Investigation of Information Security Management Practices in Indian Pubic Sector Banks

The initiation of financial deregulation, globalization and hence the arrival of new techno-savvy market players with customer centric business model, posed a great challenge to the public sector banks (PSB) in India, who are in banking business for more than a century. These banks quickly realized the need for technology based banking solutions as the only way to be in business and hence onward have started introducing technology based solutions at a faster pace, without reforming their Information security management at similar pace, thus exposing themselves to Information system related security threats. In this paper, using case study research design and methods an investigative study conducted on the preparedness and the currently prevalent IT security management practices of PSBs is discussed. The potential vulnerabilities that exist in the system with specific reference to data leaks, suggestions to safeguard these banks from such threats are presented.