Budget 2017 Cashless push: CERT to check cyber frauds
By Prempal Singh
Among government’s push on digital transactions, Finance Minister Arun Jaitley on Wednesday declared setting up of a CERT (Computer Emergency Response Team) to strengthen the security of the financial sector among increasing incidents of internet frauds.
“Cyber security is critical for safeguarding the integrity and stability of the financial sector. A CERT-Fin (Computer system Emergency Response Team for Financial Sector) will be established, ” Jaitley said.
“It will work in close skill with all financial sector regulators and other stakeholders, ” Said Jaitley
Post demonetisation, promotion of the digital economy is a fundamental element of government’s strategy to clean the system and filter out corruption and black money.
Last year, more than 32 Lakh debit cards of various public and private sector bank were compromised. It was one of the biggest cyber frauds related to banks in India.
The Finance Minister also announced that laws relating to resolution of financial businesses will be introduced in the regular Budget Session o the Legislative house. “This will lead to balance and resilience of the financial system. It will protect the consumers of various financial institutions, ” Jaitley said.
Together with the Insolvency and Bankruptcy Code, an answering mechanism for financial businesses will ensure the comprehensiveness of the quality system in the country, he added.
Source: news18