As the Indian BFSI sector goes through this paradigm change, CISOs are looking at redesigning cybersecurity to suit the situation, balancing digitization with security and educating employees and vendors alike.
“Considering the worldwide situation, where BCP strategy has changed and the new trend is working from home, we need to have a proper plan and prep for such lock down. We need to assess people, process and technology. You need to provide relevant facilities and organizations like the stock exchanges which are heavily regulated have to balance security too,” says Shivkumar Pandey, Group CISO, BSE.
Balancing digitization with security
With the advent of social distancing financial institutions are minimizing physical touch points. This means increased availability of digital touch points. To improve the ease of interaction customers would have to use more applications, chatbots and kiosks.
The pressure therefore on businesses to launch new applications and upgrades is on. But the important factor is building trust with the customer and ensuring the new initiatives are secure.
“The applications have to be user friendly. The design of any tool or app has to encompass the security functions into it so that it becomes an endpoint computing device. Each and every mobile app should act like a local security operation center and should have a minimal security function of detecting an anomaly in the transactions happening through that app or kisk,” says Milind Mungale, EVP and CISO, NSDL e-Governance Infrastructure.
Highlighting the importance of emerging technology he says, “Each and every chat ..
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