Digitalisation of banking services to provide impetus to cybersecurity

Trishneet Arora, Founder & Chief Executive Officer, TAC Security, highlighted the lack of awareness around the emerging threats as companies increasingly get on to harnessing benefits of the networked world but overlook the associated threats. A cyber-security expert and ethical hacker, Trishneet was one of the panelists among an expert panel, at the BFSI Tech Maestros Awards & Conclave 2016.

After the demonetization of the Rs 500 / Rs 1,000 notes, online transactions have seen a spurt, and the trend is likely to continue. This gives rise to the challenge of ensuring the transactions are safe and secure, the identity of the individuals is not compromised and the organizations operate smoothly. Cyber security experts can play an important role in identifying loop holes and providing a solution.

Speaking at the panel, Trishneet Arora, Founder & CEO, TAC Security, said, “Credit card frauds cost banks and credit card companies over $8 billion each year. Apart from the Apple Pay fraud, such large scale Mobile wallet frauds have not been witnessed so far, if we discount customer carelessness from the picture. However, there is an immense lack of awareness to understand this risk. Several business personalities are not taking cyber threats seriously. They are not understanding the fact that their business’s reputation and financial well-being is very deeply dependent on the tech person working in the organization. Cyber security is no more a matter of choice but rather of responsibility.”

“There is only one way to be alert and safe in today’s cyberspace and that rests on knowing your vulnerabilities and patching them before any fraudulent hacker can use it adversely.” he concluded.

Recently, details of more than 3.2 million debit cards o faced the threat of breach due to hacking lending a credible threat to the banking sector. Such cybersecurity threats can affect any organization - not just banks, even corporates across sectors and government organizations.

Trishneet’s startup venture, TAC Security provides complete vulnerability assessment solution – the process of identifying, quantifying, and prioritizing the vulnerabilities in network infrastructures. Solutions includes network, application & web security. With the underlying motto of “Hack it Yourself, Before You get HACKED!” TAC provides complete 'Vulnerability Assessment' solution.

The prestigious BFSI Tech Maestros Awards & Conclave 2016 is a platform dedicated to talent recognition, thought leadership, technology showcase, interactive sessions, peer-to-peer exchange, and entertainment activities. It is one of the most sought after IT Leadership events of India.

The conference witnessed an impressive lineup of BFSI Tech Maestros giving out speeches, speaking on panels, exchanging knowledge at interactive sessions, etc.