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RBI wants overhaul of cyber security in banks

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The Reserve Bank of India ( RBI) on Thursday directed banks tochal kout cyber security policies, separate from the lenders’ IT policy, “ immediately” in view of the rising cybercrimes at banks.
In its cyber security framework for banks, the central bank said the number, frequency and impact of cyberattacks “ have increased manifold in the recent past” at banks and other financial institutions, “ underlining the urgent need to put in place a robust cyber security/ resilience framework at banks and to ensure adequate cyber- security preparedness among banks on a continuous basis.” The circular comes a week after RBI Deputy Governor S S Mundra said at an event that the central bank would get strict with cyber security flaws at banks and was considering to limit a customer’s liability in case of cyber fraud.
The framework, posted on RBI’s website, warned that banks must improve the current defences in addressing cyber risks as entry barriers are getting lowered, while motivation and resourcefulness of cyber threats continue to rise.
Business Standard New Delhi, 03 June 2016

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