Tata Communications, has introduced the first Security Compliance Consortium to simplify the process of meeting compliance needs for the banking and finance sector, following the new internet banking and technology risk management (IBRTM) guidelines released by the Monetary Authority of Singapore (MAS) in June 2008.
The guidelines outline a set of best practices that mandate risk management processes and security controls for financial systems, including internet banking.
The new IBRTM guidelines offer expanded strategies to combat cyber threats and attacks, which include emerging cyber ventures. Additionally, MAS emphasises the need for improved technology risk management enabled by strong network security infrastructure.
The newly formed consortium will help banks with a suite of services that address all key IBTRM requirements, including consultancy services, project management, encryption and confidentiality, distributed denial of service (DDOS) attacks, forensics, source code review and data integrity.
In order to comply with the guidelines set by MAS, banks and financial institutions will need to build a framework-based security and compliance program. Rather than going to multiple security vendors to meet compliance needs, banks can coordinate with the consortium to address the guidelines within an integrated framework.
Tata Communications worked with leading security service providers including Arbor Networks, BoxSentry, Transition Systems, Shepard, TechBiz FRisMan and FMA to form a Security Compliance Consortium that is a single point of contact to help banks address the IBTRM guidelines. The consortium enables an integrated, holistic approach to help banks achieve security compliance requirements.
''Tata Communications set out to develop a strong association with leading players in the internet security and risk management arena to provide banks with the best possible service and solutions to meet the IBTRM guidelines with full consideration for ease, speed and the economics of deployment. We are pleased to announce that with the Security Compliance Consortium we have achieved this objective,'' said Vinod Kumar, president and COO, Tata Communications.
''This initiative not only ensures that financial institutions operate in a secure environment, it also provides them with a better strategy to manage business risk end to end,'' Kumar added.