Banks beef up online security infra amid rising cyber attacks

Government has taken measures to enhance cybersecurity like the CERT-IN issuing alerts and warnings on the latest and potential cyber threats

After the Indian Computer Emergency Response Team (CERT-IN) issued several cyber-attack warnings to banks, the latter are making all efforts to ensure that all cross-border and domestic transactions involving big money transfers are protected against such potential attacks in the future. In one such move banks are roping in global companies such as Society for Worldwide Interbank Financial Telecommunication (SWIFT) to safeguard their platforms.

They are engaging vendors to pilot mock cyber-attacks on their platforms to see if their defence mechanisms are contravened and to detect gaps as well fix them.

According to RBI's latest annual report, banks in FY21 logged 2,545 fraud cases to the tune of Rs 119 crore on their online platforms and card networks.

Minister of State for Electronics and IT Rajeev Chandrasekhar apprised the Lok Sabha recently about incidents of cyber-attacks that took place across India.

The government has taken a slew of measures to enhance cybersecurity like the CERT-IN issuing alerts and warnings on the latest and potential cyber threats and advisories to protect computers, networks, and data on a regular basis.