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TrustVault, home-grown cyber security consultancy awarded ISO 27001 certification



TrustVault, one of Sri Lanka’s most trusted cybersecurity consultancies, will be cementing its international presence by launching branches in the United Kingdom and Canada.

Endorsed by the renowned certification body, Bureau Veritas, this ISO 27001 certified elite team guides companies to protect and enhance connections to the digital world. By adopting a well-defined and practical approach, TrustVault provides a holistic view of the Information security environment thereby enabling organisations to achieve their business objectives, address uncertainty, and act with foresight and integrity.

Managing Director of TrustVault Buddhika De Alwis stated that “We seek to positively impact Sri Lanka’s economy by enhancing offshore market opportunities through world-class customer service, an integrated range of solutions, and by grooming the next generation of local Cyber Security professionals. With the ISO27001 certification achievement, we are well positioned to be a trusted advisor to our existing and potential clients in any market”.

Commencing operations in 2017, TrustVault has established strong credentials in mitigating cybersecurity risks and challenges faced by modern enterprise. This has been through the provision of highly effective cyber and information security strategies spanning industries such as Banking & Finance, Telecommunications, Manufacturing, Process Outsourcing, Technology, Hospitality, Healthcare, and Oil & Gas.

TrustVault’s customer-centric approach has established the confidence and loyalty of their customers, giving them an edge over competitors globally. As stated by Mr. De Alwis, “Our clientele varies from large well-established corporations to small start-ups. Putting our valuable customers at the forefront, we intricately plan our approach, gather insights, and provide highly customised solutions.” In comparison to other branded consultancies, the hallmark of TrustVault is that it extends to the provisioning of end-to-end solutions. As described by De Alwis “Given the unprecedented worldwide dependency on cyber services due to Covid-19, TrustVault seeks to empower our clients by protecting their digital assets, reducing potential risks and by offering education & guidance towards achieving standardized best practices across organisations”.

Partnering their clients with flexibility, reach and accessibility, TrustVault’s expansive portfolio services include, IT Technology Assessments, where thorough appraisals are conducted on companies’ information security and technology systems and customized reviews and solutions are recommended by expert consultants. Their Cyber Security Advisory Services stay one step ahead by constantly sifting through the latest security breaches, advisories, and legislative updates. This information is then collected, interpreted, and contextualized in order to give useful insights, guidance, and counsel that is relevant and highly customized. Empowering their clients with awareness, knowledge, and assurance, TrustVault’s services equip corporations to protect themselves against imminent cyber threats, enabling employees to work together to protect digital assets.

While providing their partnered companies with experience, exposure & insight in the management of information security, TrustVault’s Consultancy Services guide corporates to align their documentation and practices towards implementing numerous standards such as ISO 27001 on Information Security, ISO 22301on Business Continuity Management, ISO 27701 on Privacy Management and ISO 20000 on IT Service Management, Governance Risk & Compliance.

By achieving ISO 27001 certification, the internationally recognized standard for information security, TrustVault has established customer and business partner confidence and is perfectly poised to ally with their valuable clients to achieve robust security, ongoing risk management, and protection of sensitive information – a reputational boon for customers, suppliers, and partners. Thereby not only assisting in improving working relationships and retaining existing clients but giving a proven marketing edge against competitors.

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Seven factors of concern at upcoming Monetary Policy Review



by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets



Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO



Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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