University in Chandigarh at work on software for banks

Last Updated: Thu, Nov 29, 2012 03:50 hrs

Kolkata, Nov 28 (IANS) Chandigarh−based Punjab Engineering College (PEC) University of Technology is developing a software to ensure security of information that banks use, under guidelines issued by the Reserve Bank of India (RBI).

The project is being funded by IT major IBM India, and the PEC University is working on the technology development for the project.

"The project is aimed at protecting information related to risk assessment before any bank decides on internal policies," Divya Bansal, associate coordinator of Cyber Security Research Centre at PEC University, said here Wednesday.

She said the project would take lessons from information security posture experienced by the banks and prepare a "risk priority number".

"It will be a simplified interface for banks to protect information on risk assessment and suggest solutions. The software will be developed following the guidelines stipulated by the RBI," Bansal told reporters here.

IBM and PEC University will jointly organise a conclave for the Indian banking industry in December.

"The conclave will create a platform for the bankers to share their views on the particular subject with the researchers. It will help us know the internal problems faced by the bankers while calculating risks," she said.

Bansal said the researchers expected to have the software ready in a year's time.

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