VP - CISO, NCDEX
1. What is your take/comments on the Evolution of digital platforms, disrupting the way of banking – an imperative for change in the BFSI Sector? Do you think it will help faster the movement, increasing transparency or reduce security, increasing cybercrimes? Please elaborate
Evolution of digital platform is good as long as it secures data and privacy of customer. Banking is on the verge of major digital changes considering Block chain, AI and ML. New technologies will help Availability and Integrity and speed for transaction to customers but security of data is a bigger question to answer. Since AI and ML are in the nascent stage, cyber crime towards both needs to mature. However, it adds more complexity to security.
2. As digitisation increases in the BFSI sector, the Fraud-as-a-Service is the new normal, are we prepared enough to counter attack?
This is a new area from the new tech perspective, still we are not prepared since we are not knowing various perspective of lacunae or gap available. New technology like Block chain, AI and ML has to go a long way, we need to understand the complexity of identifying the security gaps to find solutions.
3. One advise that we should follow to prevent cybercrime in the long run?
As we believe prevention is better than cure. Prevention is not possible but we can try to reach reasonable, measureable security. But baseline security to be implemented and monitored continuously since many hacks happening due to very basic gaps like not doing patching on time, etc.
4. Your views on The Economic Times BFSI Innovation Tribe and how important do you to feel is the need of organizing such summits, that we all can collaboratively work towards the common goal
This is critical from the nation's perspective since common man is part of digital platform already through multiple mobile devices and applications. Economic Times is having greater and niche market among business and business people for reference and to follow on various economic matters. Hence these kinds of Summits are to be conducted periodically which will help the national economy and security to grow.