Cyber security for banks is absolutely essential keeping in mind the increased focus upon digital payments and online banking. However, cyber security of banks in India
is still not up to the mark and much has still to do. This is despite the fact that Reserve Bank of India (RBI) has prescribed a cyber security framework
for banks in India.Similar is the situation regarding mobile banking in India
that is largely insecure and a breading ground for cyber crimes and phishing attacks. Banks of India are also not complying with cyber law of India
and cyber law due diligence
(pdf) requirements as prescribed by the Information Technology Act, 2000 (IT Act, 2000).
In a positive move, recently RBI issued a directive
according to which all banks in India are now required to constitute a separate committee to tackle cyber crime. The committee will give more teeth to the existing security wings that banks already have. The new committee will be headed by top officials of banks and security experts, with four to five members.
We at Perry4Law Organisation (P4LO)
welcome this move of RBI and Indian government and hope that this requirement would be a ground reality very soon. We also request banks of India to strictly follow the cyber security and cyber law related obligations for the larger benefit of all stakeholders.