Information Technology (IT) revolution has ushered a paradigm shift in the banking industry. Though the fundamentals of banking might have remained the same, customers’ perception of ‘value’ and, therefore, ‘business models’ are evolving in an ever increasing velocity. Today, if a bank can assure its customer of a viable 24X7 interface, it has the hope of retaining the customer for longer time. The fast evolving trends of technology in the sector have blurred the boundaries of information ecosystems to include service providers and customers. While, this integrated environment has exponentially enhanced the service capability of banks and experience of customers, it has introduced a new gamut of risks. Banking industry, recognizing these risks, has taken several initiatives in the area of cyber security and data protection.

Data Security Council of India (DSCI) and KPMG, under the aegis of CERT-In (DIT), jointly conducted a survey to assess the current state of data security and privacy practices in the Indian Banking industry and to gain insights into their concerns on data protection. In order to ensure that the survey results represent the industry at large, 20 banks were surveyed, and the CISOs and equivalents across the industry were interviewed. The survey results highlight trends and insights into the state of data security and privacy in the industry – many ‘generally known’ practices are validated, yet certain unexpected insights are revealed.

We are privileged to invite you for the release of DSCI-KPMG Survey on “State of Data Security and Privacy in the Indian Banking Industry” on 04 February 2011, at ITC Grand Central, Mumbai from 7:00 PM to 10:30 PM. The event will also include a panel discussion on various aspects of data security and privacy in the financial sector.