The Hindu Business Line : Stress on information security in banking

Information security needs to be recognised as a separate function such as marketing, human resources or accounting, especially in banking, Mr Anoop Narayanan, Security Consultant, First Legion Consulting, said.

Talking at the national conference on banking, `Braving New Frontiers in Banking' organised by ICFAI Business School, Kochi, he said: "People are the internal source of frauds and in spite of the best technologies available, the biggest threats - human frauds, incompetence and errors - make it impossible to implement these technologies."

He also talked about the dynamics of information leaking out from people within the organisation and the cultural factors and dynamics of information leaks.

Mrs Radha Unni, Chief General Manager of SBI, said that as customer expectations increase, banks have to rise to the challenge. IT is the key to kick-start the revolution in banking and it can act as a catalyst for taking the banks to the next century.

FOUR R'S

Talking about private banking, Mr Oomen Jacob, Regional Sales Manager, ICICI Bank, said that in this age banks have to concentrate mainly on the wealth of the clients, individually. He recounted the four R's in banking - reach, relationship, research and resource. It is only by investing in them in favour of customer needs, that banks can give their customers the best of services.

Growth in retail banking is also facilitated by the lowering of CRR and SLR, which increased liquidity, generated employment in the services sector, enabled extensive use of technology and marketing, Mr Cherian Varghese, former Chairman and Managing Director of Union Bank of India, said. Right management in retail banking is expected to enable banks to perform in a more effective and profitable manner.

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Stress on information security in banking