Blockchain-based Cryptocurrency Likely for Indian Banking System: Yitsol

Pradeep Chakraborty Dec 08, 2017

With multiple, recent occurrences of high-profile cyber attacks globally, India seems to be catching up to its global peers when it comes to securing its cyber systems.

Yitsol is committed to providing state-of-the-art technology solutions, including Oracle applications, mobility solutions, cyber security solutions, as well as custom enterprise application development experiences that can positively impact businesses.

Ram Punamaraju, CEO, Yitsol, tells us more. Excerpts from an interview:

BW CIO: Why is cyber security a significant priority to focus?

Ram Punamaraju: The recent Wannacry and Petya ransomware attacks on Indian businesses has escalated cyber security to a boardroom priority. Most enterprises are investing in next-generation firewalls with advanced threat protection capabilities for advanced malware detection, and in web application firewalls to secure the online applications.

BW CIO: How many Indian businesses have been have been victims of security breaches over the last two years?

Ram Punamaraju: With an increased thrust on digitisation of the Indian business landscape, about 54 percent of Indian organisations have been victims of security breaches over the last two years.

BW CIO: What is the effect on Indian businesses post Wannacry and Petya ransomeware?

Ram Punamaraju: While India still ranks higher than global peers when it comes to instances of malware and ransomware attacks at 54 percent as compared to 47 percent globally, the silver lining has been the increase in spends on network security by small and medium businesses (SMBs), enterprises, as also service providers.

Yitsol provides secured source code auditing and penetration testing services.

BW CIO: How is the wave of digitization and IoT sweeping India and its entrepreneurial ecosystem?

Ram Punamaraju: With the wave of digitisation and IoT sweeping India and its entrepreneurial ecosystem, by the usage of mature software and ability to recognise a possible data breach beyond just providing for solutions are absolutely essential, especially on government-led biometric systems, such as Aadhaar.

BW CIO: It is unclear that India will get hit by WannaCry like an attack, partly because most people DO NOT use digital money. What is your take on this?

Ram Punamaraju: Attacks like WaanaCry are more associated to gaps in the secured IT practices. We can't be safe just because we are using less digital money. As a country, we need to be more aware of the cyber security threats and follow the right cyber security practices.

BW CIO: Where is stuff like Bitcoin and Blockchain in India? Where do you think will hackers attack Indian banks?

Ram Punamaraju: I should not give the hints to the attackers! The RBI is asking people to be cautious against the use of Bitcoin. The domestic Bitcoin exchange is adding over 2,500 users a day and had reached five lakh downloads.

Blockchain in India is not just limited to cryptocurrency. Blockchain is being explored as the next big thing in the retail, banking, healthcare and manufacturing domains. I will not be surprised to see a Blockchain-based cryptocurrency for the Indian banking system.