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October 30, 2008

Tata Launches Security Compliance Consortium to Simplify Compliance Process


By SIP Trunking Report Contributing Editor



Tata Communications, a provider of new world communications, has announced the launch of the first Security Compliance Consortium to simplify the process of meeting compliance needs of the banking and finance sector.


This initiative comes on the heels of the new Internet Banking and Technology Risk Management (IBRTM) guidelines released by the Monetary Authority of Singapore (MAS) in June 2008.

The guidelines provide an outline of the set of best places that mandate risk management processes and security controls for financial systems, including Internet banking. Such a guideline is critical to the safe and secure performance within the banking and financial sector.
 
The new IBRTM guidelines offer expanded strategies to counter cyber threats and attacks, including emerging cyber exploits. MAS also emphasizes the need for improved technology risk management enabled by strong network security infrastructure.

This newly formed consortium is expected to help banks with a suite of services that will address all key IBTRM requirements that include consultancy services, project management, encryption and confidentiality, distributed denial of service (DDOS) attacks, forensics, source code review and data integrity.

Banks and financial institutions must build a framework-based security and compliance program in order to comply with the guidelines set by MAS. Banks no longer need to go to multiple security vendors to meet compliance needs as they can coordinate with the consortium to address the guidelines within an integrated framework.

Tata Communications has established partnerships with leading security service providers such as Arbor Networks, BoxSentry, Transition Systems, Shepard, TechBiz FRisMan and FMA to form a Security Compliance Consortium that will act as a single point of contact to help banks to address the IBTRM guidelines.

With this consortium, banks are provided an integrated, holistic approach in achieving security compliance requirements. This initiative is an example of Tata Communications’ agility, flexibility and innovation capabilities in addressing the needs of the market.

"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,” said Vinod Kumar, President and Chief Operating Officer for Tata Communications, in a Thursday statement.
 
“We are pleased to announce that with the Security Compliance Consortium we have achieved this objective. 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."

As consumers become increasingly mobile and the demand for Internet and mobile banking continues to grow, the need for heightened security will always be strong. At the same time, the threats and challenges associated with those threats are also increasing, making it more difficult to operate in a secure environment.

"We are confident that the Security Compliance Consortium led by Tata Communications will provide best in class solutions to solve key challenges faced by security and risk management compliance teams from the banks," Kumar continued.

The forming of this consortium will provide banks and other financial institutions with the access they need to vendors, streamlining and simplifying the process.