RBI sets up an inter-disciplinary panel to improve cyber security

In a bid to strengthen cyber security system, the Reserve Bank (RBI) today decided to set up an inter-disciplinary panel on cyber security to examine various threats and suggest measures to deal with it. “While banks have taken steps to strengthen their defences, the diverse and ingenious nature of recent cyber-attacks necessitates an ongoing review of the cyber security landscape and emerging threats. Towards this end, an inter-disciplinary Standing Committee on cyber security is being constituted,” RBI said in a statement. The panel will review the threats inherent in the existing or emerging technology on an ongoing basis, it said. Besides, it will also study adoption of various security standards/protocols and also act as interface with stakeholders. The committee will suggest appropriate policy interventions to strengthen cyber security and resilience, it said. The decision has been taken based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra. RBI has issued guidelines to banks, mandating cyber security preparedness for addressing cyber risks. In biggest-ever breach of debit card data, as many as 32.14 lakh cards were compromised last year. 641 customers across 19 banks were duped of Rs 1.3 crore using stolen debit card data. There are around 75 crore debit cards operational in India, of which 19 crore are indigenously developed by RuPay while the rest are Visa- and Master Card-enabled Of the debit cards affected, about 26.5 lakh are on Visa and MasterCard platforms while 6,00,000 are on RuPay. The breach reportedly involved some 90 ATMs. Several public and private sector banks recalled or blocked over 32 lakh debit cards to safeguard customers from any financial fraud. PTI