Infosys joins Shared Assessments Program

Infosys Technologies 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. Infosys is the first company based outside of North America to join the organization’s working group.

A statement from Infosys said that 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.

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, it added.

According to 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.