CEO

BFSI Sector Most Prone to Data Threats

Views: 935
rahul_kumar

Rahul Kumar
Country Manager
WinMagic

Heavily regulated and data-intensive industries, like Banking, Financial Services & Insurance (BFSI), Healthcare and Pharmaceutical sectors are the ones that attract data breaches the most – as much as 70 per cent more than any other sector, shares Rahul Kumar, Country Manager, WinMagic, in an interaction with Manish Arora of Elets News Network (ENN)

How WinMagic differentiates itself from other data security companies?

WinMagic is a focused data encryption player. It provides intelligent key management for encryption, with robust, manageable and easy to- use data security solutions.

Even in encryption layers, which are the most fundamental layers from the security perspective, we are trying to ensure data security. We are highly specialised in the trade and that is why we have been in the business for the last 20 years.

Even in encryption layers, which are the most fundamental layers from the security perspective, we are trying to ensure data security. We are highly specialised in the trade and that is why we have been in the business for the last 20 years.

Heavily regulated and operations-based industries, like Banking, Financial Services and Insurance (BFSI), healthcare and pharmaceutical are the ones that are affected most by the data threats, as much as 70 per cent more than other sectors.

Our customer satisfaction is what defines us best. Various big organisations, like large manufacturing organisations, and various other establishments of different size use our end-point encryptions, because they find us focused, and we work very closely with the IT department of these organisations.

What is WinMagic SecureDoc?

WinMagic’s SecureDoc secures data wherever it is stored, providing enterprise grade data encryption and key management policies across all operating systems.

Our cloud solution spans across multiple platforms, i.e. users are able to share encrypted data between Windows, Mac, iOS, and Android users. SecureDoc is trusted by thousands of enterprises and government organisations worldwide to minimize business risks, and fulfil privacy and regulatory compliance requirements while protecting valuable information assets against u n authorised access.

dataWhether you’re a financial services or accounting firm, healthcare institution, government agency, school or others, SecureDoc can help with data integrity and other compliance related needs.

The application aware intelligent key management capability embedded within SecureDoc CloudVM offers a single pane of glass view into where and how encryption is being deployed. The solution increases visibility and strengthens data security within virtual environments by controlling the encryption key management system across a vast array of layers, including endpoints, file servers, virtual servers, Enterprise File Sync and Share (EFSS) solutions and Internet of Things (IoT) instances.

WinMagic’s SecureDoc solution secures data wherever it is stored, providing enterprise-grade data encryption and key management policies across all operating systems

Which sectors, according to you, are the most data sensitive?

I would say there are three sectors, which can be said most data sensitive. First is the Banking, Financial Services and Insurance (BFSI) sector, because money is involved in all the data transfers.

Then, organisations having somebody else’s data, like IT/ITeS and KPOs are the next most data sensitive. They live and die with someone else’s data. Customers also demand that their data remains secure.

And thirdly, Healthcare and Pharma sector is becoming significantly important in terms of data security.

Banks are no more just banks; now they have parallel IT department, which has equal pressure like the other departments directly into financial transactions. Just to reduce security threats, they have been working hard and these solutions help in reducing their pressure in a big way.

What is your take on the recent Reserve Bank of India circular directing banks to have their cyber security policy?

It’s a very good step taken by RBI towards data security in banks. The deadline of 30th September will help banks to create a secure policy towards securing data at each and every level.

After an incident of data being stolen from three credit card companies and their Chief Executive Officers being fired, all financial institutions have geared up to have a much stricter cyber security policy.

Now, in every board meeting at the end of the quarter banks have to present their progress in the data policy.

We are in touch with some large banks to make sure that whatever they present before the board is implementable, and couple of banks has showed deep interest in our products.

What are your plans to implement data encryption policy in the government ecosystem?

We came to India three years back, and ever since we have been working towards getting a significant large chunk of government assignments. We just got our first government order in India. We plan to work with the Defence establishment and would slowly expand to different government segments across India.

I think in the next 3-4 months’ time, we would have more defence orders with us. We have very strong plan to get aggressive and work with various governments in the coming days.

Comments

comments

Latest News

To Top