Sign Banking PPT Illinois Secure

Industry sign banking illinois ppt secure

cyber security has become one of the manners of the entire security systems urban cooperative banks are not untouched with this problem to talk about such important topic we are glad to welcome in vinod singh president and ceo of atlantis technologies to share his mindset and what he is offering to the urban company banks over to you sir good afternoon and welcome to this session on cyber security and cooperative banks from atlanta's technologies just a word on atlantis uh as a we are a global company based out of india we have spent 20 long years in cyber security and we specialize in the domain of identity and access management a set of technologies that deals with creating digital identity of all the users including the consumers as well as giving access managing all the access to applications and very very vital data sources that employees employees generally access we have been we have been awarded a number of recognitions from various analysts and we're the only true make in india company on the right you see some of our customers and you can see there that we have customers from all segments of the industry but predominantly we have a larger number of customers in the banking and financial segments cyber security is not really a technical challenge it's a business challenge if you look at simple fact of more than 20 cooperative 40 cooperative banks were hacked during covet 19 period alone the impact that it causes to their business not only in terms of lost money but also the lost reputation is is truly a business issue so today's talk i'm going to focus on three areas uh which i call the three pillars of success for the cyber security initiative of your bank and these are number one very significant is boardroom awareness facts about costs the cost may not be exactly what they look like at your boardroom level and also the the importance and significance of vendors which i would truly call partners so let's uh let's get into the various aspects of the boat room awareness security actually begins at the board level uh all the unless the board has full recognition of the importance of security it does not look at security only as a line item on the profit and loss account and something for which some budgets have has to be sanctioned and something which is an unavoidable evil if that's the way the security is being construed and their initiatives are not going to be successful the reason is simple that for banks i.t today does not support banking i.t actually is banking uh look at the neo banks where the i.t is truly banking and even the conventional banks are slowly moving towards that model so from that point of view if i t is that important keeping it secure is the next most important thing that you can really think of cyber security is also not optional it is an absolute need we think that we are not doing well so let us postpone certain expenses onto the next year uh next year you may not exist because of the big vulnerability that you might have created by not addressing some of the most important security issues another fact is that the smaller banks need to be more secure and this is something which is not understood the smaller banks are more vulnerable they uh the fact that there are more hackings happening in the smaller business segment now than the large businesses it alludes to the fact that the security is is very important for small banks uh once big hack in a small bank can take away the entire reputation which is not the case with a large bank or institution the other point is that i t security is is not really a point initiative it cannot be seen as you sanction a budget for a few tools and their implementation and it's done it has to be a much longer term plan than that so the board must be asking the security organizations to for for a much longer term plan and blueprint rather than one year budget in that the recent last year the reserve bank of india's graded approach that came out is a very well thought out approach in atlantis we have we have studied that and we have implemented that in our systems security also is more of processes it is inherent into in processes than a technology for example when we talk about the information asset classification of that itself lends itself to describing what is more secure and what is less secure segregation of duty the maker checker principle which is so much followed in banks how how well it is institution instituted and how well it is followed has a lot to do with security access recertification people do have a lot of accesses and how these accesses are being reviewed uh from time to time to really see whether people who have accesses do they really need it now uh something which is done through our technology based on the least privileged principle is again a very important area and the risk appetite in terms of to decide what to do and when to do these are all things which are not about technology they're more about processes so none of this actually is in the domain of the i.t department and that brings us to another fact that security is not about it department only it's much more outside the i.t department and that's where the board support is really required let's look at the facts about some of the cost points the cyber security is is taken to be a cost center it is not it is a business differentiator things have really changed good security can lead to great user experience i'll give you a simple example i have got an account with sdfc bank that i have an account with citibank and when i go to the hdfc bank account to check it it asks me for password it then asks me for in case i'm logging in from another device it will ask me for an otp and only after that i'm able to get an access in case of citibank i just look at the device and it catches my image and tracking through the recognition face recognition technique it is able to give me a seamless entry into my account what a great user experience no wonder i use my cd account bank account more than the htfc bank account so good security also means in today's world especially areas like identity and access management good user experience and that is good business a security first mindset also builds the depositor's confidence when i look at my citibank account and i log in i feel more secure because i know that this is my facial recognition cannot be hacked so easily as compared to a password talking about cost it has to be planned very strategically great technology is lower in total cost of ownership something that needs to be understood and a well-crafted security drives adoption and efficiency you can put all the tools in place and yet the security principles may not be followed very well but if it's a very well-crafted security drive adoption and efficiency is much much better so look at with the eyes of business these are the investments it's not just about as i said money being how much money you're spending it's about these four very important bullets that i just now discussed which have to be understood about costs some more facts about costs big bank spends are bad for business uh why because big bank spends often see to it that you know you're not able to utilize them or get the return from them appropriately it's easy to put a big budget but to be able to spend it judiciously and to be able to put it together in a way that gives optimal returns is difficult and therefore one must create a prioritized master plan we recommend that a security master plan should be anywhere from two to five years and board also should be looking at that and approving a two-two year two to five year plan rather than you know a point plan the deployment also should be planned across multiple years because this is not a point and quick initiative that would start an end soon one should also realize and plan for the optics costs very often i've seen the uh the one-time expenditure is is approved but uh often the the the opex costs which are also an important component of year over year are ignored and when they come there's again a chain of cycle of approvals and difficulties and all that so it should all be both the one time as well as the long term cost should be planned in uh in advance also the resource of ability availability and costs must be considered appropriately while benefiting from emerging and low-cost technologies this is a very very important point uh there are technologies which have been there for a long time and may not be very cost effective what one needs in today's security environment is low cost high innovation tools rather than high cost low innovation tools and that brings me to the final point of the vendors as partners you want to really look at your vendors whether they have a skin in the game the security is not about just providing certain tools and job gets done you got to see your vendors are they invested in the success of your business or not do they understand local and india's specific needs in atlantis we have built our product on the rbi compliance good part of the banking segment is is needs are really taken care of through that when we saw the rbi recommendations on on the cyber security graded approach last year we began building a lot of reporting structures and features in the system that would suit we even built certain additional components which take care of that so you've got to really see does your vendor understand all that and it has to be the vendor also should be alluding to and supporting a multi-year investment portal will they support your cash flow by spreading costs many a times in case of co-operative banks that's very very important even that should be discussed with the vendors and so traditional sales focused vendors would not really work here these have to be partners truly partners in your initiative on security what's also important from a solution point of view is that you you've got to look for solutions which are compact and integrated rather than multiple modules that have to be putting them together can be a very very daunting they got to be modular so that you can do incremental implementation no point in purchasing everything today letting it sit on the shelf for many years before you implement also a single vendor design in one domain is important you cannot be buying for example a single sign-on or system from one vendor uh governance and administration then module from another vendor and then keep on trying to put them together in a very difficult way and these if possible if they can be completely managed offerings where everything right from the the software to the implementation to the management is taken care of by the vendor even better so a vendor who will walk the stock should be your preferred vendor very quickly this is the extract of the rbi's regulatory requirements and as you can see here identity and access management is one of the most important things we have in compact identity a product which was made simple which was made for situations like this it is comprises of access management which is more like single sign-on password management multi-factor authentication and all identity administration governance and the privilege access management all rolled inside one single product there's no product in the world which does all that it also has under development a risk engine and with a lot of global partners and all the choices of deployment on premise which is the favored one right now for the banks to the private cloud and public cloud for the future uh we can truly meet all your requirements for today and tomorrow we have a single window pricing with uh bundles that include licenses implementation and support well with that thank you so much for your time i hope it gave you some pointers into cyber security and identity and access management which is an extremely important component of cyber security as per the rbi compliance requirements thank you sir for sharing your views on cyber security we hope that your views and ideas would be great importance to the participants thank you once again