RBI Alert:
Danger of cyber-attack on Indian banks increases, RBI alerts
The Reserve Bank has warned Indian banks about the increasing threat of cyber-attacks. The Central Bank fears that cyber-attacks on some Indian banks may increase in the coming days. Along with this alert, the Reserve Bank has also given suggestions to banks to improve cyber security.
advice given with caution
This has been said in a report of Money control quoting people associated with the banking industry. According to the report, the Central Bank has asked some banks to be prepared for the increased risk of cyber-attacks and has also advised them to increase security to reduce the risk. Along with this warning, the Reserve Bank has also told the banks about those points where they need to work to improve cyber security.
Recently the Central Bank reviewed
RBI has recently reviewed the preparedness of banks to deal with risks. For this, Cyber Security and Information Technology Examination is conducted by the Reserve Bank, which is also called CSight. In CSight, disaster management preparedness of various banks, capabilities of internet and mobile banking platforms, fraud detection systems etc. are examined.
Risks increase with the rise in digital banking
With the rise in digital banking, the dangers of cyber-attacks have also increased. For this reason, there is a need to review cyber and IT separately. Under CSight, RBI’s inspection team thoroughly inspects the IT systems of all the banks. During the investigation, those things are identified which may cause risks. After that, advice is given on how to fix the banks.
Warning has been given earlier also
The Reserve Bank has already warned banks against cyber threats. RBI Deputy Governor T Ravi Shankar had said during an event early last month that the banking sector should be prepared for new cyber threats. He was addressing the 19th Banking Technology Conference on 9 February.