Tag: data security

SBI MD Encourages MFIs to Enhance Data Privacy, Cyber Security

State Bank of India (SBI) managing director Alok Kumar Choudhary on Wednesday said there is a need for micro finance institutions (MFIs) to pay attention to data privacy and cyber security as they deal with data of a large number of customers. 

Speaking at a conference organised by Sa-Dhan, he said, MFIs should also focus on capacity building to deal with the challenges of the future.

“The second thing which is very important is the integration with the evolving regulation particularly when you have data privacy law. The enormous amount of data which has been handled by all the MFIs, this particular aspect (data privacy) requires attention and some kind of action plan needs to be in place,” he said.

Financial institutions need to focus on improving ease of transaction through digital means, he said, adding, the need of the customers in the changing time has to be addressed as per their convenience and ease.

“For this segment of (bottom of the pyramid) customers, we need to understand what they want and ease with which their desire can be fulfilled,” he said.

SBI has a significant credit line to MFIs as well as to NBFCs that are trying to foster financial inclusion.

Talking about participation of SBI in the government’s financial inclusion drive, Choudhary said, the bank alone has opened 36 per cent of the total account opened under PM Jan Dhan Yojana.

More than 50 crore bank accounts have been opened under the PM Jan Dhan Yojana in the last nine years and the deposit balance swelled to over Rs. 2.03 lakh crore.

With regard to Atal Pension Yojana, he said, SBI has enrolled 32 percent of total subscribers under the scheme.

Speaking at the event, SIDBI Chairman and Managing Director S Ramann said MFIs should not be complacent about their customer base as there is so much digital disruption happening around.

New players would enter the financial space and can drive traditional players out if the sector does not keep pace with time, he said.

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Twitter Questioned Over Whistleblower’s Claims on India Operations by Tharoor-Led Parliamentary Panel

Twitter was questioned rigorously by Congress leader Shashi Tharoor-led Parliamentary Standing Committee on Information and Technology on Friday over a whistleblower’s revelations on its India operations. The social media platform’s officials were asked about data security and privacy. The Twitter executives denied the whistleblower’s claims. However, as per the sources, the panel has cited the replies provided by Twitter executives as “not satisfactory”. The parliamentary committee is currently working to prepare a comprehensive report on data privacy and security in the country.

As reported by PTI, top Twitter executives Samiran Gupta, Senior Director (Public Policy) and Shagufta Kamran, Director (Public Policy), were summoned before the Parliamentary Standing Committee on Information and Technology on Friday. The meeting was scheduled from 4.30 pm IST. Besides Tharoor as the chair, Congress MP Karti Chidambaram, TMC MP Mahua Moitra, TRS MP Ranjith Reddy, BJP’s Rajyavardhan Singh Rathore and CPI(M)’s John Brittas were also a part of the panel.

The microblogging site was questioned about the revelations by the company’s former Head of Security, Peiter Zatko, accusing Twitter of knowingly allowing the Indian government to place its “agents” on the company payroll. As per Zatko, the agents had “direct unsupervised access to the company’s systems and user data”.

The company’s officials were also asked whether the data security policies are in synch with local policies. They were also grilled about how the company handles conflicts in national privacy policies of different countries. According to the source, the panel is not satisfied with the replies of the executives.

The company’s officials rejected Zatko’s claims. In line with Twitter CEO Parag Agrawal’s response to the revelations, the microblogging site has called these claims as “false narrative”.

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TikTok Said to Reassure Lawmakers on US Data Security, Writes Letter to Ensure Information Transfer to Oracle

Chinese-owned social media site TikTok told US senators it was working on a final agreement with the Biden Administration that would “fully safeguard user data and US national security interests,” according to a letter seen Friday by Reuters.

TikTok Chief Executive Shou Zi Chew told senators in a letter dated Thursday that the short video app was working with Oracle on “new advanced data security controls that we hope to finalise in the near future.”

Last month, TikTok said it had completed migrating information on its US users to servers at Oracle but it was still using US and Singapore data centres for backup.

TikTok’s letter acknowledged that China-based employees “can have access to TikTok US user data subject to a series of robust cybersecurity controls and authorisation approval protocols overseen by our US-based security team.”

TikTok said as it continues to work on data issues it expects “to delete US users protected data from our own systems and fully pivot to Oracle cloud servers located in the US.”

A TikTok spokesperson confirmed the company sent a response to the senators’ letter. “We look forward to connecting with Members of congress to discuss the substance of our letter,” the spokesperson said in a statement to Reuters.

Republican Senator Marsha Blackburn said TikTok “should have come clean from the start but instead tried to shroud their work in secrecy. Americans need to know that if they are on TikTok, Communist China has their information. TikTok needs to come back and testify before Congress.”

The letter comes nearly two years after a US national security panel ordered parent company ByteDance to divest TikTok because of fears that US user data could be passed on to China’s communist government.

“We know we are among the most scrutinised platforms from a security standpoint and we aim to remove any doubt about the security of US user data,” the letter said.

TikTok is one of the world’s most popular social media apps, with more than 1 billion active users globally, and counts the United States as its largest market.

© Thomson Reuters 2022

 

 

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