Security providers join forces to deliver consolidated solution to meet latest IBTRM requirements

Singapore: 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 (IBRTM) 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 IBRTM guidelines offer expanded strategies to combat cyber threats and attacks, which include emerging cyber exploits. Additionally, MAS emphasises 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 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 programme. 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, TechBiz 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.

Forward-looking and cautionary statements
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications' expected financial position, business strategy, the future development of Tata Communications' operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications' network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company's communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications' industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications' control, include, but are not limited to, those risk factors discussed in Tata Communications' various filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.

Disclaimer: Monetary Authority of Singapore is not affiliated with nor has it endorsed Tata Communications or the security compliance consortium in respect of the services or reference on this page.