COMPLIANCE WITH GLOBAL INFORMATION SECURITY STANDARDS IN THE BANKING SECTOR OF INDIA: CHALLENGES, SOLUTIONS, AND FUTURE OUTLOOK

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CA Rounika Dhoot; Dr. Mangu Ram

COMPLIANCE WITH GLOBAL INFORMATION SECURITY STANDARDS IN THE BANKING SECTOR OF INDIA: CHALLENGES, SOLUTIONS, AND FUTURE OUTLOOK

Authors: CA Rounika Dhoot, Dr. Mangu Ram

Unique Paper ID: 173266
Volume: 11
Issue: 9
PageNo: 2535-2542

Keywords: Information Security Global Standards Cybersecurity Compliance Banking Sector India Regulatory Framework

Abstract:
The banking sector in India has been undergoing a profound transformation, driven by technological advancements, digital banking, and the increasing use of online and mobile financial services. As this digitization progresses, the sector faces heightened risks associated with cyber threats and data breaches, making the need for robust information security practices critical. Compliance with global information security standards has emerged as a key strategy for managing these risks. This paper explores the importance of adherence to global security frameworks, such as ISO/IEC 27001, PCI-DSS, and the GDPR, within the Indian banking sector. It analyzes the regulatory landscape in India, examining how key regulatory bodies like the Reserve Bank of India (RBI) have established guidelines and frameworks to safeguard data and ensure cybersecurity. Furthermore, the research identifies the challenges faced by Indian banks in aligning their operations with international security standards, including resource constraints, the complexity of regulations, and the shortage of cybersecurity professionals. Despite these challenges, the paper highlights the significant benefits that compliance with global standards brings to Indian banks, such as enhanced customer trust, risk mitigation, and competitive advantage. Through case studies of major Indian banks, this paper also discusses practical examples of how the sector is adopting these standards and overcoming obstacles. Lastly, the paper anticipates future trends in compliance, focusing on the integration of emerging technologies like artificial intelligence and regulatory technology (RegTech) to improve compliance processes. This research underscores the critical role of global information security standards in ensuring the sustainability and resilience of India’s banking sector in an increasingly interconnected digital world. The paper discusses the barriers, gaps, and the measures Indian banks are taking to align with these standards and enhance overall security and trust.

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ISSN: 2349-6002
Volume: 11
Issue: 9
PageNo: 2535-2542

COMPLIANCE WITH GLOBAL INFORMATION SECURITY STANDARDS IN THE BANKING SECTOR OF INDIA: CHALLENGES, SOLUTIONS, AND FUTURE OUTLOOK

Available:https://ijirt.org/article?manuscript=173266

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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