Finance Minister's Cybersecurity Directions
In a meeting with top banking and insurance officials, Finance Minister emphasized the critical importance of cybersecurity in India's financial sector. The meeting was set against the backdrop of potential cyber threats due to geopolitical tensions between India and Pakistan.
Key Directives
- Regular audits of cybersecurity systems and data centers are mandated to ensure digital and core banking infrastructure is secure.
- Banks must appoint two senior officials:
- One for reporting cyber-related matters.
- Another for overseeing operational matters, such as ATM cash availability.
- Real-time incident reporting to CERT-In, RBI, and the Department of Financial Services is required.
- Banks must ensure seamless cash availability at ATMs and uninterrupted banking services, especially in border areas.
- Insurance companies should focus on timely claim settlements and customer service continuity.
Cybersecurity Measures and Preparedness
- Banks have reinforced cybersecurity measures and implemented Anti-DDoS systems to protect against cyber-attacks.
- Mock drills have been conducted to test cybersecurity and disaster recovery readiness.
- Security and network operations centers are on high alert and collaborate closely with CERT-In and NCIIPC for real-time threat monitoring.
Safety and Emergency Protocols
- Ensuring the safety of bank employees and their families, particularly in border areas, through coordination with security agencies.
- Updating and testing emergency protocols to handle any contingencies.
- Support for Regional Rural Banks (RRBs) through sponsor banks during challenging times.