure they are building securely and remediating findings as early as possible,” said Parfait.

Initially, Avenue Bank brought Lacework partner Tracer Cloud to help develop a security strategy with the goal of gaining visibility into its environment and building up security guardrails.

Following a demonstration and proof of concept, Avenue Bank has now deployed Lacework for its cloud infrastructure security needs.

Avenue Bank integrated Lacework into its environment and started receiving actionable alerts. The platform monitors anomalies and vulnerabilities in a central place and identifies what is relevant, increasing security capabilities without requiring users to be security experts.

“With a lot of tools, you get a few thousand alerts, but on the operational level, it doesn’t really work because you’re getting flooded with information,” said Tham.

Thus far, collaborating with Lacework has allowed Avenue Bank to meet both its compliance and security goals with the business now fully-prepared for SOC 2 and APRA compliance audits.

It has also used Lacework IaC Security to fix issues before deployment, cutting remediation time from one week to one hour while still receiving context-rich alerts.

With insight from Lacework, the business has visibility to their cloud environment, enabling the engineering and security teams to work closely together.

Lacework director ANZ Richard Davies said the partnership epitomises Lacework’s full power.

“Not only can we deploy quickly, but we also distill security down and empower teams of all sizes to focus on what matters to their customers and regulators. Lacework fosters and promotes agile practices like DevSecOps and maximises cloud, without adding complexity,” he said.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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