Speaking at the workshop on Safe E Banking, Naavi highlighted the regulatory aspects of Information Security in E Banking and the need for compliance. Speaking on the Risk mitigation guidelines released by RBI on February 28, 2013 and the fast approaching deadline for implementation by June 30, 2013, Naavi indicated that the regulations were a continuation of the G.Goplakrishna Working group (GGWG) recommendations and various other guidelines. He also pointed out that the GGWG as well as other regulatory guidelines had provided a time bound implementation plan for Bankers.
Refering to the comment of Mr G.Gopalakrishna during his introductory speech that the compliance of GGWG recommendations were only aroudn 38%, Naavi urged bankers to take urgent steps to improve the level of compliance. In this context Naavi stated that what is required for Bankers is not only comply with the provisions of the GGWG recommendations but try to excel further as new technologies unfold. He pointed out that some Banks have a tendency to wait for other larger banks to comply before undertaking their own compliance measures and expressed his wish that Banks develop a sense of “Competitive Compliance” trying to do things better than other peers. He reminded that GGWG provided the “Flexibility” for the use of technology except where it was legally mandated and hence each Bank can explore better ways of achieving the security objective considering the GGWG recommendations as the base requirement.
Naavi
