Bangla Theft Puts Spot­light on IT Se­cu­rity

The Economic Times - - Rbi Monetary Policy -

Mum­bai: The Re­serve Bank of In­dia plans to tighten cy­ber se­cu­rity of banks in the wake of the $101-mil­lion theft from the cen­tral bank of Bangladesh and has formed a panel to ex­am­ine the is­sue. Gover­nor Raghu­ram Ra­jan said the cen­tral bank has started a de­tailed ex­am­i­na­tion of the sta­tus of the in­for­ma­tion tech­nol­ogy (IT) be­ing used by banks. The panel will be head­ed­byMeenaHemachan­draand pro­vide broad guid­ance on how to im­prove the IT mech­a­nism.

“We un­der­stand too lit­tle IT and there are var­i­ous ways of get­ting through cy­ber de­fences, in­clud­ing through peo­ple rather than through pro­cesses or net­works,” Ra­jan said.

The cen­tral bank will be is­su­ing IT ex­am­i­na­tion re­ports to judge the se­cu­rity pre­pared­ness of banks as well as as­sess the ef­fec­tive­ness of the tech­nol­ogy adop­tion of banks, he said.

Ra­jan’s re­ac­tion comes in the wake of the theft from the cen­tral bank of Bangladesh’s New York ac­count, which was fraud­u­lently sent to Philip­pines and Sri Lanka. Threats from cy­ber crim­i­nals have been on the rise with both banks and their cus­tomers at the re­ceiv­ing end of it.

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