Press Release
Tata Communications Spearheads First Security Compliance Consortium to Address Monetary Authority of Singapore (MAS) Guidelines
Security providers join forces to deliver consolidated solution to meet latest IBTRM requirements
Singapore – October 29, 2008 – Tata Communications, a leading provider of the new world of communications, announced the launch of the first Security Compliance Consortium to simplify the process of meeting compliance needs for the banking and finance sector. This initiative follows the new Internet Banking and Technology Risk Management (IBTRM) guidelines released by the Monetary Authority of Singapore (MAS) in June 2008. The guidelines outline a set of best practices that mandate risk management processes and security controls for financial systems, including Internet banking.
The new IBTRM guidelines offer expanded strategies to combat cyber threats and attacks, which include emerging cyber exploits. Additionally, MAS emphasizes the need for improved technology risk management enabled by strong network security infrastructure. The newly formed consortium will help banks with a suite of services that address all key IBTRM requirements, including consultancy services, project management, encryption and confidentiality, distributed denial of service (DDOS) attacks, forensics, source code review and data integrity.
In order to comply with the guidelines set by MAS, banks and financial institutions will need to build a framework-based security and compliance program. Rather than going to multiple security vendors to meet compliance needs, banks can coordinate with the consortium to address the guidelines within an integrated framework.
Tata Communications has partnered with leading security service providers including Arbor Networks, BoxSentry, Transition Systems, Shepard, TecBiz FRisMan and FMA to form a Security Compliance Consortium that is a single point of contact to help banks address the IBTRM guidelines. The Security Compliance Consortium enables an integrated, holistic approach to help banks achieve security compliance requirements. This initiative is an example of Tata Communications' agility, flexibility and innovation capabilities in addressing the needs of the market.
"Tata Communications set out to develop a strong association with leading players in the Internet security and risk management arena to provide banks with the best possible service and solutions to meet the IBTRM guidelines with full consideration for ease, speed and the economics of deployment. We are pleased to announce that with the Security Compliance Consortium we have achieved this objective," said Vinod Kumar, President and Chief Operating Officer for Tata Communications. "This initiative not only ensures that financial institutions operate in a secure environment, it also provides them with a better strategy to manage business risk end to end."
"We are confident that the Security Compliance Consortium led by Tata Communications will provide best in class solutions to solve key challenges faced by security and risk management compliance teams from the banks," Vinod Kumar continued.
For further information on Tata Communications suite of managed security services or the Security Compliance Consortium visit http://www.tatacommunications.com/security/compliance08/
About Tata Communications
Tata Communications, a member of the $62.5 billion Tata Group, is a leading global provider of a new world of communications. The emerging markets communications leader leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national and Indian enterprises, service providers and Indian consumers.
Tata Communications' range of services include transmission, IP, converged voice, mobility, managed network connectivity, hosting and storage, managed security, managed collaboration and business transformation for global enterprises and service providers, as well as Internet, retail broadband and content services for Indian consumers. The Tata Global Network encompasses one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 300 Pops, and more than 1 million square feet of data center and co-location facilities.
Tata Communications' unique emerging market depth and breadth of reach includes a national fiber backbone network and access to network in over 60 cities and 125 Pops in India, strategic investments in South African converged services operator, Neotel, Sri Lanka and Nepal and, subject to fulfillment of conditions precedent, a 50% ownership in China Enterprise Communications (CEC) providing full country VPN coverage in China.
Servicing customers from its offices in over 80 cities in 40 countries, Tata Communications is the number one global international wholesale voice operator and number one provider of international long distance, enterprise data and Internet services in India, the Company was named "Best Wholesale Carrier" at the World Communications Awards in 2006, "Best Pan-Asian Wholesale Provider" at the 2006 and 2007 Capacity Magazine Global Wholesale Telecommunications Awards and was awarded "Best Progress in Emerging Markets" at the 2008 Mobile Communication Awards.
Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India and its ADRs are listed on the New York Stock Exchange. (NYSE: TCL)
For more information on Tata Communications' MSS offering visit: www.tatacommunications.com/enterprise/security
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About MAS
http://www.mas.gov.sg/about_us/About_MAS.html
About the IBTRM guidelines
The IBTRM guidelines can be found at:
http://www.mas.gov.sg/legislation_guidelines/banks/guidelines/Internet_Banking_Technology_
Risk_Management_Guidelines.html
The guidelines stress that banks offering or delivering products and services via the Internet or telecommunications networks, both wired and wirelesses are required to adhere to the following guidelines:
- Establish a sound and robust technology risk management process
- Enhance the availability, security and recovery capability of their systems
- Deploy strong cryptography to protect the integrity of customers data transactions
Additionally, banks are required to incorporate these guidelines into supervisory expectations for the purpose of assessing the adequacy of technology risk controls and security measures adopted by financial institutions
