Prateek Mishra, an information and cyber security professional joins IIFL Wealth Management as Chief Information Security Officer. He joins the company of more than 900 employees to lead its Information and cyber security.
With most of the BFSI sector going digital the vulnerability to cyber threats has increased. Back in August 2018, Cosmos Bank was faced with a cyber attack, resulting in nearly Rs 100 crore being siphoned off. As per RBI data, banks in India faced 1,30,000 reported cases of cyber fraud involving an estimated Rs 700 crore in the period between 2008-17.
The companies in the sector hence need to address the risks and challenges arising from cyber security and prepare itself for these threats that emerge with increased tech adoption.
As coping with the challenges of cybersecurity and protecting the data becomes top priorities for IIFL Wealth Management, hiring a leader that can help in creating and executing a robust strategy for Information Security becomes a key step. With increased cyber crime, it is important to have an executive responsible for making security decisions and educating the management team on risks.
Mishra, who has worked in heterogeneous domains like Oil & Gas, Manufacturing, Retail, Banking and Insurance sector seems to be a good fit for the company. In his most recent role, he was heading the information security for IDBI Federal Life Insurance.
In IDBI, he worked towards aligning the Cyber Security strategy with regulatory guidelines. Mishra has to ensure that there is adequate and efficient use of Security controls, for which he also devised metrics for performance evaluation. He led the team that established ISMS framework and achieved ISO 27001 certification for the company. He also holds experience in evaluating and implementing new age security controls. Mishra has worked with HDFC Bank and Reliance Industries.
Even with increased digital presence, many firms still rely on existing IT staff, who is also focused on operations. They often lack risk assessment, and then implementing recommendations to solve complex business related issues becomes challenging. However, to ensure information security a holistic approach is required and people and process become as important as technology. Putting together a security team that is responsible for the management and oversight of information security is crucial and appointing a strong CISO is absolutely critical tasks to effectively protect business critical data.
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