Data Security & Privacy Concerns for the Indian Banking Industry

Ratan Jyoti, Chief Manager (Information Security), Vijaya bank, writes:

… In last year or two, there has been a sudden spurt in data theft in Indian banks. It is estimated that Indian Banks are directly losing a significant part of their income due to data theft. In terms of reported incidents, the figure of loss for public sector banks is lesser as compared to the private and foreign banks in India. However, it is a wakeup call for all the banks in India.

Some banks processing customer data fail to fully secure their systems, mainly because they feel that data security is related only to Information Technology.

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