Cy­ber Security Panel for Banks

More Vig­i­lance

The Economic Times - - Finance & Commodities -

Func­tions of the com­mit­tee Re­view threats in­her­ent in in­no­va­tions in fin­tech space Adop­tion of security pro­to­cols Check in­ter­face with stake­hold­ers and sug­gest pol­icy Mum­bai: TheRBIhas­con­sti­tuted an in­ter-depart­ment Stand­ing Com­mit­tee on Cy­ber Security to con­tin­u­ously re­view security and an­a­lyse emerg­ing threats to pro­tect the In­dian bank­ing sys­tem from cy­ber at­tacks, the RBI stated in its sixth bi-monthly pol­icy state­ment for 2016-17 an­nounced on Wed­nes­day.

“With the need to be con­tin­u­ously vig­i­lant in the area of cy­ber security, it has now been de­cided to con­sti­tute a stand­ing com­mit­tee on cy­ber security. It will be cross func­tional and have in­dus­try ex­perts as well as the gov­ern­ment rep­re­sen­ta­tive (as mem­bers),” said SS Mun­dra, deputy gov­er­nor, RBI. The com­mit­tee’s main func­tions would be to re­view threats in­her­entin­up­comin­gan­dex­ist­ing in­no­va­tions in the fi­nan­cial tech­nol­ogy space, adop­tion of security pro­to­cols, check­ing in­ter­face with var­i­ous stake­hold­ers and sug­gest pos­si­ble pol­icy in­ter­ven­tions to strengthen cy­ber security.

Th­e­s­tand­ing­com­mit­tee­was­con­sti­tuted fol­low­ing the rec­om­men­da­tions of the Ex­pert Panel on With the need to be con­tin­u­ously vig­i­lant in the area of cy­ber security, it has now been de­cided to con­sti­tute a stand­ing com­mit­tee on cy­ber security. It will be cross func­tional and have in­dus­try ex­perts as well as the gov­ern­ment rep­re­sen­ta­tive

SS MUN­DRA,

RBI Dy Guv In­for­ma­tion Tech­nol­ogy and Cy­ber Security headed by RBI exe c u t i v e d i r e c t o r, Me e n a Hem­chan­dra. “In In­dia, ma­jor­ity of the or­gan­i­sa­tions, in­clud­ing banks, mostly have a re­ac­tionary ap­proach to­wards cy­ber security. Such proac­tive mea­sures from the cen­tral bank would force other banks to be­come vig­i­lant which will ul­ti­mately be ben­e­fi­cial for the In­dian con­sumer,” said Reshmi Khu­rana, MD of risk con­sul­tancy firm Kroll, which pub­lished a re­port stat­ing that one among every five chief ex­ec­u­tives are wor­ried aboutin­vesting­inIn­di­a­becauseof is­sues around frauds and cy­ber at­tacks. The ma­jor crit­i­cism against the In­dian bank­ing sys­tem is that banks pre­fer to hush up cy­ber at­tacks on their sys­tems.

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