Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with B.S. Abdur Rahman Crescent Institute of Science and Technology (Deemed University) to conduct a Cybersecurity Hackathon. The hackathon is aimed at promoting innovation in the banking and financial sectors and aligns with the Ministry of Finance’s vision to encourage technological advancements and entrepreneurship in banking. The event has been partnered with Ernst & Young (E&Y) as the knowledge partner, providing expert guidance and industry insights to participants.
The hackathon will last several months, during which students will develop AI and ML-driven prototype solutions to address real-world cybersecurity challenges, including digital authentication. The competition will be mentored by academic experts and industry leaders, providing participants with the opportunity to refine their ideas.
IOB’s Managing Director and CEO, Shri. Ajay Kumar Srivastava, emphasized the importance of cybersecurity in the digital era and how the hackathon aims to nurture young talent and create secure banking solutions. The event is expected to conclude in May 2025, with the selection of winning prototypes that demonstrate potential for real-world implementation and entrepreneurship.
This collaboration underscores IOB’s commitment to innovation, digital security, and skill development in the fintech space. By partnering with universities and industry experts, IOB aims to promote technological advancements and entrepreneurship in the banking sector, ultimately enhancing the overall security and efficiency of banking services.