By Rakesh Asthana
Cybersecurity threats aim to compromise IT systems, networks, and databases, impacting Confidentiality, Integrity, and Availability (CIA). Confidentiality limits access to authorized users, Integrity ensures data reliability, and Availability guarantees system access. A robust cybersecurity framework prevents attacks and enhances resilience, enabling businesses to respond and operate during cyberattacks.
To effectively address these threats, businesses must, particularly in the BFSI sector, establish a strong Information and Cybersecurity Policy (ICSP) and ensure its proper implementation to reduce the risk of data disclosure, alteration, destruction, delay, or misuse. The ICSP delineates management responsibilities and sets objectives for consistently protecting the organization’s vital data and information assets.
It should be implemented to provide a user-centric, trusted, and secure set of resources and environments for employees to conduct business while protecting information assets, including customer data. Cyber awareness of the employees, contractors, and third-party service providers is an essential & integral part of this policy.
In cyber security measures, innovation shall be aimed at “Data Leakage Protection (DLP)” and “Technology
However, constant monitoring and review of this measure by the Information Security Risk Management Committee (ISRMC) comprising of the Chief Risk Officer (CRO), Chief Information Security Officer (CISO), Chief IT Security Officer (CITSO), Chief Security Officer (CSO), Chief Human Resource Officer (CHRO), Chief Technology Officer (CTO), Function Heads of Operations, legal, Compliance, and Finance is a must to make it foolproof.
The BFSI sector has witnessed the massive adoption of advanced technologies, such as Artificial Intelligence
There is a need for a collaborative approach and synergy between financial institutions, technology providers, and regulatory bodies to foster a collective defence against cyber threats. Innovative partnerships and information-sharing initiatives can lead to the development of stronger cybersecurity frameworks.
One such partnership is between Religare Enterprises
In the BFSI industry, preserving customer trust is crucial. Businesses must adopt innovations like encryption, biometrics, and secure data storage to protect sensitive customer information and ensure data privacy. The BFSI sector prioritizes disaster recovery and incident response capabilities to ensure resilience and business continuity. Since the BFSI sector stores and uses huge amounts of customer data and deploys big data analytics for business growth, protecting personal data has become very important, especially with the Digital Personal Data Bill 2022. It has been drafted with the scope of protecting the Right to Privacy and Freedom of the individuals in India.
The Bill contains provisions regarding governance, requirements, penalties, and grievance mechanisms of parties involved to empower individuals and provide control over their data in digital format. Key parties defined in the Bill are the individual, the organization, the Members of the Organization, and the Regulatory Body. The Bill is applicable for collecting data within India, both online and offline. It also applies to data and the processing of digital personal data outside India if such processing is in connection with any profiling of or activity of offering goods or services to individuals within India.
Data is the basis on which the entire BFSI sector and the regulatory authorities act, and the Data Protection Bill makes it more important for all the players to ensure effective and dynamic cybersecurity mechanisms in their domain. In the present world, instead of TIME IS MONEY
The author is group head, corporate affairs and advisor, Religare Enterprises Ltd
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