RBI Issues Cyber Threat Alert To Banks, Provides Action Points To Address Security Gaps

The RBI's alert comes after its latest round of Cyber Security and Information Technology Examination (CSITE). Alongside identifying deficiencies, the RBI has provided action points based on inspection findings.

CSITE assists the RBI in evaluating banks' capabilities, encompassing disaster management readiness, internet and mobile banking platforms and fraud detection efficiency. This independent review of cybersecurity frameworks commenced a few years back as part of enhanced vigilance measures.

Divergent from the routine annual risk assessment, CSITE delves into banks' IT systems to pinpoint areas of concern and issue actionable insights.

According to a banker, the RBI conducted a separate inspection focusing on cybersecurity capabilities and presented a list of action points for addressing identified deficiencies.

An inquiry sent to the RBI regarding inspection findings and current assessment remains unanswered as of the time of writing.

Highlighting the urgency, RBI Deputy Governor T Rabi Sankar emphasised the banking sector's need to brace for emerging cyber security risks during the 19th Banking Technology Conference in Mumbai on 9 February. He stressed the importance of balancing customer convenience with security measures.