Banks are averse to conducting e-surveillance; strong measures needed to maintain security standards: Experts

The banking industry needs an overhaul in terms of setting security standards across branches. There is an antipathy to adopt technology and upgrade to strong security systems that pass risk assessment tests. Security is often considered a drain on the resources by organisations, said Rakesh Patney, chief security officer, Bank of India.

Speaking at the BIS Security Conclave 2019 held in partnership with the Bureau of Indian Standards (BIS) and Godrej Security Solutions, Patney said while reflecting upon the existing security challenges and emerging needs in the banking and non-banking sector, the awareness about physical security will help institutions develop a robust system. This will not only protect the valuables that consumers trust the banks with but also the reputation that they have built over the years, he said while speaking at the session titled: Creating a sustainable security ecosystem.

Representational image. Reuters

In August 2018, the Reserve Bank of India (RBI) had issued a circular advising banks to do a central monitoring system. Yet, out of 50,000 bank branches in India,  less than  350 branches did e-surveillance, Patney said. Everyone should be sensitised at an individual level and punitive measures should be taken against every bank official or the OEM manufacturer for violations of security standards, he added.

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The BIS Security Conclave aims to build a sustainable ecosystem wherein all industry stakeholders work towards creating a secure space for both consumers and employees alike. Over 100 speakers and delegates who partook in the second edition of the conclave unequivocally concurred on the need for ushering in a security standard for the banking and non-banking sector.

Patney during his session discussed security challenges in existing bank branches, while Ashutosh Sirothia, chief security officer at Union Bank of India elaborated upon the emerging security needs of banks.

At the event, K P Raghuvanshi, former ATS chief presented the security challenges in workplaces and mitigation mechanisms. Offering a different perspective, Sabyasachi Ray, executive director at The Gem & Jewellery Export Promotion Council, spoke on the new security needs in the gems and jewellery industry. In a detailed presentation, Prashant Chouthkanthiwar, EVP – Design Godrej Security Solution, deliberated upon the latest security risks, technology trends and a range of innovative solutions created for Indian markets.

Commenting on the event, Rajneesh Khosla, BIS spokesperson, said, “A holistic 'standards' framework helps security solutions providers develop the right products for the industry which meet the most stringent standards and live up to consumer trust. It also imparts requisite information to the decision markers and keeps them abreast of the latest trends and challenges to anticipate, plan, and minimise security risks at their institution.”

Highlighting the importance of conclave, Pushkar Gokhale, vice president and head of B2B - Godrej Security Solutions, said, “The discussions at the event were in line our recent consumer preference study (India’s Security Solution Quotient) which revealed that over 53 percent of consumers trust bank lockers to secure their primary valuables like jewellery and important documents. It is, therefore, prudent on the part of the banking industry to make concerted efforts to enable adoption of BIS standards, deploy stringent security measures to minimise risks, and uphold the trust bestowed upon these institutions by consumers.”