- Tells the 8th Annual FT-CICRA Cyber Security Summit that Sri Lanka could be a destination that promotes better cybersecurity policies and practices
By Hiyal Biyagamage
|CB Governor Ajith Nivard Cabraal
Central Bank Governor Ajith Nivard Cabraal stressed on Tuesday that while many Sri Lankan companies are beginning to understand the need for data security, few appreciate the importance of data integrity.
During the keynote address as the main guest of the 8th Annual Cyber Security Summit hosted by the Daily FT and CICRA Holdings Ltd. At Waters Edge, Cabraal stressed the importance for Sri Lankan companies to protect data and ensure the security of their information systems.
“In the days of GDPR and rising privacy laws, the easiest way to get on the wrong side of government regulation is to have inaccurate data. One simple mistake can cause everything from minor administrative headaches to major fines and setbacks. After all, it’s the era of big data, and it’s high time for businesses to learn how to keep their data safe and accurate. This is why data integrity is of vital importance today; not because it can improve traceability and information retrieval, but also ensures that your business maintains an accurate and consistent data security policy.
“In today’s business landscape, organizations struggle to protect their information. Information is stored in various places, and sometimes others can access it without your knowledge. This is what makes it all the more dangerous and all the more difficult. Over the next few years, we will need to make sure our systems are secure, ”Cabraal said.
He mentioned that he was one of the first people to be associated with cybersecurity in 2011 when it was introduced as a new concept in Sri Lanka and he believes the country has come a long way as a profession. and concept. However, he said the next few years would be more difficult with the impact of remote working, data privacy as a discipline, the emergence of digital currencies and the continued rise of artificial intelligence (AI).
“As a central bank, we have a deeper responsibility to ensure the protection of all information and systems used for payment-related activities. Our work is therefore divided. I believe that in the next few years it will become even more difficult.
“Today we have robots, we have artificial intelligence and we can even have digital currencies. These elements pose serious challenges to the established world, and in that sense, we need to make sure that what we have is saved and that there is a better understanding of these concepts so that they can all work together. They say the strength of a chain is the strength of the weakest link, so you only need a weak link to get into a system. A system error is an opportunity for someone to enter. This could be all that is needed for a massive data breach, therefore data integrity must be ensured and doing so now and in the years to come will be a difficult challenge, ”Cabraal pointed out.
The governor also said Sri Lanka could be a destination that promotes greater cybersecurity policies and practices. However, industry professionals have an important role to play in ensuring that the groundwork is done, he added.
“We have amenities, but they come at a cost. When a duck moves on a pond, it has a smooth journey, but underneath there is enormous volatility of the paddle of its feet. So, in the same way, many people involved in data security and ensuring data integrity have a very difficult role. Not only do you want to make sure that the surface looks good, but you also need to make sure that any measurements taken below the surface are designed to ensure the integrity of the system as well. We want to ensure that Sri Lanka is established as a destination offering this security and integrity. In that sense, we greatly appreciate your work, as what you do will ensure that Sri Lanka can face these myriad data security challenges with great confidence as we move forward. “
Cabraal also stressed that everyone must embrace the concept of cybersecurity in a positive way to ensure that Sri Lanka moves forward on this journey together.
The one-day summit brought together several international and local experts who shared key ideas on how Sri Lankan organizations in the public and private sectors could evolve to a safe new standard in the use of technology.
Today’s conference had innovative and informative sessions, including discussions on banking, payments and regulations, digital currencies, security standards and network compliance, and 5G technology and its security concerns. . A CEO Forum followed, focusing specifically on why cybersecurity should be a board discussion.
Global payments leader Visa and tech giant Huawei were the strategic partners. The banking partner was NDB and the official payment network was LankaPay, while the creative partner was Triad.