Security plus ltd

Tran Phuong Hong, IT Advisory director, KPMG Tax and Advisory Vietnam and Do Kim Hien, senior solution consultant, KPMG Tax and Advisory Vietnam In Vietnam, we have had vast opportunities in conducting SWIFT system security gap assessment projects for Vietnamese banks, and there are best practices that clients should consider while implementing and securing the system according to a SWIFT Customer Security Control Framework (SWIFT CSCF). The SWIFT CSCF describes a set of mandatory and advisory security controls for users. Mandatory security controls establish a security baseline for the entire community and must be implemented by all users on their local SWIFT infrastructure. The SWIFT has chosen to prioritise these mandatory controls to set a realistic goal for near-term, tangible security gain, and risk reduction. Advisory controls are based on good practice that SWIFT recommends. Over time, mandatory controls may change due to the evolving threat landscape, and some advisory controls may become mandatory. All controls are articulated around three objectives: ‘Secure your Environment’, ‘Know and Limit Access’, and ‘Detect and Respond’. Controls have been developed based on SWIFT analysis of cyber threat intelligence and in conjunction with industry experts and user feedback. Control definitions are also intended to be in line with existing information security industry standards. SWIFT CSCF version 2021 has defined 31 security controls (22 mandatory and nine advisory controls) that underpin these objectives and principles. The controls are intended to help mitigate specific cybersecurity risks that users face due to the cyber threat landscape. Within each security control, SWIFT has documented the most common risk drivers that the control is designed to help mitigate. Addressing these risks aims to prevent or minimise undesirable and potentially fraudulent business consequences, such as unauthorised sending or modification of financial transactions; …

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Ex-leaders of State-owned steel firms stand trial The defedants at the first-instance trial that opened on April 12 The first-instance trial, held by the Hanoi People’s Court, is expected to last 10 days. Fourteen defendants were charged with “violating regulations on the management and use of State assets, causing losses and wastefulness” under Clause 3 of Article 360 in the 2015 Penal Code. They included Tran Trong Mung (born in 1949, former General Director of TISCO), Tran Van Kham (born in 1961, former Chairman of the Board of Directors and General Director of TISCO), Mai Van Tinh (born in 1952, former Chairman of the VNS Board of Directors), and Dau Van Hung (born in 1951, former General Director of VNS). Two former members of the VNS Board of Directors and three former members of the TISCO Board of Directors were accused of “lacking sense of responsibility, causing serious consequences” under Clause 3 of Article 360 in the 2015 Penal Code. According to the indictment issued by the Supreme People’s Procuracy, the VNS Board of Directors decided the investment in the second-phase production expansion project of TISCO and TISCO was the investor of the project. This project initially had total investment of more than 3.8 trillion VND (164.9 million USD at the current exchange rate). The China Metallurgical Group Corporation (MCC) won the construction bid in 2007. On July 12, 2007, then TISCO General Director Tran Trong Mung and MCC General Director Shen Heting signed an engineering, procurement, and construction (EPC) contract worth over 160 million USD (equivalent to over 3.5 trillion VND). The value, including taxes and expenses necessary for contract implementation, was stipulated not to change during the implementation process. TISCO and MCC launched the implementation on September 29, 2007. However, after more than 11 months since the contract took effect, MCC still failed to select or contract with subcontractors, or carry out …

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LG Electronics is looking to sell its smartphone plants. Source: Glassdoor After announcing to withdraw from the smartphone business, LG Electronics is closing down production plants in Haiphong (Vietnam), Taubate (Brazil), and Qingdao (China) after failing to effect a breakthrough, according to Business Korea . Of these, the Haiphong plant, which is the largest among LG Electronics' smartphone plants with an annual capacity of about 10 million smartphones, equaling about half of LG's total smartphone output, has been announced to find a buyer at the selling price of KRW100 billion ($90 million). Realising the difficulties of finding a local buyer, which is going to manufacture almost 10 million smartphones per year, LG Electronics is considering selling the plant site only, without the production lines. The Taubate and Qingdao plants are facing the same difficulties. They have a total capacity of about 8-9 million smartphones a year. After a rumour about the sale of the Taubate plant caught wind at the end of February, executives and employees at the plant have been staging a strike since March 26 due to concerns over their job security. Last month, LG Electronics attempted to sell its smartphone factories to local conglomerate Vingroup, without success. “LG negotiated with Vingroup to sell its smartphone factories in Vietnam and Brazil. However, the recent negotiations failed mainly due to price disagreements,” the Korea Times today quoted a senior industry official who understood the deal. By Nguyen Huong …

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