The covid-19 pandemic and the induced lockdowns have accelerated the strategies of digitisation to the next level. Financial Institutions are reporting more than 90 percent of the transactions through digital mode. There will be an increased focus on developing a structured framework for securely managing and sharing data. The expected Personal Data Protection Act will give a push on this front and will assist organizations in optimizing the use of data and to make decisions/actions that maximize the benefit to the organization says Biju K, Chief Information Security Officer, Federal Bank in conversation with Elets News Network (ENN).
1. How has covid changed the banking sector in India, especially with regards to technology?
The pandemic and the subsequent lockdowns have forced the banks to the next level of digitization. Also, customers who were yet to move to digital channels started using hassle-free digital modes. This trend is expected to remain so eventually pushing the digital transaction volume. Currently, more than 85% of the transactions are done through digital mode.
2. Why is digital transformation important for ensuring information security?
Digital transformation is happening in every area and so is managing information security. Use of cutting-edge technologies utilising Artificial Intelligence and Machine Learning on the security front is increasing. Adopting such technologies will enable banks to improve the detection and response capabilities and thereby the security posture.
3. Is tech-deployment during the pandemic inflating the cybersecurity budgets for Indian banks?
Not specifically, but the pandemic scenario has accelerated the pace of technology transformation of how the workplaces are run and the security solutions relating to them.
4. What practices from now would you like to carry forward in the future as well?
We would be happy to carry forward the momentum achieved in the digital push during the current environment. Also, enabling work from anywhere arrangements on a need to have basis can augment the productivity of the employees and supplement the regular Business Continuity Plan arrangements.
5. What innovations in terms of data management should be implemented in 2021? How are you expecting the upcoming year to be, for the Indian banking sector?
The past few years have seen aggressive growth in digitization. The data security practices are also catching up. Going ahead, there will be an increased focus on developing a structured framework for securely managing and sharing data. The expected Personal Data Protection Act will give a push on this front. These will in turn help organizations, to optimize the use of data and to make decisions/actions that maximize the benefit to the organization.