Key Points
RBI tells banks to beef up security due to potential cyberattacks, with 69% of cyberattacks on financial institution reported by scheduled commercial banks...
Banks across India are on high alert with the Reserve Bank of India (RBI) announcing possible cyber attacks, the Economic Times reported, adding that the banks have been told to constantly monitor their systems like SWIFT, the card network, RTGS, NEFT and UPI.y)..
"In the light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to put in place enhanced state of surveillance and resilience capabilities to guard against these threats," an advisory issued by the Reserve Bank of India to financial institutions read...
This came a few days before LulzSec, a group linked to several high-profile attacks reportedly targeted Indian banks, becoming active again after remaining dormant for a while, the Economic Times wrote..
Due to this, banks have increased their insurance cover by nearly 8% in 2023-24, compared to the previous year, Business Standard wrote, citing insurance brokers, and adding that cyber insurance claims by banks increased to over 50% during the financial year 2022-23, compared to 40% during the year before..
