RBI Cyber Security: RBI’s New Survey Raises Concerns For Citizens, Governor Cautions
3rd July 2021: According to the Reserve Bank of India (RBI), there is still a threat to the cyber security of the country’s banking system. After the Corona epidemic, this is being considered a big threat to the economy. RBI’s Financial Stability Report states that the cyber threat remains in the high-risk zone at the same level as in October last year.
RBI conducts Systemic Risk Survey twice a year. The last time this survey was done in October, this time it started in April and lasted till May. According to the survey results, the cyber risk remains the same at last year’s level. The report states that given the danger, financial institutions have been given suggestions related to preventing it. So that steps can be taken to create a safe infrastructure. These surveys are conducted between experts and market representatives. According to the report, the attackers have made the payment system their target. The modus operandi of cyber fraudsters has been linked to things like stealing payment card information and causing damage through ATM infrastructure. For this, alerts have also been issued by the Reserve Bank to protect against these dangers.
Banks don’t skimp on spending on cyber security
The RBI report also suggested that banks need not hesitate to invest in creating secure IT infrastructure given increasing digital transactions. It is noteworthy that in the last few years, public and private sector banks have been victims of cyber attacks. SBI had to issue new debit cards to crores of customers in fear of cyber attacks.
Reserve Bank Governor Shaktikanta Das in his statement in the report said, “Along with the economic recovery in the era of Corona epidemic, new threats are also arising. These threats include inflation, uncertainty, data theft around the world, as well as cyber threats”
Do not click on unknown links
RBI is also running a continuous campaign on its behalf to make people aware of the increasing cyber threat. The Reserve Bank has advised people not to click on any unknown link coming through mobile or email. Such links should never be answered, but it is better to delete them immediately when in doubt. Along with this, the Reserve Bank also advised not to share OTP, UPI PIN, credit, and debit card information with anyone.
