The Reserve Bank of India (RBI) asked banks to prepare for threats of cyber attacks and beef up security to mitigate such risks, Moneycontrol reported citing industry sources after the latest round of Cyber Security and Information Technology Examination (CSITE) by the central bank. RBI also provided action points wherever the inspection spotted deficiencies, it added.
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One of the bankers said as per the report, “The RBI conducts a separate inspection to identify deficiencies in the cyber security capabilities of banks. This time, they met us and have given a list of action points where deficiencies need to be addressed.”
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What RBI deputy governor said earlier?
RBI deputy governor T Rabi Sankar had earlier said that the banking sector needs to be prepared for new cyber security risks. He said, “We need to think of customer convenience and other things and we need to provide services” and highlighted that banks may have to completely rebuild their encrypted systems to identify and mitigate the risks of artificial intelligence (AI) abuse.
He said, “We also need to understand the problems with AI. And the ability to crunch huge data in a short time, you would have to completely rebuild your encrypted system.”
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Cyber security threats in recent years
The RBI’s caution comes after a spurt in cyber security breaches in the banking system in the recent years as according to a government response in Parliament, Indian banks reported 248 successful data breaches by hackers and miscreants between June 2018 and March 2022 of which 41 were reported by public sector banks, 205 by their private peers. Foreign banks reported two cases as per data.
