SBI Chairman CS Setty highlights the limited supply of cybersecurity professionals as a major concern for the banking industry. He emphasizes the need for robust cybersecurity investments and talent development.
SBI Chairman CS Setty on Thursday flagged the limited supply of cybersecurity professionals as a “big challenge” for the future.
Speaking at the annual Fibac here, Setty said banks’ investments in cybersecurity have been going up steadily, given the need to protect the entire system.
“But we also feel that the professional support for many of the cyber security activities is limited one. I think that’s going to be a big challenge going forward,” said Setty, who took over as the chairman of the country’s largest lender late last month.
HSBC’s country chief executive Hitendra Dave said the global lender faces 1 lakh cyberattacks a day.
Earlier, Setty also said that apart from the mandated technology spends, which have to be undertaken because of regulatory mandates, there is a need to analyse whether the returns on technology are commensurate to the spends which are undertaken by the lenders.
Meanwhile, SBI managing director Ashwini Tewari told reporters that the largest lender is upping its marketing and outreach spending amid the slow deposit accretion in the system and the need to take the brand to more people.
He said that the banks took “deposits for granted” for long and added that deposits will not get booked through walk-in customers any more.
Speaking at the same event, foreign lender Standard Chartered Bank’s Zarin Daruwala said that alternatives like foreign currency bond issuances can be of help in garnering resources for the system but flagged the increase in withholding tax to 9 per cent from the earlier 4 per cent as among the reasons for a slowdown in dollar bond issuances.
She said the only option to duck the higher tax is to raise money via the Gifty City, but the problem is that there are very few investors in the country’s only international financial services centre.
Meanwhile, Department of Financial Services Secretary M Nagaraju exhorted lenders to take more risks and support the startup ecosystem.
He also asked the banks to offer more lending support to the micro, small and medium enterprises, stating that the coverage on the same has to move up rapidly.
