RBI plans to extend Cyber Audit to all Banks
PrintListen to this Article
The banks which do not have security measures in place as per the RBI standards will be given time to comply, failing which the regulator may initiate action, officials said.
"We had created a cyber-cell under the department of banking supervision and conducted a separate IT audit of three banks," an RBI official told ET. "Last year, we increased it to 30 banks and this year we are covering each bank for separate cyber-security and IT audit."
RBI is also expected to do a gap analysis on the basis of the reports and ask banks to bridge the gaps. Since last year, the RBI has been carrying out IT examination of banks separately from the regular financial examination of banks.Earlier, it used to conduct random cyber audits on banks and issue reports to them for remedial action.
In 2015-16, as per the RBI data, nearly 16,468 cases related to cyber fraud were reported, including debit card, credit card and net banking breaches. The number was higher than 13,083 in the previous year, and 9,500 in the year before that.
As per the Indian Computer Emergency Response Team (CERT-In) India witnessed more than 27,000 cyber-security threat incidents in the first half of 2017. Threats reported include phishing attacks, website intrusions and defacements or damages to data as well as ransomware at tacks. In 2016, nearly 50,362 incidents related to cyber-security were reported while the number was 49,455 in 2015 and 44,679 in 2014.
"The cyber-security frame work requires banks to re port any breach within two-three hours even if there is a suspicious breach," the official cited above said. "At national level there is CERT-in and now there will also be a Fin-CERT, which will deal with financial sector breaches, and the initial pilot of Fin-CERT will happen from RBI." #casansaar (Source - Economic Times)
Category : RBI | Comments : 0 | Hits : 576
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In the previous financial year, banks paid over Rs 75,000 crore dividend after booking record profits. Under RBI's draft rules, dividend payments by banks will be governed by a common set of conditions from FY27. The directions apply to all banking companies, corresponding new banks and SBI, and ...
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been made public through two notifications. First set of regulations deals with mode of payment and reporting of non-debt instruments. “The proceeds of purchase / subscription of equity shares of an ...
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value transactions that they may come across in their systems. The general purpose of the letter is to deny the use of electronic fund transfer mechanism to anyone who is intending to influence the election...
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The draft also covers the physical point-of-sale activities of payment aggregators (PAs). The RBI said that given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations ...
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC. Resident entities such as banks were permitted to hedge their exposure to the price risk of gold on the exchanges in the IFSC that are recognised by the International Financial Services Centres Authority (IFSCA), and the new directive provides them...
Comments