January - 2014 - issue > CIO Insights

Success Lies Under the Umbrella of Security

By Surendra Shetty
CIO-Yes Bank
Friday, January 10, 2014
By Surendra Shetty
YES Bank Ltd. (NSE: YESBANK) is India's fourth largest private bank and is headquartered in Mumbai. It operates a network of over 500 branches across 350 cities and has a current market cap of $133.60 billion.

A paradigm shift from traditional way of handling things is made possible with the birth of technology. The quartet of technology like Cloud Computing, Social Engagement, Mobile Technology and Big Data are shaping up the industry, especially the banking sector. Cloud computing provided by hosting services are enabling cost reduction, distributing information efficiently, reliable and is swift. These services are typically becoming 'Intelligent' with analysis from Big Data. We can say goodbye to Structured data, which is not good enough anymore. It is the unstructured data which need to be tapped by mining the information present in blogs, social networks, wikis, documents, emails, voice and video loggers and tying it up with context aware and location aware services. These intelligent services are no longer being consumed using the traditional channels, but by a consumer base which is mostly 'On the Go' on their mobile devices (smart phones, tablets, even wearable computing) or through unconventional channels such as social engagements.

Missing the Security
Explosion in consumption of volumes of data is giving rise to serious security concerns, as current solution landscape did not provide satisfactory security. To deal with this, industry leaders are accentuating employees to Bring Your Own Device (BYOD), which include personal laptop, tablet and smartphone. Using these devices, employees will be accessing, downloading and consuming corporate data via emails. In many of these cases, the downloaded data is being backed up and replicated in cloud storage through auto sync application thus compounding to what is already a very significant problem. An integrated mature offering which provides governance and control abilities to monitor and manage data is strikingly missing.

Wearing Multiple Hats
CIOs are operating in a more complex environment with major challenges faced by them are yet to be resolved. These challenges are interlinked to each other and are determining businesses’ end results. As a CIO, my main concern is cost optimization, security, enabling innovation aligning to business' objective. Cost can be tremendously minimized when operational cost and hiring cost is handled in more appropriate way. To hire quality staff is a foremost challenge.

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