The Reserve Bank of India (RBI) asked banks to prepare for threats of cyber attacks and beef up security to mitigate such risks, sources reported citing industry sources after the latest round of Cyber Security and Information Technology Examination (CSITE) by the central bank. RBI also provided action points wherever the inspection spotted deficiencies, it added.
One of the bankers said as per the report, “The RBI conducts a separate inspection to identify deficiencies in the cyber security capabilities of banks. This time, they met us and have given a list of action points where deficiencies need to be addressed.”
RBI deputy governor T Rabi Sankar had earlier said that the banking sector needs to be prepared for new cyber security risks. He said, “We need to think of customer convenience and other things and we need to provide services” and highlighted that banks may have to completely rebuild their encrypted systems to identify and mitigate the risks of artificial intelligence (AI) abuse.
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