Customer's Trust Is Vital For E-Banking

Data Security Council of India (DSCI), a NASSCOM initiative, and Indian Banks Association (IBA) organised the 2nd IBA – DSCI Banking Security Conference focused on “Enhancing Trust in Electronic Banking”. The Conference provided a platform for dialogue between the industry leaders, security managers, industry professionals, technology experts, and experts from the banking industry, to address the challenges faced by the banking industry such as Cyber Frauds and the converging roles of Security and Fraud Management; Privacy issues in Financial Transactions; Security technologies in the banking industry; Security in card transaction; and role of CISOs in the Banking industry.

“The use of Electronic Banking has brought many concerns from different stakeholders viz., government, businesses, banks, individuals and technology. But everybody’s primary concern is the security. As more and more people are exposed to the information superhighway, privacy of information and the security that goes hand and hand with this information is crucial to the growth of electronic transactions,” said R. Gandhi, Executive Director, Reserve Bank of India.

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Gandhi encouraged the role of discussions and deliberations across all the stakeholders through such Conferences and acknowledged IBA and DSCI’s endeavor to transcend beyond technical realms, and emphasise the importance of gaining customers’ full loyalty, which lies at the core of any business success. He also highlighted the formulation of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds and role of DSCI as envisaged by the Working Group.

“Importance of trust in e-banking is particularly emphasised by external threats and increasing data privacy concerns. The 2nd IBA-DSCI banking security conference by focusing on trust raises the level of discussion much beyond technology,” said Dr. Ramakrishna CEO, IBA.

“The DSCI Banking Security Survey 2010, revealed important improvement areas, many of which can be addressed through the recommendation made by the RBI e-banking report. DSCI will continue to work closely with IBA and IDRBT to enhance trust in electronic banking through security practices, assessment frameworks and training for employees,” Dr Kamlesh Bajaj, CEO, DSCI.