Banks to constitute separate panel to tackle cyber crime
By Prempal Singh
Carrying out a directive issued by the Reserve Bank of India (RBI) recently, all banking institutions will constitute an individual committee to tackle the internet or cyber crime.
“During the high-level meeting conducted by all banks recently, we have decided to research in detail the specialized guidelines issued by the RBI, ” Srinivasa Rangacharyulu, assistant GM of SBI of Hyderabad said.
The RBI issued recommendations to banks, mandating internet security preparedness for dealing with cyber risks. The panel will offer more teeth to the present security wings that banks already have. The new committee will be headed by top representatives of banks and security experts, with 4-5 members.
The recommendations say that banks will have to strictly conform to IT Act-2000 which is the sole legislation in the country that works with cyber security.
Banking institutions were told to take part in mock drills on cyber security aspects. RBI will also set up an inter-disciplinary panel on cyber security to assess various threats and suggest measures to deal with it.
“There is a need to frame new laws to protect data not only with banking institutions but all the firms that store data” Srinivasan, a cyber law expert said.
Source: timesofindia.indiatimes.com