Banks, cos increasing cyber safety in India, says Kamath

With India becoming a major business process outsourcing (BPO) hub for financial back office operations, banks and corporates are focusing on positioning the country as the world's most cyber safe place.

This was stated by ICICI Bank's, MD and CEO, KV Kamath at the inaugration of the Cyber Safety Week 2005 organised by Nasscom and the Mumbai Police. Mr Kamath also pointed out that with the increasing emphasis on alternate banking channels like automated teller machines (ATMs), credit cards and internet banking, ensuring the security of a transaction is a bipartite responsibility, that is, the onus lies with both, banks and customers in ensuring data protection. Aditya Birla Group's chairman, Mr Birla said one needed more effective law enforcement, especially due to the transnational nature of the businesses done today.

Nasscom's president, Kiran Karnik said that the association was planning to set-up a self regulatory authority (SRA) for member coporates, which would be the authority to ensure that firms adopted best practices in cyber safety, beyond the ambiut of existing laws. Membership to the SRA would become a benchmark for coprorates to get business from overseas.