FinMin warn state run banks against cyber attacks ; ask to strengthen their IT system

Finance Ministry has warned state run banks against cyber attacks on banking system and asked to advance and strengthen their information technology system after warning by security agencies that they are at risk against cyber attacks.

Security agencies are working closely with bank regulator RBI and keeping strict vigil on cyber attacks on banking system of country. After warning of security agencies, Finance ministry has asked banks to take safety measures and strengthen their IT system against such attacks.

Finance ministry warn state run banks against Cyber Attacks
Finance ministry warn state run banks against Cyber Attacks

PSBs have been asked to employ IT professional to upgrade their Systems

Public Sector banks are also asked to employ IT professionals to upgrade their systems and also plan long term solutions to prevent cyber attacks.

16,458 cyber fraud cases reported by banks in 2015-16

According to a recent data released by Reserve Bank of India (RBI) , there are around 16,458 cyber fraud cases including credit card and net banking cases reported by banks in 2015-16.

RBI also released a circular in June asking banks to come up with a security conductive IT architecture, network and database security, protection of customer information and a cyber crisis management plan.

Reserve Bank of India (RBI) has also asked banks to implement a board approved cyber security policy by September 30.

Government formulates Crisis Management Plan

Government has also formulated a ‘Crisis Management Plan’ to counter cyber attacks and cyber terrorism that’s to be implemented by all central ministries, state governments and their organization and critical sectors.

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