“Physical to Digital” Lifestyle Forces Indian BFSI CISOs to Adjust to the New Normal

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3 Months into the COVID-19 outbreak, it’s safe to say the numerous cases have emerged where cyberhacking has been a prime concern for many if not all organizations. Companies not just in the United States, but around the world have come to accept that a huge amount of money and resources are needed to secure them from being hacked.

Businesses have taken sincere measures to ensure that cybersecurity risks are taken care of by appointing the Chief Information Security Officer (CISO) in making decisions for cyber security.

The Indian Banking, Financial Services and Insurance (BFSI) industry has been going through a paradigm change, leading CISOs to redesign the cyber front of the industry and create awareness among employees and vendors, educating them to tackle situations accordingly.

Shivkumar Pandey, Group CISO, BSE said in a statement to IndiaTimes, “Considering the worldwide situation, where BCP strategy has changed and the new trend is working from home, we need to have a proper plan and prep for such lock down. We need to assess people, process and technology. You need to provide relevant facilities and organizations like the stock exchanges which are heavily regulated have to balance security too,”.

As we progress towards the new touchless lifestyle, more and more companies are forced to use digital services like online, apps and kiosks to ensure proper measures are being taken to prevent the spread of coronavirus.

But what does that do to the consumer? As much good as it does to our health, using digital touch points creates a path to personal information compromise.

Companies around the world are forced and pressured to adapt the digital resources like apps and websites to keep up with the new world. Hence, building customer trust is key. New operating systems must have the required security to ensure that customers can fully rely on digital platforms for their day to day operations. It’s probably more suitable to the younger generation that is already familiar with the digital systems, but for some old school folks out there, you may need to learn the game.

Milind Mungale, EVP and CISO to NSDL e-Governance Infrastructure, said in an interview, “Each and every chat should have minimal AI to ensure that the query for the bot is a standard practice and not an anomaly. That is how we will be able to match the requirement of the market, ensure digital touch points and protect the organization from cyber security threats.

Just like any new change, physical to digital, needs monitoring and assessment to ensure a fluid transition. All while protecting personal data. In any organization, employee training plays a key role in mitigation cyberattacks. Majority of cyber attacks happen due to employee error. Therefore, it’s imperative that employees are fully trained to carry out operations with full security awareness.

The need of the hour is to move toward zero trust security architecture and it should be integrated with all kinds of security technologies.“, says Pandey.

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