Elets Technomedia, in collaboration with The Banking & Finance Post Magazine, has successfully concluded the 4th Elets BFSI Security Summit Powered By Zeron in Mumbai, Maharashtra, yesterday. The event, held on 16th May at ITC Maratha in Mumbai, aimed to address the escalating cybersecurity challenges faced by the Banking, Financial Services, and Insurance (BFSI) sector amidst technological advancements and evolving cyber threats.
While the significance of cyber resilience is widely acknowledged, translating it into actionable strategies encounters anjor challenges within the intricate BFSI landscape, marked by diverse systems, external vendors, and regulatory mandates. The summit convened elite BFSI leaders to deliberate on strategies for enhancing the industry’s security posture.
The action-packed summit provided a crucial platform for industry leaders to exchange ideas, experiences, and collaborate on strategies to enhance cybersecurity measures in the BFSI sector. Attendees engaged in insightful discussions on bolstering cyber resilience, navigating privacy concerns, and leveraging cutting-edge technologies to combat cyber threats effectively.
Shivam Pathania, Lead – BFSI Initiatives & Partnerships, Elets Technomedia, welcomed all the attendees, stating, “For over a decade, The Banking and Finance Post has been keeping the BFSI sector updated and prepared for the challenges ahead. Whether you prefer reading our magazine or browsing our online portal, we strive to be your trusted source of information on everything BFSI-related.”
“I proudly say we’re not just about providing information but about driving action. Through our conferences, webinars, workshops, etc., we create opportunities for collaboration and growth, contributing to building a vibrant BFSI ecosystem,” he added.
The summit featured a lineup of insightful sessions, panel discussions, and technology presentations, offering in-depth analysis of key topics shaping the future of cybersecurity in BFSI. Panelists and industry experts shared their perspectives on fostering global cooperation, balancing privacy concerns with security measures, and harnessing AI to strengthen security compliance in finance.
One of the highlight sessions, titled “Global Cooperation: A New Era of Collaboration to Accelerate Cyber Resilience”, moderated by Vijaykumar C, CISO of Standard Chartered Bank, emphasised the importance of universal defence against cyber threats.
“We should consider the entire banking sector, which has been around for over a hundred years, and recognise that new regulations are typically built upon existing frameworks. In contrast, cyber regulations are relatively new. The initial set of requirements and clarifications will always raise more questions than answers. This is a journey we need to undertake gradually; we cannot expect a newborn to run a marathon at sprint pace,” said Vijaykumar.
He further added, “From my practical experience across the industry, I’ve observed that reporting is generally not penalized unless the regulator finds clear evidence of negligence. Otherwise, penalties are uncommon.”
Panelists, including Archana Venugopal, CISO of ESAF Small Finance Bank, highlighted the need for collaboration in combating cyber threats, citing real-world examples from recent global conflicts. She said, “Collaboration is essential because the threat is universal; therefore, our defense should also be universal. This principle is crucial. For instance, in the Russia-Ukraine and Palestine-Israel conflicts, cyber threats are propagating rapidly, leading to tremendous losses due to cybercrime.”
She further highlighted the significance of institutions like Institute for Development and Research in Banking Technology (IDRBT) in incident management. “IDRBT is a great institution for incident management. Those involved in the Indian banking system are familiar with IDRBT, and I strongly recommend it. The courses, curriculum, and the CISO forum they hold provide a comprehensive, holistic view for cybersecurity professionals working in the industry,” Archana added.
Sanket Sarkar, Founder of ZERON, provided valuable insights into cutting-edge technologies shaping cybersecurity strategies during the technology presentation. Sarkar emphasised the shared responsibility of cybersecurity across organisations and the critical impact of cybersecurity incidents on business operations.
He addressed the audience, emphasising the shared responsibility of cybersecurity within organisations. “As each of you handles the critical function of cybersecurity in your organisation, a responsibility that is inherently shared, there tends to be a misconception that if something goes wrong, the blame falls solely on the security team or the IT function. When considering these issues, it’s evident that they ultimately affect the company’s top line—when customers are affected, it impacts the business,” he said.
Moreover, Sanket shed light on the challenges posed by a high volume of data, which can often divert focus from core business-driving activities. Despite these challenges, he reassured the audience that for every problem discussed, there are available solutions.
In the industry sessions, experts delved into topics such as mobile application security and vulnerabilities. Archana Venugopal, Chief Information Security Officer at ESAF Small Finance Bank, shed light on the heightened threat level posed by mobile devices and applications, urging for increased security measures and thorough testing to mitigate vulnerabilities. “From business banking to healthcare, we heavily rely on mobile devices and applications, highlighting their significant influence on our daily lives. This reliance brings with it a heightened threat level and vulnerability. Hackers target these devices to steal information, access data, and exploit financial opportunities, making mobile devices the easiest entry point into our personal and professional lives,” she said.
The summit concluded with the BFSI Security Exceller Awards, recognising outstanding contributions to cybersecurity in the BFSI sector.
Alongside ZERON as the powered by partner, the summit showcased exhibitor partners including WYSETEK with IBM, SOPHOS, AQUILA I, and COREGENIX, enriching the event with innovative solutions and opportunities for networking and collaboration.
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