COMMITTEE ON CYBER SECURITY BY RBI

 Dr. D. Nithya | Assistant Professor

Sankara Institute of Management Science(SIMS)

The Reserve Bank of India (RBI) has decided to set up a cyber security, an inter-disciplinary Standing Committee to inspect various threats on cyber attacks and suggest measures to overcome them. RBI stated in its sixth bi-monthly policy statement for 2016-17 announced. It will be cross functions and involve industry as well as government members. The standing committee will put forward suitable policy measures to strengthen cyber security and flexibility in the cyber security system. The main role of the committee being, Review of the threats in the existing system or prevailing technology on a continuing basis, setting up of various security standards and protocols, checking interface with the stakeholders and also suggest appropriate policy measures to strengthen cyber security and flexibility background. The committee for the above has been set up based on the recommendations from the panel of expert on the information technology and cyber security. Recently the banks took lot of efforts to fight against cyber attacks but the diverse nature of the attacks made RBI to go for a one time solution of forming a standing committee on cyber security. In the Cyber attacks last year, as many as 32.14 lakh debit cards were compromised. It was the highest ever violation of debit card data in India. Of the debit cards affected, about 26.5 lakh were Visa and Master Card enabled and 6 lakh were RuPay enabled.

Several public and private sector banks blocked over 32 lakh debit cards to safeguard customers from any financial fraud. To overcome this issue, RBI had issued strict guidelines to banks, asking them to be prepared to meet the cyber risks. The major criticism against the Indian banking system is that banks remain silence on the cyber attacks in their system. Hope this committee formed will be a breakthrough for all the criticisms made on the Indian Banking System

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