Mumbai, October 05: In today’s digital age, the banking industry has undergone a profound transformation. As financial institutions increasingly rely on technology to provide seamless services, the importance of robust cybersecurity measures cannot be overstated. Let’s explore how the banking sector is tackling the evolving threat landscape and safeguarding customer assets and data.
To delve more into these topics, Mr. Ratan Jyoti who is the Chief Information Security Officer for Ujjivan Small Finance Bank Limited is in conversation with Mr. Marquis Fernandes, who spearheads the India Business at Quantic India. Read more as they talk about how AI and Machine Learning are revolutionizing security measures in banking, the delicate balance between innovation and security, and the role of data analytics in threat visibility, strategies for nurturing cybersecurity talent, and imparts wisdom to future generations, highlighting the values of curiosity, continuous learning, and ethical responsibility in the cybersecurity field.
With over two decades of cybersecurity leadership, Mr. Ratan Jyoti has been instrumental in shaping the security landscape of diverse financial institutions. As the current Chief Information Security Officer (CISO) at Ujjivan Small Finance Bank, he excels in driving security operations, crafting robust information security frameworks, and implementing cutting-edge technologies like AI, machine learning, data analytics, data lakes, and block chain. Beyond his role, Mr. Jyoti is a prolific author, influential tech figure, and dedicated cybercrime investigator, boasting numerous publications, accolades, and cybersecurity certifications. His overarching mission revolves around aiding organizations in digital innovation, fortifying digital security, and enhancing the capabilities of information security professionals.
Q1: What has consistently motivated and inspired you in your role as a Chief Information Security Officer (CISO) throughout your career?
The things which have consistently motivated and inspired me in my roles as CISO for most of my time are lifelong learning as security is not a static domain and with the changing tracks of the technology, risks and controls also transforming consistently tackling those risks, implementing controls, preventing organizations gives me a sense of satisfaction. Some key motivations behind adopting to the role of CISO is as below: –
- Protecting critical assets from threat actors
- Staying ahead of threats continuously evolving with the changing technological landscape.
- Making a difference by preventing the attack surface.
Q2: How are Banking domains making use of the AI and Machine Learning technologies to make a significant impact on enhancing the banks security measures or incident detection and response?
Now a days, Banking domains are leveraging AI and Machine learning to enhance security measures for giving a comfort to their customers in its own ways: –
- Fraud detection: – Using regtech’s (EFRM-Enterprise fraud risk management) for customer safeguards.
- Behavioural Analysis: – Using UBA (User based anomalies), analysing user patterns for tackling insider threats.
- Predictive Analysis: – Predicting attacks using historical analysis of the vectors causing those attacks.
- Threat intelligence: – ML can help you analyse lots of data in a jiffy of second.
Q3: How do you see the balance between fostering innovation and maintaining robust security, and what strategies have you found effective in achieving this balance?
Balancing is a difficult task as to maintain pace between the continuous changing landscape and the threat landscapes can only be strike off effectively using below controls: –
- Conducting comprehensive Risk assessments which gives you an overview about the risk postures about the Third parties which are proposing for engagements, internal processes.
- Following security by design principles which deploying and implementing applications.
- Collaboration between IT, Risk and Innovation teams in an agile manner.
- Security trainings to internal as well as third party employees
- Regular testing’s both in terms of sanity and security.
Q4: Please share some insights on utilizing data analytics and data lakes and how have they helped teams gain better visibility into security threats and incidents, and how they contribute to more effective decision-making for cybersecurity at the bank?
Utilizing Data analytics and data lakes has significantly improved visibility into security threats and incidents and contributed to even more effective decision making for cybersecurity in Banks:-
- Centralized data repository for threat intelligence
- User Behavior Analysis
- Incident investigation
- Customized threat dashboards
Q5: What strategies have you employed to develop cybersecurity talent within your teams, and how has this influenced the security posture of the organizations you’ve served?
Cyber threats are one of the major threats to the Business growth. The advances in technology have led to an increased attack surface. Yet there is a problem of supply and demand.
What we can do in order to address the skill gaps in existing workforce?
- Invest in trainings.
- Educate employees through trainings
- Prioritize skills, knowledge and willingness to learn.
- Reassess IT effectiveness.
- Identify cyber security threats.
- Continuous learning and development model to be setup for the existing workforce.
- Set up a practice lab within org and allow the individuals to learn.
- Follow mentorship culture within an organization.
- Vendor certifications can be mean to fulfill cyber skill gap.
Q6: What message or piece of wisdom would you like to impart to the future generation, especially those aspiring to follow a career path similar to yours?
Embrace curiosity, continuous learning, and ethical responsibility. Stay curious. These are the guiding principles that I would like to impart to the future generation, especially those aspiring to pursue a career path similar to mine. In a rapidly evolving world, curiosity fuels innovation and drives progress. Never stop learning; it is the key to staying relevant and adaptable in any field. Moreover, always remember the ethical responsibility that comes with your role. Upholding integrity and ethical standards is not only a professional obligation but also a moral imperative. So, as you embark on your journey, keep these principles close to heart.
To know more about us / publish your article, reach us at
www.quanticindia.com
marquis@quanticindia.com
