BOOSTING TRUST - Beyond the Basics

Banking Frontiers organized a conference on cybersecurity and risk management strategies in Mumbai in association with Expleo Solutions Limited. Highlights of the discussions at the conference:

Everyone should be delighted that financial organizations are successfully adopting multiple facets of digitization to augment offerings, improve CX, reduce operating cost and enhance operational efficiency. Open APIs have infinitely empowered collaborations and experiences for organizations by simplifying complexities. This happiness comes with an equally big fear - with every new technology and innovation, cybercrime is escalating, resulting in losses, penalties and loss of trust and reputation. To identify how business and management strategies can arrest the rising threats and ensure smooth continuity, Banking Frontiers organised an insightful session of senior business and technology leaders from the BFSI to discuss cyber security risks in current scenario of business and strategies to combat them.

Anup Purohit, Sr. President & CIO, Yes Bank: Security is the mindset, 20% of our applications are developed by our in-house team. Our development team is a mix of employee and partner staff. Our 10% applications have an agile methodology while the applications which we purchase from technology vendors are still not getting into an agile methodology. The applications which are developed in-house are driving the developers. These have almost zero application security vulnerabilities. Applications which come from tier-1 vendors have failed to comply with the top 10 IOS guidelines.