1. / Sean Narayanan, CEO of Apexon, shares insights on security issues in mobile banking in a Business Today article.

Sean Narayanan, CEO of Apexon, shares insights on security issues in mobile banking in a Business Today article.

October 11, 2021

The mandate of the new digital factory is to improve consumer experience by digitizing the product processes for retail, MSMEs and large corporates. It is about building capabilities to reduce the product cycles from months and years to a few weeks. The bank is now talking a new lingo—DevSecOps—which refers to development, security, and operations, where the entire chain is responsible for building the product in a parallel manner. Currently, the product cycle flows from the new product note, then gets converted into a requirement document, which is then handed over to the solutions architect, who will give it to IT for building it. The ops team will then check it, and thereafter you have audit checks, etc. “DevSecOps is a practice wherein you do all these in parallel. DevSecOps in the digital world is a very important prerequisite to be able to achieve this nimbleness and agility,” says Rao.

The bank is also strengthening its data center where the third outage took place in November 2020 because of power failure. “We are strengthening and tweaking the architecture so that the potential number of outages itself drops,” says Rao. “It is about building your early warning signals, 24X7 monitoring, failsafe checks, and bouncing back faster.” Post the RBI’s action, the bank claims that it has completed 85 per cent of its activity levels, which it communicated to the RBI last December. The post-Covid-19 acceleration in digital banking has also brought new known and new unknown risks. “The security in mobile-first banking is becoming a big issue. The government and the regulators are also increasing their oversight to protect customers,” says Sean Narayanan, CEO at Apexon, a digital technology services firm.

Read the complete article here: https://bit.ly/3mG5znN

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