The boundary-less cyberspace exposes the banks to internationally organized crimes and new age threats. Further, with banks increasingly working with third parties and in the process, sharing business information, management of third party risks is also becoming a challenging task’. Let me amplify with a few examples on what I have been saying so far.
You are aware that the Reserve Bank of India introduced the system of a Second Factor of Authentication for all Card Not Present transactions almost two years back. This measure has ensured greater security in online card transactions and instances of online frauds has considerably dropped.