Banks need to understand the risk of cyber threat

Data is very important in a digital world but there are threats to cybersecurity, banking and insurance sector experts said here Friday. "So banks and financial institutions have to understand the risks of a cyber threat as at the end of the day customers get affected," MD and CEO of Bajaj Life Insurance Company Limited, Tarun Chugh, said. Speaking at the "India Economic Conclave 2018" at the Bengal Chamber of Commerce and Industry (BCC&I), Chugh stressed the need of personal touch in the banking sector to ensure that customers understand the products.

"Both human touch and digital aids are needed to nurture the relationship," he said. Stressing on the need to understand the economic scenario of the country and its impact on common people, the MD and CEO of Bandhan Bank, Chandra Sekhar Ghosh, said that the service sector is the backbone of the Indian economy and is going through a lot of changes. "In my view, the most important element to build customer relationship is the need for physical contact following which relationship grows and can be further built through services and digitisation," Ghosh said.

"We are now controlled by Apple, Microsoft, Whatsapp, Facebook and they can never replace the warmth of a personal chat, personal presence, gift or otherwise," he said.