Security Scenario in BFSI sector in India

Dinesh Pillai, CEO, Mahindra Special Services Group
Tuesday, November 24, 2015
Dinesh Pillai, CEO, Mahindra Special Services Group
Banking as a business involves the management of risks. While much has been said about the financial risks, the risks arising out of the large scale implementation of technology has been on the rise over the last few years, unfortunately to compete banks have no choice except to leverage on large scale use of technology for their normal day-to-day business. Security in banks has thus assumed significant position, comprising both physical as well as Information, as it could have an impact on the reputational risk of a financial organisation. The onset of the digital age has had a transformative effect on economic and social interaction. One landscape on which the impact has been most notable is that of the financial and the banking sector in particular.

Enhancing customer experience and trust has been the constant endeavour of financial instructions and banks across the world. Today, there are a plethora of opportunities for a better customer experience. Digital avenues of interaction such as the internet, mobile, tablets have veered customers away from traditional channels such as branches and ATMs. While this presents a huge potential for improving both the reach as well as the quality of engagement, it also brings up the other challenge security risks, frauds and cybercrimes and many more. Over the past few years, Cyber criminals have been constantly developing new and increasingly sophisticated tactics, and deploying them quickly throughout their networks. However they are going beyond some of the more common security threats that the banks and other financial institutions are aware of like Phishing, Spyware and Adware, Viruses, Trojans and Key loggers.

As banks become more involved in technology outsourcing, they face significant challenges in managing the risks associated with the third party technology service providers. When partnering with a security vendor it is essential to look at a number of elements including vendor reputation, reliability, scalability and lastly security which is of utmost importance. A bank must conduct adequate due diligence to identify and select a competent and reputed partner who can not only support the current requirements based on the ISO 27001, but also go beyond ISO 27001 by having provisions and a vision for innovation to match up with the threat landscape which continues to evolve as per the time.
At Mahindra SSG we offer risk assessments, advice& implement risk mitigation framework & provide positive assurance on governance & compliance.

For the BSFI sector in India, we offer an integrated solution that includes Information Security Management System, Technology & Baseline Hardening, and Electronic Counter-Surveillance & Change Management. Mahindra SSG believes in mapping the organization's risk profile by analysing business processes, technology infrastructure and people awareness level. Based on the risk profiling, Mahindra SSG designs the Information Security Framework which mainly consist of policies, procedures and necessary controls to bring the risk exposure to acceptable level. The sensitization process starts with the organization leaders as what leaders do common men follow. When leaders are sensitized it becomes easier to drive the awareness initiative to the rank and file and to third party personnel to create a change in the cultural ethos for successful implementation of the security program.

Mahindra SSG has grown to be one of the leading Corporate Security Risk Consulting firms in India and over the past years and have been instrumental in enabling over 250 major corporate clients secure their people, assets, information and reputation. The company's distinctiveness lies in its 'People-Centric' approach; endorsed by clients across scores of implementations. Headquartered in Mumbai, India, the company has presence in major cities and the capability to operate out of several global locations.

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