RBI to set up committee on strengthening cyber security

The Reserve Bank of India (RBI) has decided to set up an inter-disciplinary Standing Committee on cyber security to examine various threats and suggest measures to deal with it.

The committee will suggest appropriate policy interventions to strengthen cyber security and resilience in a bid to strengthen cyber security system.

Functions of Committee
  • Review the threats inherent in the existing or emerging technology on an ongoing basis.
  • Study adoption of various security standards and protocols and also act as interface with stakeholders.
  • Suggest appropriate policy interventions to strengthen cyber security and resilience
Background

The committee has been set up based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra. In recent times, banks have taken steps to strengthen their defences against cyber-attacks, but the diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber security landscape and emerging threats.

Recent Cyber-attacks

In 2016, as many as 32.14 lakh debit cards were compromised in the cyber-attacks. It was the biggest-ever breach of debit card data in India. Of the debit cards affected, about 26.5 lakh were Visa and Master Card-enabled and 6 lakh were RuPay enabled. To tackle the threat, RBI had issued swift guidelines to banks, mandating cyber security preparedness for addressing cyber risks.

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Categories: Banking Current Affairs 2017India Current Affairs 2017

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