RBI to soon cover all banks : Cyber security supervision

Oct 05, 2016 | 12:24 pm

Published by | Chandan Singh

With instances of cyber attack rising, the Reserve bank of india, today said it has decided to increase the supervisory coverage onto it challenges for banks with an aim to eventually cover all the lenders.

“This year, the supervision coverage has been extended to over 30 banks and heading forward we plan to cover every bank from an intent of information technology risk and cyber security risk, ” deputy chief excutive S Mundra told reporters after the fourth bi-monthly policy review.

He said the RBI had began an unique supervision of banks’ cyber security last 12 months on a pilot most basic in which it experienced covered a few most significant banks.

The RBI is also in the process of setting up a dedicated IT subsidiary which may assist with such issues.

It can be mentioned that there has recently been a spurt in internet security attacks in the recent past, including at Union Bank of India in addition to a large-sized lender in the recent past.

In both instances, the scams were averted midway. To tackle the menace of most financial frauds, Mundra said a dedicated monitoring cellular has been set up in the RBI’s Office of Banking Supervision which will look into such issues, with a give attention to mass scams.

It will coordinate to agencies to take the matter to a reasonable conclusion at the first, he added.

From a supervisory perspective, there will be additional give attention to mis-selling and know your customer/anti-money laundering fronts as well, Mundra said.

Source: timesofindia indiatimes