Multiple Safeguards In Place To Secure Banking Cyberspace: Jitin Prasada

New Delhi, Dec 20 (KNN) The Government has put in place multiple policy and institutional measures to safeguard cyberspace in banking and financial sector forming a critical part of the national cybersecurity strategy, Minister of State, Electronics and Information Technology Jitin Prasada informed Parliament.

In a written reply, the minister said the government remains vigilant and fully conscious of cyber threats to India’s digital infrastructure, especially systems linked to banking and financial services.

CERT-In and Critical Infrastructure Protection
The Indian Computer Emergency Response Team (CERT-In) is designated as the national agency for responding to cybersecurity incidents. Banking and financial services are also categorised as part of the country’s Critical Information Infrastructure (CII).

The National Critical Information Infrastructure Protection Centre (NCIIPC) works in close coordination with CERT-In, the Reserve Bank of India (RBI), CERT-Fin and banking institutions to conduct risk assessments, issue sector-specific advisories and implement protective measures.

The Computer Security Incident Response Team–Finance (CSIRT-Fin) responds to cybersecurity incidents reported from the financial sector under the overall guidance of CERT-In.

The RBI has issued a comprehensive Cyber Security Framework for banks, laying down standards and guidelines for implementing cybersecurity controls across the banking system.

CERT-In has also empanelled 231 security auditing organisations to support and audit the implementation of information security best practices across sectors, including banking.

National Cybersecurity Initiatives
The National Cyber Coordination Centre (NCCC), which monitors cyberspace to detect cyber threats and shares actionable information with all stakeholders is implemented.

CERT-In also operates the Cyber Swachhta Kendra, a citizen-centric initiative that focuses on botnet cleaning and malware analysis. The centre provides free tools to detect and remove malicious software.

Preparedness, Audits and Awareness
CERT-In has formulated a Cyber Crisis Management Plan to counter cyber-attacks and cyber terrorism, which is being implemented by all ministries and departments. Regular cybersecurity mock drills are also conducted.

Further, CERT-In has advised all authorised entities and banks issuing prepaid payment instruments (PPIs) to conduct special cybersecurity audits on a priority basis through empanelled auditors.

The RBI continues its ‘RBI Kehta Hai’ campaign, which educates citizens about digital payment options and safe, secure and convenient usage practices.

(KNN Bureau)