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Yogesh V Malvankar
Information, Cyber Security & GRC Professional
Yogesh V Malvankar is a veteran IT professional with over 25 years of experience in various areas of IT infrastructure and operations management. He is an ITIL V3/4 expert and has a rich background in cloud and data center infrastructure management, IT service desk, NOC and SOC, data center management, global service delivery management, information security, and IT compliance management.
Mr. Malvankar studied at Gokhale High School before going on to gain a post-graduate diploma in Computer Applications and a Bachelor's degree in Mathematics from Madurai Kamaraj University. He also studied for an MBA in Information Technology from the same university and completed courses on crisis management and emerging technologies from PREPARIS, INC, and Yonsei University respectively.
Throughout his illustrious career, Mr. Malvankar has held several senior and strategic leadership positions in a range of organizations. He previously served as the Chief Technology Officer for Kalpataru Group and Vice President of Global Technology Operations for Sterling Talent Solutions, among others. He has also been the Head of Knowledge Management at Atos, Head of IT Operations and Projects at Zapak Digital Entertainment Limited, Chief Information Security Officer (CISO) at CMS Info Systems Pvt. Ltd, and Vice President of IT Services at Aegis Global.
Overall, Yogesh V Malvankar has built up extensive expertise in various aspects of IT operations management and is recognized for his strategic vision, effective leadership, and problem-solving skills.
Highlights
Outsourcing SOC Function -
Risks You Transfer by Outsourcing SOC Function:
• Operational Risk: Management of SOC resources, staffing, and continuity. • Financial Risk: Costs of SOC operations, including SLA penalties and unforeseen expenses. • Compliance Risk: Responsibility for meeting regulatory requirements and audit readiness. • Cybersecurity Risk: Threat monitoring, incident response, and technology management. • Legal and Liability Risk: Liability for incidents caused by the external partner and managing contractual obligations.
Risks You Don’t Transfer by Outsourcing SOC Function:
• Strategic Risk: Decisions related to overall security strategy and integration with broader business goals. • Reputational Risk: Ultimate responsibility for the organization’s reputation remains with you, especially in the event of a breach. • Data Ownership and Privacy Risk: Ensuring data protection and ownership, especially sensitive data, remains a core responsibility. • Vendor Management Risk: The risk of managing the relationship with the external partner, including oversight and ensuring SLAs are met. • Accountability for Security Outcomes: Final accountability for the security posture and effectiveness of the SOC rests with your organization
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Gopal Krishna Committee and RBI
The relationship between the Gopal Krishna Committee and the Reserve Bank of India (RBI) primarily stems from the committee's recommendations on data localization and the protection of financial data. While the committee was not directly appointed by the RBI, its work has had significant implications for the RBI's policies, especially in the context of regulating financial data in India.
Data Localization and Financial Data Protection
One of the key recommendations of the Gopal Krishna Committee was the requirement for data localization. The committee suggested that a copy of personal data, particularly sensitive data, should be stored on servers within India. This recommendation was particularly relevant to the RBI, which has a vested interest in ensuring that financial data of Indian citizens is secure and accessible to Indian regulatory authorities.
RBI's Response and Data Storage Mandate
Following the Gopal Krishna Committee's report, the RBI issued a circular in April 2018 mandating that all payment data related to Indian citizens be stored only in India. This directive was in line with the committee's recommendations on data localization. The RBI's mandate required that all system providers ensure that the entire data relating to payment systems operated by them is stored in a system only in India, and that any processing of this data should also take place within the country.
Influence on RBI's Regulatory Framework
The RBI's stance on data localization was directly influenced by the broader national discourse on data protection, which was shaped by the Gopal Krishna Committee's report. The RBI's focus on ensuring that financial data remains within Indian jurisdiction aligns with the committee's concerns about data sovereignty and the protection of sensitive personal data from potential misuse by foreign entities.
Ensuring Compliance and Security
The Gopal Krishna Committee's emphasis on data protection, user consent, and the rights of data subjects has also influenced the RBI's approach to regulating financial data. The RBI, being the central bank and a primary regulator of the financial sector, has incorporated aspects of the committee's recommendations into its guidelines to ensure that financial institutions operating in India adhere to strict data protection standards.
