RBI to Monitor Network Security, Payment Systems of Banks

Governments in India store diverse and massive volumes of data on their websites, PC servers as well as computer networks. Such organizations, each day, encounter sophisticated and persistent cyber-attacks leading to loss of money as well as disruption of services, imposing danger on the public.

RBI (Reserve Bank of India) recently highlighted the cyber threats which banks encounter followed with a statement that it would keep doing unannounced inspections and drills for making sure the banks maintain systems for tackling various threats to network security as also payment systems.

India, by fast moving forward for a digital economy and running national projects such as National Broadband Network, Smart Cities and Digital India, is transforming the digital scenario at a quick pace directly influencing governance, accountability and transparency.

By moving for digital economy, an enormous volume of citizen along with consumer data is set to get stored digitally, while a large number of transactions will get done over the Internet by companies, individuals, and government departments. Consequently, challenges have appeared at the fore regarding specific security dangers and worries, especially those affecting the cyber security of the nation and its residents. Smartcity.eletsonline.com posted this, December 25, 2017.

Moreover as per the apex bank, in the procedure of strengthening monitoring of various commercial banks, there's a quarterly collection of details regarding preparations for cyber security at these institutions. RBI is as well performing periodical cyber drills for evaluating the banks' preparedness as well as response capabilities towards probable cyber-assaults.

The National Payments Corporation of India cites a 2016 cyber attack which was a biggest in India banks' history involving hacks into debit cards whereby a massive 32,00,000 payment cards that prominent Indian banks issued had been compromised leading to fraudulent transactions worth INR 1.3 crore.

During February, Reserve Bank established a standing committee for continuously examining the inbuilt dangers of existing as well as emerging technologies, and recommending policy interventions for solidifying safety and resilience to cyber threats.

CERT-In (Indian Computer Emergency Response Team) said there were over 27,000 cyber-attack incidences in India during January-June 2017. These attacks comprised phishing campaigns, data destruction, website hacks/defacements and ransomware assaults.

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