Cautioning that the Bankers must be on guard against the unpredictable, both physical and virtual enemy whose sole aim is to interfere with and disrupt our security systems, Mushtaq Ahmad, Chairman and CEO J&K Bank Friday said that the forum of Chief Information Security Officers (CISO) from across the banking fraternity would engage in serious deliberations on such vital issue facing the banking industry for two days and add value to the discussions already happening across the industry.
Mushtaq was addressing a Two-day ‘CISO Forum Meet’ held here at the bank’s corporate headquarters.
Underlining the importance of security in banking, Mushtaq referred to the first speech made by Governor RBI, Dr. Raghuram Rajan in which the governor stressed upon the need of developing and improving the technology and security infra structure of banks.
“From ledger to desktop and mobile banking, the banking has undergone phenomenal change. Information security becomes critical as banking turns more complex. We have to meet these growing challenges and stay ahead of minds with propensity towards frauds, crime and chaos”, he said.
The meet, hosted by J&K Bank, was convened by Institute for Development and Research in Banking Technology (IDBRT). Director IDBRT Sambhamurthi, COO IDBRT Patrik Kishore, J&K Bank Executive Presidents Abdul Hamid Banday and O P Sharma, Presidents, Vice-presidents, officers besides CISO’s from various public and private sector banks from across the country were present on the occasion.
Earlier, in his keynote address, Sambhamurthi congratulated the bank for its remarkable journey of 75 years saying, “I congratulate you for your 75 years of consistent service and growth. I feel pleased to share the joy of J&K Bank’s Platinum Jubilee celebrations.”
Impressed by the branding content placed in the bank’s auditorium, he said, “One can see that ‘Empowerment’ and ‘Partnerships’ make businesses ‘Sustainable’ and are real drivers of bank’s growth and development.”
He said, “Information and technology infra-structure are the strategic assets of banking industry. The banks have to take care of any physical or cyber threat to these.”
“IT, as of now, not only enables the businesses especially banking but has come to shape it in a major way. And security has come to assume an architectural role in the banking system from a piecemeal safety mechanism,” he added.
Speaking about SMAC, which stands for Social Media, Mobility, Analytics and Cloud Computing, he said, “Major changes in the banking landscape vis-à-vis technology are in the offing and only the well positioned banks can leverage the SMAC trends and succeed.”
Pratik Kishore, COO IDBRT then spoke about Information Security Status: Posture of Indian Banks.
He gave a detailed overview of the contemporary information security as managed and maintained by the banks.
Information security is based on three pillars i.e. Confidentiality, Integrity and Availability of data, he said.
He cautioned the banks against complacency in the matters of security saying that a small gap in the security could inflict heavy damage on the whole system.
Information security has to become a culture for efficient and successful future banking, he said.
The forum shall continue deliberations for two days on topics like Protection of critical information infra structure, Cyber attacks/ Crisis Management Plan and Cloud Security & Social Media.