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End-Point Security in Indian BFSI Vertical
Tekplus Consultancy Pvt Ltd, Oct 2011
For financial institutions, information is a crucial asset and security of information in their custody is therefore one of the most important yardsticks for them to earn the trust of their customers. TekPlus has observed a high increase in both internal and external threats to BFSIs intellectual property. The financial sector also has to meet compliance and regulations mandate by the Reserve Bank of India. As a result, organisations across this sector are looking at strengthening their security framework and ensuring optimum governance and compliance. Most Indian organisations in the BFSI industry have deployed endpoint solutions and in many cases, these are the last line of defence against threats. However, the challenges around effectively securing and managing the endpoint solution are significant.
The focus of IT security has shifted from single-point solutions, such as anti-virus software, to more holistic solutions such as endpoint protection suite. The endpoint is the last mile for the organization. In many cases it is the last line of defence against threats and the majority of organizations have an endpoint solution in place. In a bid to understand how Indian financial institutions perceive, deploy, utilize and manage endpoint security in their environment, TekPlus surveyed 129 CISOs and equivalent security executives across the Indian BFSI industry.
Report provides a perception of IT security executives on endpoint security in BFSI vertical. In particular, it covers their concerns, deployment scenario, preferred brand and management of endpoint security in their organizations. TekPlus has conducted face-to-face and phone based interviews with security executives across the BFSI vertical in India using a structured questionnaire. The types of end-users interviewed for this study are across a spectrum of all sizes of banks, financial services institutions and insurance companies. The interviews were directed at people responsible for acquisition, deployment and management of endpoint security solutions within the organisations. Interviews include quantitative and qualitative information. The set of questions were designed to be easy to understand and allowed for the thought process to follow.
Examples of some of the key findings of the survey report include:
- Banks and financial institutions are sensitive to the knowledge that a single error can result in loss of business, revenues and reputation. Around 71 percent of interviewees stated that endpoint protection is extremely critical for their organization.
- About 52 percent of security executives in BFSI sector feel that the proliferation of new devices such as smartphones, PDAs, tablets etc can aggravate their problems.
- The focus of IT security has shifted from single-point solutions, such as anti-virus software, to more holistic solutions such as endpoint protection suite. 67 percent of the total respondent base has deployed endpoint protection suites.
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