SINGAPORE, 10 May 2021 — Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, today announced that Funding Societies has deployed Prisma® Cloud, the industry's only comprehensive Cloud Native Security Platform (CNSP), to help secure its multi-cloud resources and workloads.
As Southeast Asia’s largest SME digital financing platform, Funding Societies operates multi-cloud setups across different markets in the region, including Singapore, Malaysia and Indonesia. It was critical for Funding Societies to deploy a cloud native security platform that could satisfy key security needs regardless of where it was deployed. However, native security tools often come with a different set of security standards and best practices, which made it difficult for Funding Societies to monitor its overall cloud security posture and bridge the divide between security and DevOps in the development cycle. With Prisma Cloud, Funding Societies is able to effectively manage its distributed cloud resources, thereby meeting strict compliance requirements and scaling security operations to support the surge in demand for its services during the pandemic.
The deployment of Prisma Cloud provided Funding Societies with extensive visibility into their cloud environment to manage risks across all layers of its architecture using a single integrated platform. Leveraging powerful capabilities such as automated asset inventory, threat detection and response, as well as multi-cloud vulnerability monitoring and prioritisation allowed Funding Societies to move security to the earliest possible point in the development process. This significantly improves its overall security posture with more regular security checks throughout the application development lifecycle. By establishing security controls for the entire stack, Funding Societies was able to protect its cloud infrastructure, identify and prevent breaches in real time, and ultimately protect sensitive customer data.
“The ability to secure risks in a timely manner and build operational resilience have always been key priorities for us. Palo Alto Networks has helped us to elevate our security posture, while addressing gaps in regulatory compliance requirements. The ease of deploying and using Prisma Cloud has also saved us valuable time and resources in the process,” said Shakthi Priya Kathirvelu, Head of Information Security, Funding Societies | Modalku.
“The digital banking revolution in Southeast Asia is in full swing. It's encouraging to be able to empower visionaries such as Funding Societies to support SMEs in their business journey through safe and secure lending,” said Claribel Chai, country manager, Singapore, Palo Alto Networks. “For any business in financial services, a prevention-based approach to security is especially critical to gain customer trust while also adhering to stringent regulations. Having a holistic view of risk and vulnerabilities without multiple single-focus security tools will help organisations capture the unique benefits of the cloud, while ensuring a strong security posture to prevent cyberattacks.”
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is regulated in Singapore, Indonesia, Thailand, and registered in Malaysia. It is backed by Sequoia India and Softbank Ventures Asia Corp amongst many others and provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 6 years, it has helped finance over 4 million business loans with over S$2 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and in 2020 recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, won the Stevie® Award for Innovation in Technology, and named ASEAN Startup of the Year by Global Startup Awards.
About Palo Alto Networks
Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world's greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit www.paloaltonetworks.com.
Palo Alto Networks, Prisma, and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.
Communications Manager, Asia Pacific, Palo Alto Networks
RICE Communications on behalf of Palo Alto Networks
Senior PR & Communications Executive, Funding Societies