BBVA and Google Cloud Form Strategic Partnership to Drive Security Innovation in Financial Services

BBVA and Google Cloud will collaborate to create an artificial intelligence-based platform that detects and prevents possible security threats

Madrid, Spain and Sunnyvale, Calif, February 23, 2021 – BBVA and Google Cloud today announced a new strategic partnership to transform the bank’s security strategy by optimizing and improving its security infrastructure. As part of this global agreement, BBVA will collaborate with Google Cloud in the development of groundbreaking new artificial intelligence (AI) and machine learning (ML) models to predict and prevent cyberattacks against its banking infrastructure, providing a more secure experience for the bank and its customers.

BBVA is the first bank in Europe to deploy Chronicle, Google Cloud’s security analytics platform that allows teams to store and analyze all their security data in one place to detect and investigate threats at scale. BBVA will incorporate Google Cloud’s innovative artificial intelligence capabilities into its security strategy and shape its “Security Operations Center (SOC) of the Future.”

In this center, Google Cloud and BBVA will work to jointly develop a new platform that will allow the bank to adopt a more advanced technology by placing it in a more cost-effective environment, and with greater scalability. The use of Google Cloud’s Chronicle, combined with the expertise of BBVA’s security operations departments, will enable the bank to leverage best-in-class AI capabilities to prevent cyberattacks.

“This partnership represents a leap forward for the bank, and allows us to be at the forefront in preventing threats to the security of our financial infrastructure and our clients,” said Álvaro Garrido, Chief Security Officer, BBVA. “The platform surprised us in its ability to quickly and accurately mitigate possible threats. Google Cloud’s Chronicle meets our expectations and will be a magnificent partner in the transformation of our security posture, just as Google Cloud has been in other areas of the bank.”

“The Chronicle platform was built to help companies like BBVA improve its security infrastructure, leveraging the speed and scalability of Google Cloud’s technology,” said Derek White, VP Global Financial Services Industry, Google Cloud. “This collaboration will solidify Chronicle as one of the key pillars of BBVA’s security infrastructure and will support its strategy in offering its customers a trusted approach to products and services.”

BBVA has collaborated with Google Cloud to digitally transform its operations since 2011.  BBVA is using Google Workspace, along with other services from Google Cloud, to promote a new, safe, and more agile collaborative way of working among its employees. These tools allow for global collaboration, without putting the information and documentation generated at risk.

About Google Cloud
Google Cloud provides organizations with leading infrastructure, platform capabilities and industry solutions. We deliver enterprise-grade cloud solutions that leverage Google’s cutting-edge technology to help companies operate more efficiently and adapt to changing needs, giving customers a foundation for the future. Customers in more than 150 countries turn to Google Cloud as their trusted partner to solve their most critical business problems.

About BBVA
BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey’s Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers’ real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.

SOURCE: Google