Data security is essential in the BFSI sector and involves a comprehensive framework of measures designed to safeguard sensitive information within these industries. Given the sector's inherent handling of vast volumes of personal and financial data, protecting against cyber threats and unauthorized access is paramount.
This encompasses ensuring the confidentiality, integrity, and availability of data through robust authentication, authorization, and encryption methods. The sector also emphasizes adherence to strict security policies, conducting regular audits, and implementing intrusion detection systems.
At the recent edition of “Digital Leaders Club'', curated by CORE Media and powered by Google Cloud India, CIOs from BFSI sector along with Google Cloud India executives, exchanged their insights on Data Security in the ever evolving technology landscape.
Anoop Mathur, Founder - CORE Media, facilitated the discussion between technology leaders and Google Cloud Experts - Krishnan Iyer, Head - Cluster Lead - Private Banks and NBFCs - Google Cloud and Sachin Bhat, Principal Architect, Financial Services, Google Cloud India.
The key points highlighted by the CIOs and digital leaders attending the discussion were as follows:-
- For CXOs and Digital Leaders from the BFSI sector, maintaining client data privacy and leveraging analytics for decision-making and risk management are the top priorities.
- A challenge for CXOs and Digital Leaders from the insurance industry is providing state-of-the-art medical assessment facilities to potential customers belonging to Tier 3 and Tier 4 cities.
- Businesses from the BFSI sector are keen on leveraging edge computing solutions for streamlined application management in low latency and remote areas.
