Mumbai:
There is a need for all financial entities to invest adequately in secure, robust, scalable and fault-tolerant IT infrastructure so that they remain competitive, expansion plan is well supported and public confidence is maintained. Inability to manage the operational risk/s, particularly, controlling the incidence of frauds, both cyber-related and otherwise, is another visible area of concern in the arena of fraud risk management,said the Reserve Bank of India(RBI) in its ;latest Financial Stability Report (FSR) on Monday., .
The RBI has been placing emphasis on digital banking, which has a massive customer base now and In the context of the pandemic, the use of digital modes for conducting transactions gathered substantial traction. Simultaneously, the risks of new users falling prey to various forms of online frauds also increased.
Information technology platforms and digital payment systems have provided considerable support for business continuity and smooth functioning during the pandemic. More investment is required by all stakeholders for building robust IT platforms and technologies for operational purposes as well as for fortifying public confidence in digital banking, especially when the financial landscape is rapidly embracing new technologies, said Shaktikant Das, governor, RBI. .
In this regard, the RBI intensified its multi-lingual awareness campaigns on safe digital banking, instructions on limited liability of customers in fraudulent electronic transactions and the Ombudsman scheme, over different media platforms.
Cyber Security
The Indian Computer Emergency Response Team (CERT-In) has undertaken several measures to strengthen cyber resilience of financial entities in the country.
These include: (i) cyber security exercises/ drills; (ii) operating Cyber Swachhta Kendra (Botnet Cleaning and Malware Analysis Centre); (iii) disseminating cyber threat intelligence in real time; (iv) sharing tailored advisories with the CISO community in the financial sector; (v) releasing the report of the Secure Digital Payments working group for Asia Pacific CERT members to address security threats and evolve best practices to secure digital payments; (vi) developing a toolkit (as a member of the Financial Stability Board) on Cyber Incident Response and Recovery for enhancing cyber
resilience; and (vii) establishment of Financial Sector Computer Security Incident Response Team (CSIRTFin) under the umbrella of CERT-In since mid-May 2020