Infosys Technologies Limited (NASDAQ: INFY), today announced that it has joined the Financial Institution Shared Assessments Program, the financial services industry's leading standards body that provides tools for evaluating the security practices of information technology (IT) services providers.
The Shared Assessments Program was created by BITS, the technology division of the Financial Services Roundtable, to combine the expertise of financial institutions, IT service providers, and accounting firms in creating global security standards. Companies that use the program gain significant efficiencies in the security assessment process through a standardized questionnaire and assessment report. Both can be shared with an unlimited number of clients.
Infosys is the first company based outside of North America to join the organization's working group.
In addition to indicating Infosys' commitment to regulatory accountability, participation in the Shared Assessments Program enables Infosys clients to verify Infosys' adherence to more than 45 security controls. The Program's standards are aligned with ISO 27002, PCI DSS v1.1, and other financial services regulations, and reduce redundancies in the entire security assessment process. Because it reduces overlap among various financial institution information requests, the Program can eliminate the burden for clients of sending teams to conduct on-site security audits.
"We are pleased to welcome Infosys, our first international service provider member, into the Shared Assessments Program.,” said Leigh Williams, president of BITS. “By participating in the Shared Assessments Program, Infosys has demonstrated that it is a forward-thinking organization committed to providing a secure outsourcing environment for clients."
The Shared Assessments Program was launched by BITS in 2006. Leading financial institutions, service providers, and the Big 4 accounting firms (serving as technical advisers) created the program to help standardize on security controls and reduce inefficiencies for the financial services industry.
Participating in the Shared Assessments Program Working Group creates a unique opportunity for Infosys to contribute its expertise within the data security and financial services space to the evolution of the program's rigorous standards. Participation in the Working Group provides an open forum for both service providers and key financial services leaders to discuss IT security issues affecting the industry today as well as develop standards that help mitigate future risks.
"By becoming a Shared Assessments Program member, Infosys continues its commitment to meeting each of its clients' security standards and regulations in the most efficient, cost-effective manner possible," said Ashok Vemuri, Infosys' senior vice president for Banking and Capital Markets. "It's vital to consumers, financial institutions and their IT partners that data security practices must be consistently reviewed and improved. Reducing fraud and managing risk requires a formalized, standardized approach, to ensure that adequate protection is in place."
BITS was created in 1996 to foster the growth and development of electronic financial services and e-commerce for the benefit of financial institutions and their customers. A division of The Financial Services Roundtable, BITS works to sustain consumer confidence and trust by ensuring the security, privacy and integrity of financial transactions. BITS provide intellectual capital and addresses emerging issues where financial services, technology and commerce intersect, acting quickly to address problems and galvanize the industry. BITS' efforts involve representatives from throughout our member institutions, including CEOs, CIOs, CISOs, and fraud, compliance and vendor management specialists.
About Infosys Banking and Capital Markets Practice
Infosys Banking and Capital Markets (BCM) practice offers expertise in visioning, architecting and delivering business and technology solutions to global financial services organizations. The Infosys BCM solutions help companies increase their operational efficiency, enable more effective customer management and lower operational risk profiles. BCM provides services for four of the top five European banks, six of the top 10 securities firms and three of the top four credit card issuers.
About Infosys Technologies Ltd.
Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. Infosys creates these solutions for its clients by leveraging its domain and business expertise along with a complete range of services. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has 75,000 employees in 44 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit
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