From Security To Trust - The New Digital Normal

Banking Frontiers, in association with Fortinet, organized a web panel discussion by BFSI CISOs on the growing thrust on trust through security. Edited excerpts:

Sunder Krishnan, CRO, Reliance Nippon Life Insurance:

The ongoing pandemic and WFH had led to rise in threat and risk factors, as WFH involves use of several devices for doing organizational work. How do we know that data has got leaked? After a customer logs in with a big proposal to a bank, insurance or mutual fund company, he may receive many calls from competitors, implying that customer data is getting leaked. We have experienced this kind of business environment. These days, customers are alert and they want topmost security and privacy and business teams are giving importance to that information security.

Data is oil and wealth and data is up for grabs. Therefore, it needs to be protected. Everybody knows that the customer is the primary data owner. Then the business head becomes the owner of the data in the organization. The organization naturally does not want data leakage as it leads to among other risks reputational risk. When data leaks get media exposure, there are repercussions for the company, including in the stock markets.

In the Indian subcontinent, behaviour tracking has become important, especially after the pandemic. For example, while doing trading, there is a requirement to track the conversations of the dealers, and we need to ensure that they do not carry their mobile phones. The dealer must sign the legal undertaking that there is nobody around him and no device is around him.