‘Cashless economy initiative boosted digital economy in India’

Government initiatives and Regulatory Authority directives have always assisted the IT functions to achieve better governance and address the need of the next generation millennials. The cashless economy initiative has given rise to the Digital Economy in India and the new age citizens are exploring the related services to the maximum, says Shashank Bajpai, Chief Information Security Officer (CISO), Export Credit Guarantee Corporation of India, in conversation with Elets News Network (ENN).

What are the key Information and Communication Technology solutions being deployed by your company?

 Being the CISO, it is the integrity of my profession not to elaborate on specifics of our Information Technology (IT) Systems as it is believed that lesser the information available in public domain the more secure are IT Systems. However, to answer this on a generic and informative level – At Export Credit Guarantee Corporation of India (ECGC) Limited, our IT Department is continuously working towards bettering the end to end-user experience for both internal and external users.

There are various initiatives taken up towards a new-age technology across the domains – Network, Infrastructure, Applications & Databases.

Where do you see the Indian financial sector standing on a global front when it comes to the adoption of technology?

Indian Financial Sector is at the forefront and is leading in the adoption of technology for ease of use of various financial products and services by the end customers. We have seen many FinTech institutions with niche products both on a Global front and in the Indian BFSI sector too.

The Regulatory Authorities of Banking, Financial Services, and Insurance (BFSI) sector are also assisting the adoption rate of such new-age technology by sharing and mandating guidelines and various security controls.

What solutions are you deploying in your company to ensure data security?

We have always raised funds as needed In the current Cyber-Age, Data is rightly the crown jewel for any Organisation.

It is widely said ‘Data is the new Oil’ on similar lines I am of the belief that Data is new Treasure. Data Integrity, Data Protection, and Data Privacy are the three most important pillars to ensure that the treasure is enriched, secured and safeguarded. We are working towards a holistic approach when it comes to safeguarding the Data and Intellectual Property on an organisation-wide level. I again will not be very specific on the solutions deployed or under deployment as the threat landscape is always changing especially data-centric threats.

Do you feel that the government initiative of the cashless economy has altered your IT functions and requirements?

Government initiatives and Regulatory Authority directives have always assisted the IT functions to achieve better governance and address the need of the next generation millennials. The cashless Economy initiative has given rise to the Digital Economy in India and the new age citizens are exploring the related services to the maximum. UPI payment, for example, has seen exponential growth in adoption and usage.

What new innovations are you planning to implement by the year 2022?

 It can be regarded as my wish list to implement; innovation towards Artificial Intelligence & Deep Learning embedded Cyber Security Operations, by the year 2022.

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