Banknet's CTO-CXO Summit to focus on Cyber Security and Financial Frauds

Cyber Security and Financial Frauds have been identified amongst the 'Top Priority Areas for Banks in 2009' by Banknet’s Research Team. These issues and more will be addressed at Banknet's Fifth Annual Edition of CTO-CXO Summit on 5th June 2009 at Hyatt Regency, Mumbai.

Security in an IT-based transaction processing environment is critical. Adequate security controls must be in place. This includes the validation of transactions using the maker-checker concept, transmission of electronic messages over a network in encrypted form, due authentication by means of providing for digital signatures and storage of electronic records in conformity with the provisions of the Indian IT Act, 2000 and amendment Act 2008.

Cyberspace, which began as an electronic adjunct to other domains such as commerce, today is a domain unto itself. Electronic banking channels irrespective of the usage percentage and pattern have opened a new gate into the banks’ Information Systems’ components which can be exploited by hackers. Transactional security and security of large quantum of sensitive financial data has become critical.

‘Phishing’, ‘SQL Injection’, ‘Advance Fee frauds’, Database and Server Hacking, Network attacks, ‘Denial of Service’ attack, Web Defacing, Cross Site scripting, IP Spoofing, Man-in-the Middle Attacks etc. have resulted in huge losses for the banks and customers across the globe.

The Information System (IS) Security issues, Information System Audit and adoption of international standards in the technology domain are the other challenges for the Indian banks today.



Significant rise in financial frauds over the past 10 years is another important trend. Credit card frauds are also on the rise. Large numbers of customers’ accounts and credit card holders’ accounts have been compromised in the past resulting in not only financial loss, but also legal risk and reputational loss in the market. Several research anticipates that financial services will respond by deploying technology tools to assist in the detection and prevention of frauds and that their annual spending on such tools will reach several hundreds of millions of dollars in the next few years.

As per a recent IDC survey conducted in Australia, India, Korea, PRC, and Singapore, majority respondents indicated that security software will be the area which they will be focusing their IT budget on in order to address threats and improve compliance.

NOTE: C-Level Executives from ICICI Bank, Shamrao Vithal Co-Operative Bank, Verisign, Portwise and 3i Infotech will participate in the Exclusive Session on “Cyber Security and Frauds” at Banknet's Fifth Annual CTO-CXO Summit. The theme of the CTO-CXO summit is "Aligning IT to Effectively Manage Current Crisis"... Read More


Major focus on Risk Management & Compliance at Banknet's CTO-CXO Summit

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