Vishal Madan, Sr. VP & IT Head - Capital Small Finance Bank Ltd.
By MYBRANDBOOK
REDEFINED CIO & CISO ROLE
As digitisation and innovation put more emphasis on the information rather than the technology in ‘IT’, the CIO role is transforming from delivery executive to business executive from controlling costs and re-engineering processes to driving revenue and exploiting data. CIO jobs to change as a result of digitisation by means of accelerating and converging technology trends, shifting business expectations and new organisation objectives.
The job of the CISO has changed from that of a security services manager to one that has responsibility across the entire enterprise. It has become a leadership position that requires organised thinking and detail-oriented concentration on a consistent basis. Given the rapid expansion and increasing sophistication of threat actors and cyber criminal tactics, these skills must become second-nature to CISOs through repetition. CISOs know cyber attacks are inevitable, and that knowledge should drive them to develop a vision that presents a strong and active defence against intrusions. The security leader must take on a visionary approach that drives his/her understanding of the company’s business and the threats that may come against it. In this way, the CISO looks to the future with the same kind of imagination attackers have to deter and defeat them.
Key Priorities
Advanced technologies such as artificial intelligence, machine learning and behavioral analytics can enable information security teams to detect malicious behavior faster and more effectively. How CISOs and their security team utilize these and other emerging technologies to better protect the enterprise in the future will be the focus of the 2019
In addition to banking security regulations, we anticipate higher adoption of smart technologies, such as continuous intelligent authentication, to deliver better experiences, lower costs, reduce risks, and increase revenue. We also expect renewed focus on automation, with FIs applying artificial intelligence to reduce manual fraud monitoring and improve fraud prevention. Combining real-time fraud detection with mobile app security will become even more important, considering the rate at which mobile app threats are growing.
Encrypting every sensitive file, no matter if it’s in transit to a recipient or stored on a server, is critical to avoiding a data breach. This strategy should be one of the most important practices in your cybersecurity arsenal, and for good reason: it is your last line of defense. Bank and other financial institutions face major cyber threats. They are extremely attractive targets. They must continue to invest in technical cyber defence. But they also need to develop broader strategies to engage with governments, other banks, their clients and recipients of their investment and the general public.
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