RBI sets up inter-disciplinary standing committee to review cyber threats
The Reserve Bank of India (RBI) has set up of an inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.
The 11-member committee will be headed by Meena Hemchandra, RBI Executive Director. It can co-opt more experts and also operate through a framework of sub-committees to examine specific issues.
- The committee will study adoption of various security standards and protocols, interface with stakeholders.
- Based on study, it will suggest appropriate policy interventions to strengthen cyber security and resilience.
Based on the recommendations of the Expert Panel on Cyber Security and Information Technology Examination, RBI had issued guidelines to banks in June, 2016 mandating cyber security preparedness for addressing cyber risks. Since then banks have taken several steps to strengthen their defences, but the diverse and ingenious nature of cyber-attacks necessitates an ongoing review of the cyber security landscape and emerging threats. Even the statement on Developmental and Regulatory Policies also was issued along with the Sixth Bi-monthly Monetary Policy Statement, 2016-17 proposing constitution of inter-disciplinary Standing Committee on Cyber Security.