Panel Discussion: Rise of Cyber Crime: Managing the Cyber Security Threats to the BFSI Sector

Panel Discussion: Rise of Cyber Crime: Manag ing the Cyber Security Threats to the BFSI Sector

Deval Mazmudar, Chief Information Security Officer, IndusInd Bank
“There are two categories of threats known and unknown. You can probably build effective reasonable preventive mechanisms of known threats and of the known threats you can also pre-empt based on the best practices. The concern is how do we handle the unknown threats.”

Mannan Godil Chief Information Security Officer, Edelweiss Financial Services
“Prevention would just be better than cure. How much you prepare yourself is not going to be enough. It is good to be prepared and called ourselves prevention-ready. You must have a response team in place so you would be able to respond. We will have to strategise so that we are not just looking at prevention but also immediate response.”

Kersi Tavadia, Chief Information Officer, Bombay Stock Exchange
“The focus now has to be on how to build strategy on mitigation. Preventing techniques have got matured and obsolete. The entire focus is on how we keep your business ready.”

Ramakrishna Murthy, Director – APAC, Securenext Softwares
“Prevention is important but in terms of unknown threats, detection is the key. When you are dealing with a larger amount of log data detection and prevention is actually troublesome. In such circumstances figuring out the problem and putting up the contextual information behind it is the solution.”

Makesh Chandramohan, Chief Information Security Officer, Aditya Birla Financial Services
“At Aditya Birla Financial Services, after getting alerts on threat, we look at the relevancy and take the actions out of the alerts. We have the list of all the IT components which are involved. After every alert, we go through the list and then take it forward.”

Zulkernain Kanjariwala, Head IT, Doha Bank
“Banks have the tendency of totally depending on the regulations subscribed by the regulatory authorities. But if we take prior action and inform the Reserve Bank of India regarding the threats on the initia l phase, better detections and solutions can be initiated.”

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