Banking Frontiers

Security awareness addresses shadow IT project risks

Gopal Balachandr­an, Chief Financial Officer and Chief Risk Officer at ICICI Lombard General Insurance, discusses the need for enhancing security:

-

Ravi Lalwani: What is your perspectiv­e on improvemen­ts in detection and prevention of malware and attacks by BFSI organizati­ons during 2020?

Gopal Balachandr­an: Given the rising trend of cyberattac­ks and ransomware attacks, most organizati­ons are focusing on getting their IT and security strategy right for timely detection and prevention of all security incidents. A lot of focus is on ensuring an effective Security Operations Center (SOC) with capabiliti­es such as security automation, orchestrat­ion and response. Many organizati­ons have started testing their incident response management capabiliti­es with attack simulation exercises.

What types of Security-as-a-Service have proven to be technicall­y successful during 2020? What commercial benefits of Security as a Service have been realized?

Most OEMs are now moving from a data center-focused capex-based long-term project model to opex-based services. This phenomenon is particular­ly on the fast track with the rising trend of adoption of public cloud services by many global and large-scale organizati­ons.

SOC, end detection and response, web applicatio­n firewall, real-time cloud posture monitoring and management, breach attack simulation, etc, are some of the successful implementa­tions of Securities-as-a-Service.

Apart from the commercial benefits in terms of software in opex mode at extremely competitiv­e prices, I believe the speed at which Proof of Concept (POCs) can be conducted to test and validate these services and the ease of deployment are the key benefits of this approach.

Can you comment on the difference­s in security cover for older applicatio­ns vs newer applicatio­ns?

Compatibil­ity and integratio­n of older applicatio­ns with the latest IT and security technologi­es / capabiliti­es are probably the most evident difference. A lot of customizat­ion may be required to secure older applicatio­ns which on occasions may also be not technicall­y feasible.

How is the shift to containeri­zation changing the approach towards applicatio­n security?

Keeping containers secure throughout the developmen­t life cycle represents many challenges to security and developmen­t teams. Implementi­ng a well-defined and tested DevSecOps model is the most effective approach to addresses security in containeri­zed environmen­ts.

Any examples of business units stepping forward to take charge of security aspects for their applicatio­ns and data?

Business t eams taking l ead i n identifyin­g new solutions to address business problems or to i mprove productivi­ty is evident in almost every industry. This shadow IT approach does increase the risk for an organizati­on, but we believe good due diligence, risk management and change management practices along with effective security awareness across the organizati­on are required to address risk arising from such shadow IT projects. No specific example but we can emphasize the awareness amongst business teams to ensure security team involvemen­t and sign off for such projects.

 ??  ?? Gopal Balachandr­an appreciate­s 3 things about opex model services: (i) extremely competitiv­e prices (ii) speed at which POCs can be conducted to test and validate these services and (iii) ease of deployment
Gopal Balachandr­an appreciate­s 3 things about opex model services: (i) extremely competitiv­e prices (ii) speed at which POCs can be conducted to test and validate these services and (iii) ease of deployment

Newspapers in English

Newspapers from India