RBI to set up panel on strengthening cyber security

RBI strengthening cyber securityIn a bid to strengthen cyber security system, the Reserve Bank of India (RBI) on Wednesday decided to set up an inter-disciplinary panel on strengthening cyber security to examine various threats and suggest measures to deal with it.
“While banks have taken steps to strengthen their defences, the diverse and ingenious nature of recent cyberattacks necessitates an ongoing review of the cyber security landscape and emerging threats. Towards this end, an inter-disciplinary Standing Committee on cyber security is being constituted,” RBI said in a statement. The panel will review the threats inherent in the existing or emerging technology on an ongoing basis, it said.

It will also study adoption of various security standards/protocols and also act as the interface with stakeholders. The committee will suggest appropriate policy interventions to strengthen cyber security and resilience, it said. RBI has issued guidelines to banks, mandating cyber security preparedness for addressing cyber risks.

In biggest-ever breach of debit card data, as many as 3.2 million cards were compromised last year. 641 customers across 19 banks were duped of Rs 1.3 crore using stolen debit card data. There are around 750 million debit cards operational in India, of which 190 million are indigenously developed by RuPay while the rest are Visa- and MasterCard-enabled.

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