As the dependence on Information Technology is increasing by the minute, H R Khan, the Deputy Governor of RBI (Reserve Bank of India) stated that there is a necessity` to make sure there is better compliance with regulations in order to prevent the occurrence of data theft as well as financial fraud.
He stated that the banks face a tough challenge in this security management segment. As the population of both the internal and external users accessing the applications is increasing, this requirement has grown to a great extent. So, the banks are asked to deploy the most advanced security tools to help them secure the digital asserts, ensure better compliance with the regulations and prevent data theft.
He continued stating that in addition to the above mentioned aspects, the security management is getting modified constantly. The security measures have to be highly responsive, and quickly deployable. They are also adaptable to new threats and upcoming risks. This was revealed by him in his address at a seminar at IDRBT (Institute for Development and Research in Banking Technology in Hyderabad in the last week.
Moreover, he also stated that it should be able to satisfy the new generation customers who want to have more customized and personal experiences that are on par with their lifestyles. The banks have to transform from lending institutions to technology firms in the near future either out of compulsion or conviction. He also stated that the board of banks will provide suitable IT governance and strategy that will be of prime importance.
Scrutinizing the human factor is stated to be the most significant security management challenge that has to be addressed effectively. The security is finding an even bigger challenge with the SMAC (Social, Mobile, Analytics and Cloud). Apart from this, the other developments such as big data, virtualization, mobile and working from home, globalization of markets and demographic changes have also added to the list of challenges faced by security.
Besides being focused on the external threats, he stated that they should give attention to the internal threats in the organization as well.
