Protecting Urban Cooperative Banks From Cyber ThreatsPanel of Experts Offers Insights on Enhancing Security
India's urban cooperative banks need to take a holistic approach to build a security governance structure, opt for an ASP services model and map their business-critical risks to comply with the RBI’ssecurity posture guidelines, according to a panel of experts.
Cooperative banks that lack technically savvy staff should outsource their security functions to protect their infrastructure and critical assets, says Bhaskar Rao, assistant general manager-IT at Vasai Vikas Sahakari Bank, in a video panel discussion with Information Security Media Group.
To address security gaps, cooperative banks need to adopt a security governance structure, taking a systematic approach to technology implementation, says Ratan Jyoti, CISO at Ujjivan Small Finance Bank. “I strongly recommend these banks to do the risk assessment and threat modeling of their infrastructure … and opt for a subscription-based services model to choose the right technology or solutions,” Jyoti says.
Ramakanth Desai, chairperson of Bangalore Fintech Forum, says to comply with RBI’s recommendations, urban cooperative banks need to prioritize their business risks and ensure secure communication of their transactions with the stakeholders.
In this video panel discussion, the three experts also address:
- Security shortcomings in urban cooperative banks;
- The risk exposure levels of these banks in the digital services offered;
- Advice on detecting and responding to threats.
Rao, assistant general manager at Vasai Vikas Sahakari Bank, has 16 years’ experience in the banking industry, including serving as assistant general manager at Vasai Vikas Sahakari Bank Ltd., and at The Kapol Cooperative Bank Ltd.
Jyoti is the first CISO of Ujjivan Small Finance Bank. Previously, he was CISO of Vijaya Bank. He has 15 years’ experience in the sector, including setting up a cybersecurity infrastructure from scratch. Earlier, he worked at Oriental Bank of Commerce and Corporation Bank.
In addition to his role as the chairperson of Bangalore Fintech Forum, Desai, serves as a management consultant advising companies on growth strategies. He’s on the advisory board of several global IT services companies. He formerly was president and CEO (IT services) at Happiest Minds Technologies, a digital transformation, infrastructure, security, and product engineering Services Company. He also was a senior vice president at Wipro technologies. He now serves as the chairperson of the ASSOCHAM healthcare initiative.