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IBM sponsors research on banking security

Posted on Nov 28, 07:55PM | UNI

Global IT giant IBM in association with PEC Universirty of Technology, Chandigarh has embarked on a unique research programme to develop a first of its kind mechanism for 'wholesome information security' in the Indian Banking industry.

Based on RBI guidelines on risk assessment and legal compliances, the unique software-based mechanism would handle the Information Security posture of the banking industry on 'Failure Mode Effect Analysis', be they under public sector, private or foreign categories, said Dr Divya Bansal, Associate Coordinator of the Cyber Security Research Centre.

Speaking to UNI here today on the sidelines of a programme, organised by IBM to announce a number of research programmes under its 'Shared University Research initiative', Dr Bansal said their programme would, however, be complimentary to the current security module of the banking sector and be applied through a more intelligent and accurate mechanism while calculating the risk treatment plan.

Underscoring the urgent need for developing the new software to prevent or greatly reduce the chances of banking frauds through novel methods, Dr Bansal said before implementing the new methods on the national scale within the next two to three years, she was planning to start a pilot project in some selected branches of a big nationalised bank early next year.

Apart from making the general public, particularly the bank customers, aware of the importance of the new process through awareness programmes and provide more security to the internal processes of every bank, IBM had convened a two-day conclave of all stake holders, including senior representatives of several banks, in Chandigarh next month, informed Dr Bansal.

She said similar conclaves would also be organised in several other parts of the country soon to reach more and more people so that they could come forward and take advanatage of the new technology.

Among other research programmes, being sponsored by IBM, were the ones regarding Diabetic Retinopathy, Collaborative solutions for Distance Learning and on Cloud Technology, Clean Ganga Project and an exclusive research on Computer Assisted Therapy and Rehabilitation for Speech, Hearing and Language Pathologies, said Dr Bhoosan Kelkar, Country Manager, IBM, University Relations, India and South Asia.