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Banks, financial institutions should safeguard banking security
February 21, 2023
In view of the cybersecurity risk posed to the banking sector, Reserve Bank of India Executive Director Rohit Jain on Monday asked banks and financial institutions to adequately resource the banking security structure.
He also underlined the need to be prepared for the potential impact of the emergence of cloud computing and Internet of Things (IoT) in banking.
The senior RBI official was delivering a keynote address during a panel discussion on cybersecurity in the run-up to the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting and Finance and Central Bank Deputies (FCBD) here in Bengaluru from February 22 to 25.
Security by design needs to be embedded as part of banking processes, and security controls should be conceived and implemented, he said.
“Keeping in view the emerging environment and the risks involved, the information security function should be adequately resourced in terms of number of staff, level of expertise, the usage of tools and techniques, as well as adequate investment in IT and ITES,” Jain said.
The banks should continuously evaluate the threat profile of their critical information assets, conduct tests for vulnerabilities and ensure their resilience to cybersecurity risks, he added.
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