RBI's mandate, Oracle's offering

NEW DELHI, INDIA: Under the RBI guidelines, banks operating in India are required to secure and avoid misuse of high value consumer financial data such as those residing in but not limited to credit card and personal banking accounts.

Keeping this requirement in mind, Oracle India has launched the “Oracle Database Security & Compliance Solution”. The  solution will help banks in India to address risks in the area of data security, as identified by the Department of Banking Supervision (DBS), Reserve Bank of India (RBI).

As it shares in a press release, the Oracle Database Security & Compliance Solution aims to enable banks to meet the compliance guidelines in a timely manner, with less administrative and IT integration expenditure. It will also help banks reduce the number of exceptions for non-compliance, a common occurrence during IT audit processes.

Private, public and most of the nationalized banks (including co-operative banks) can deploy this solution to help them implement preventive, detective and corrective controls in database management. In addition, the solution will monitor activities of the users and provide a strong preventive mechanism to deter unauthorized access.

“The Oracle Database Security & Compliance Solution enforces security at the database level, checking all users and bank applications that access the database. These include a wide range of systems such as core banking, corporate banking, credit cards, loan management, call center technology, treasury management, asset management, systems and servers, network and storage. Since the solution builds controls at the data level, it makes it fundamentally very difficult for any component in the database ecosystem to bypass it.” The company adds.