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JPMorgan hacking: Lessons for Indian CIOs

JPMorgan, the biggest US bank by assets, has sent shivers down the
spine of various financial institutions globally as it admitted last
week that the names, addresses, telephone numbers and emails of 76
million households had been compromised by a cyberattack, making it
one of the largest such thefts on record. It is believed that CIOs
around the globe are trying to put more security measures to protect
data on their premise. Although it is a US Bank, Indian financial

JPMorgan, the biggest US bank by assets, has sent shivers down the
spine of various financial institutions globally as it admitted last
week that the names, addresses, telephone numbers and emails of 76
million households had been compromised by a cyberattack, making it
one of the largest such thefts on record. It is believed that CIOs
around the globe are trying to put more security measures to protect
data on their premise. Although it is a US Bank, Indian financial
institutions need to take the incident into cognizant and be wary of
the attacks that might steal customer data.

Security is a serious subject
An Indian CIO, who works for a leading private bank, admitted that
security is of a top priority for banks today. He admitted that the
number of attacks have gone up in recent years in India. “JP Morgan
hacking is a lesson for all of us not to take things lighly. We are
working on safeguarding the cutomer data,” he said.

Specifically for companies in the banking space need to invest on
security significantly. A report of late pointed at the deficit of
cyber security infrastructure in most Indian organizations.
“Organizations need to understand that security is a critical
aspect for business growth. If compromised, it might result into huge
business losses,” warns Steve Ingram, partner – Cyber at PwC.

CISO can not be CIO

It is believed that even today most of the organizations in India
do not consider cyber security as an aspect that should be handled
independently by an expert. A genuine trend observed in most
organizations in India suggests that CISO (chief information security
officer) is there in several organizations to merely fill the
position. In many cases, he is the CIO of that organization. “In my
opinion, this shows how lean Indian organizations are when it comes
to security. CISO can not be CIO. His reporting should be
rationalized in the interest of the company, since he is someone who
will protect company’s digital assets from being lost or stolen,”
opines Ingram.

Managing BYOD
Bring Your Own Device (BYOD) is much more
than the talk of the town. It is the reality today in most business
environment. But there is a need to understand that BYOD does not
always pay to the company. Not all business environment can afford
BYOD. “We are a law firm and data security is of utmost importance
to us. In such scenario, we can not allow employees to use their
devices completely for organizational purposes. Rather we believe in
CYOD which is Choose Your Own Device. There are a set of devices
tested on the company networks which are only allowed for security
purposes,” says Subroto K Panda, Chief Information Officer, Anand
And Anand.

JPMorgan Chase can happen again anywhere in the world as cyber
crooks are constantly trying to stay ahead of the companies to steal
their data. Timely action can save your business and job. CIOs should
get the security part done separately done, since it requires a lot
of rigor and effort.

 

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