Security in core banking system
CORE BANKING SOLUTION— Evaluation of Security and Controls: Revathy Sriram, P.K. Ramanan and R. Chandrasekhar; Prentice-Hall India Private Limited, M-97, Connaught Circus, New Delhi-110001. Rs. 275.
S. Arunajatesan
This is a good book on computerisation in banks and timely to meet the need of the hour. Though late, all the public sector banks are now in a hurry to introduce full computerisation and implement core banking solution (CBS).
The banks in general did not take adequate steps to help the staff to accept and appreciate the logical need for such a radical and sudden change. Although teething troubles have subsided in most of the banks, there are still pinpricks, and more importantly unknown dangers and pitfalls waiting to happen due to a perfunctory understanding of the system by the operating staff and incomplete or inadequate appreciation of the ground reality by the technical staff. It is in this context this concise book written in a simple style will be useful.
Focus on security
Although the subject matter is technical in nature the authors have carefully avoided jargons. There is clarity in presentation and cogency in arrangement of the subject matter. While the book deals with the CBS programme architecture, planning and application of programme modules and functions, the focus is on security aspects and the auditor’s role in checking and evaluating the efficacy and the integrity of the system and data.
The authors have dealt with ATM and Net Banking elaborately from the angle of customer convenience and bank security. But these facilities give scope to the customers to enter into the bank system and open the accounts and operate, which was not possible in the manual system and hence there is need for protection against security risk. A passive dependence on the strength of firewall, router, switch and hardening will not be sufficient.
The questionnaire on security policy and internet banking, check list on ATM operations and audit of CBS branches are very exhaustive.
Need for vigil
Security of a system is as strong as its weakest link. No software is 100 per cent secured and assured of invulnerability and no system is safe from a tenacious and intelligent hacker. The authors have therefore drawn the attention of the bank and vendors who provide the software and hardware to exercise constant vigil and control. Even today many do not handle the password with sanctity or fear and observe absolute secrecy. This is noticed even among the software company people.
The bank employees quite often work on Sundays and holidays or sit late on working days in which there is an inherent security problem. It may be strange but it is true that a black sheep often comes from a band of loyal and dedicated workers who enjoy the absolute confidence of everyone.
Being auditors, the authors have cautioned the auditing fraternity about accepting assignment and the banks against giving it to those who are not well equipped to handle auditing in a fully computerised environment. The book contains a number of warnings and suggestions to ward off security risk.
The charts and tables along with bullet points on important issues will help the reader to understand and appreciate the nuances of the system and the security weaknesses.
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