RBI to set up panel on strengthening cyber security

11/2/2017 505 Security Issues | Cyber Security | View Recent Current Affairs

  • In a bid to strengthen cyber security system, the Reserve Bank of India (RBI) has decided to set up an inter-disciplinary panel on cyber security to examine various threats and suggest measures to deal with it.
  • The panel will review the threats inherent in the existing or emerging technology on an on-going basis.
  • Besides, it will also study adoption of various security standards/protocols and also act as interface with stakeholders.
  • The committee will also suggest appropriate policy interventions to strengthen cyber security and resilience.

Analysis:

  • The Indian banking industry has evolved majorly in the past few years owing to technological innovations.
  • Public and privatized banks are allotting bigger budgets towards acquiring and building IT infrastructure and have leveraged IT across all banking operations.
  • Organizations today are increasingly aware of cyber security considerations in India, driven by factors like highly visible security incidents, and regulatory focus on security and privacy.
  • The steps to stay ahead of cyber criminals is a prime concern for the Indian banking sector and customers who are becoming more and more dependent on simplified digital banking experiences.
  • India has the second largest number of smartphone users in the world. And, internet acts as a catalyst in driving the growth of smartphone users in India.
  • This has prompted sectors like banking and financial services to conduct rapid migration of their services to the internet and mobile platforms without fully comprehending the threats associated with them. Thus, they end up rendering themselves vulnerable to an array of cyber security threats.
  • Banking customers are frequent victims of internet based frauds, phishing, vishing and other malware attacks. Irrespective of these threats, there is a continued interest and love for technology-backed innovations in the banking and financial services such as online banking and mobile banking, amongst others.
  • Now, banks have stepped up their digital security by introducing multi-level authentication and transaction verification and also by securing all levels of banking operations within and outside the organization by deploying high level of IT security. Over time, banks have to robustly develop their IT security infrastructure ensuring compliance not only with RBI guidelines for data protection and cyber security norms, but they must also develop real-time fraud prevention models and awareness programs to increase customer confidence.

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