Following reports of cyber security threat in the Indian banking system, the Securities and Exchange Board of India (Sebi) has initiated an urgent review of the overall risk management and has decided to set up a high-level committee to ensure prudent response and quick, corrective measures for any cyber threat. The move follows the damage-control exercise that the government, the Reserve Bank of India and banks initiated after a cyberattack that put 3.2 million bank debit cards at risk. While State Bank of India blocked 600,000 cards — which the bank will replace free of cost and send to customers — other banks such as Axis Bank, HDFC Bank and ICICI Bank have asked their customers to change the security codes or replace the cards. A senior Sebi officer said although the securities market systems were being upgraded constantly, it was decided to constitute a high-level committee to ensure fullproof security. The committee will be headed by a whole-time member of Sebi and will tac