HDFC Bank may introduce credit scores for third-party vendors

Latest Reserve Bank of India data showed that in 2021-22, frauds to the tune of Rs 60,414 crore were reported, down 56.28 per cent from Rs 1.38 trillion in 2020-21

HDFC Bank is in preliminary talks with leading cyber-security companies to introduce cyber-security scores for its third-party vendors and minimise the incidence of fraud, Chief Information Security Officer Sameer Ratolikar said.

Some of the companies the bank is in discussion with include Bitsight, Upguard and RiskRecon, all of which are in the cyber-security rating space.

“We are in the process of hiring leading cyber-security rating companies whereby you give the third-party service providers’ URL/website address and then the third-party rating services basically calculate their cyber-security score, something like a Trans Union CIBIL score or Equifax score,” Ratolikar told Business Standard.