‘In Today’s World, Getting Paranoid About Security Is Okay’
Explaining about the IT (Information Technology) Security Circle, Mrutyunjay Mahapatra, Deputy Managing Director and Chief Information Officer of State Bank of India, said “In today’s world, it is right to become paranoid about security.” He mentioned five layers in the IT security circle – Detect, Identify, Protect, Respond and Recover with a thick layer of governance.
Mahapatra was speaking at the inaugural session of BW Businessworld’s BFSI Risk & Security Summit 2017 held at Mumbai on 26 October, 2017.
In his address, Mahapatra spoke elaborately on overall e-banking ecosystem which include consumers, platform owners, service providers, banks and regulators.
He also emphasised on tapping the digital trust dynamics through social media, mobile, analytics, cloud, hyper connectivity, digital identity and speed of change. He talked about five confidence pillars in risk and security – confidence in security, confidence in digital transformation, confidence in systems, confidence to take risks and confidence in data.
Mahapatra concluded his address by explaining digital trust frame work which features IT risk and resilience, cyber security, business systems confidence, transformation confidence and data confidence.
The key note address was followed by technology presentations by Pushkaraj Kale, Director – Financial Services Enterprise Commercial, Microsoft Corp (India) Pvt Ltd, and Arindam Mukherjee, Director – Enterprise sales, Cisco India.
While Kale explained about secure modern workplace and the security parameters along with Microsoft’s made in India Kaizala, Mukherjee elaborated on cyber risks and challenges ahead.
This was followed by special presentations by Rama Vedashree, Chief Executive Officer, Data Security Council of India on ‘Building Digital Trust Platform for Secure E-banking’; Prashant P Singh, Assistant Director General, UIDAI who explained about the security aspects of Aadhaar; and Gururaj Rao, Chief Information Officer, Mahindra & Mahindra who spoke about banking ecosystems, business channels among others.
The inaugural session ended with an interactive Q&A session with the audience.
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