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Punjab Engineering College Develops Security Software for Banks

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Chandigarh: Punjab Engineering College (PEC) University of Technology, based in Chandigarh is working on a software that will ensure data security for banks. The software will provide data security as prescribed in guidelines issued by the RBI.

The project is being funded by 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.

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 added.

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.

The researchers expected to have the software ready in a year’s time.

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