- The virus is especially more threatening for the users of credit cards who make payments at the shopping counters.
- The virus named “Dexter, black POS, memory dump and grabber” can acquire 7 false names when infecting a system and once it is successful in breaking the security protocols of a Point of Sale (POS) terminal, it steals confidential data like card holder’s name, account number, expiration date, CVV code and other discretionary information which could lead to financially compromising and phishing attacks on the card at a later stage.
- Recently, RBI has made it mandatory for debit card holders to punch in their PIN numbers every time they use the card to minimize frauds. The order was passed following the spread of Dexter virus of Trojan Family which was detected at the Point of Sale (POS).
About Indian Computer Emergency Response Team (CERT-In)
- Formed: 19 January 2004.
- Headquarters:New Delhi.
- Nodal department under Ministry of Communications and Information Technology.
- Objective: To protect Indian cyberspace and software infrastructure against destructive and hacking activities.
- Issue guidelines, advisories, vulnerability notes and whitepapers regarding to information security practices, procedures, prevention, response and reporting of cyber security incidents.
The 44th World Economic Forum (WEF) annual meeting at Davos, Switzerland from January 22 to 25, 2014.
The event sets the key priorities and challenges for the world to tackle in 2014.
- Theme: ‘The Reshaping of the World: Consequences for Society, Politics and Business’.
- Objective: To develop the insights, initiatives and actions necessary to respond to current and emerging challenges.
- Approx 40 heads of state or government among more than 2,500 global leaders from over 100 countries are attending the WEF viz. UK, Australia, Japan, Iran, India, Israel, Brazil, Italy, Mauritius, Republic of Korea , etc.
- From India a 125-member delegation including senior ministers and top corporate leaders are attending the meeting.
- During the summit, in addition to economic issues and hardcore business talks, problems in Syria, Iran’s possible return to global diplomatic tables, future of euro zone are expected to hog the limelight.
- The Swiss bank has put up innovative ideas to attract rich clients from India and other countries by providing services like ‘cash courier’ as well as by offering large metal vaults to store currency notes, gold, artworks and other valuables. Also, on the platter is advice to put money in virtual currencies, especially in the wake of Bitcoin ATMs becoming operational in Zurich.
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
The Reserve Bank of India (RBI) set up an 8 -member panel to review governance of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure. The Committee will be chaired by former Axis Bank Chairman P J Nayak.
The panel will:
- Review the regulatory compliance requirements of banks’ boards in India, and estimate that what could be intellectual and where requirements needed to be raised.
- Analyze representation on bank boards to see whether the boards have appropriate mix of capabilities and necessary independence to govern the institution.
- Investigate possible conflicts of interest in board representation, including among owner representatives and regulators.
- Examine the working of bank boards, including whether adequate time is devoted to issues of strategy, growth, governance and risk management.
- Review central bank regulatory guidelines on bank ownership, ownership concentration and representation in the board.
The panel is set to examine board compensation guidelines, and any other issue relevant to the functioning of bank boards and the governance they exercise. The Committee is expected to submit its report within three months from the date of its first meeting.
RBI’s Deputy Governor Dr. Anand Sinha, who was looking after the new bank licence process, retired. The procedure for granting licences to the private sector is yet to be completed.
Dr. Sinha was in charge of the Department of Banking operations and Development (DBoD)
Was also handling the long process of inviting and selecting applicants for new bank licences.
It is believed that Dr. Sinha will be appointed as an adviser to the apex bank for a period of 3 months so that his expertise can be utilised for short-listing of applicants for bank licences.
His portfolio has been allocated to other 3 Deputy Governors – K C Chakrabarty, H R Khan and Urjit Patel., till his successor is appointed.
Note: A deputy governor in RBI can be appointed for a maximum of 5 years or till the age of 62, whichever is earlier.