RBI GETS TOUGH ON CYBER CRIME, WILL OTHER

SECTORS ACT TOO

Cyber Crime Prevention By RBI

● With the advancement in technology, internet use has

increased to a great extent for the general population.

Internet is being utilized in various ways like online

shopping, online gaming, online jobs, online study

courses etc.

● Internet gives access to a lot of things and opportunities

to people while sitting at one place and is being used in

almost every sphere of life.

● Along with the increasing use of internet in the country,

the rate of cyber-crime is also on the rise. In a survey

done by KPMG titled Cybercrime Survey 2014 which

included 170 professionals from related fields, 58

percent of the participants believed that the financial

sector is most prone to cyber attacks in comparison to

other sectors.

● The root cause of most cyber attacks in this sector is

monetary gain. The targets for attackers are internet

banking accounts..

● The increasing use of mobile banking and online financial transactions is

also increasing the vulnerabilities to cyber attacks. Post demonetization in

India, level of cashless transactions has increased which has given rise to

increasing number of cyber frauds.

● Despite the increasing cyber security threats over time, the state of cyber

security in Financial Sector is quite poor.

● Financial institutions generally avoid reporting the data breach incidents in

the public domain due to reasons of goodwill and reputation.

● Many organizations still use outdated software or they have unpatched

vulnerabilities in their system which indicates that these institutions are not

ready for the exponentially increasing cyber threats.

● With all this in consideration the Reserve Bank of India has now taken the

matter seriously giving it the consideration it requires.

● RBI has announced setting up of an inter disciplinary standing committee

regarding cyber security.

● It has also laid down several important policy initiatives, creating a strong

mechanism which is aimed at facilitating fast redressal of data breach

incidents.

● With the purpose of changing the mindset and approach of the banking

institutions towards cyber security and maintaining better transparency with

customers, the Reserve Bank of India has laid down strict regulations where it

is mandatory for every financial institution to report these incidents within a

period of 2-6 hours from the time of occurrence.

● Along with this, the inter disciplinary standing committee on cyber security is

dealt with the task of reviewing the cyber threats present in the existing and

emerging technologies in this sector.

● The committee is also tasked with studying adoption of various protocols and

standards in security and then suggesting various interventions to strengthen

the cyber security of the country and make it resilient.

● There is a need for similar kind of action in other sectors to prevent threats

regarding cyber security.

● Just like the financial sector, other sectors like communication,

entertainment, infrastructure etc are also prone to cyber threats.

● There is a requirement of industry specific specialized teams to tackle the

concerned adversaries and hackers as the technology and equipment used

by these criminals is highly advanced.

● Even though with so much at stake against cyber threats, there is a general

understanding among most industries that cyber security is only an IT issue

and not a business issue

● What needs to be understood is that any unpatched system or any

unsecured network is enough for cyber criminals to penetrate the system

and cause havoc.

● Hence it is highly important for regulators in different industries to come up

with strict guide lines and procedures just like RBI has done otherwise the

consequences could be devastating.

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