Limited offer of cybersecurity professionals: OSE President CS Setty said Thursday that the limited supply of cybersecurity professionals is a “major challenge” for the future.
Speaking at the annual Fibac conference, Setty said banks’ investments in cybersecurity have been steadily increasing, given the need to protect the entire system.
“But we also think that professional support for a lot of cybersecurity activities is limited. I think that’s going to be a big challenge going forward,” said Setty, who took over as chairman of the country’s largest lender late last month.
Hitendra Dave, HSBC’s chief executive in the country, said the global lender faces 100,000 cyberattacks a day.
Previously, Setty also said that in addition to mandatory technological expenditures, which must be made due to regulatory mandates, it is necessary to analyze whether the returns from technology are proportional to the expenses incurred by lenders.
Meanwhile, OSE Managing Director Ashwini Tewari told reporters that the largest lender is increasing its marketing and outreach spend amid slow build-up of deposits in the system and the need to take the brand to more people.
He said banks had long taken deposits for granted and added that deposits would no longer be recorded through customers showing up in person.
Speaking at the same event, Zarin Daruwala of foreign lender Standard Chartered Bank said alternatives such as foreign currency bond issuances can help raise resources for the system, but pointed to the increase in withholding tax to 9 percent from 4 percent previously as one reason for the slowdown in dollar bond issuances.
He said the only option to avoid the higher tax is to raise money through Gifty City, but the problem is that there are very few investors in the country’s only international city.
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