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India designates YES Bank’s IT resources as critical information infrastructure
July 28, 2023
In a significant move to bolster cybersecurity and safeguard critical financial infrastructure, the Ministry of electronics and information technology (MeitY) issued a notification on Wednesday (July 26), declaring YES Bank’s computer resources relating to vital financial services as protected systems under the Information Technology Act, 2000.
The measure aims to mitigate cyber threats and ensure the integrity of Core Banking Solutions, Real Time Gross Settlement, National Electronic Fund Transfer, Immediate Payment Service Switch, and Unified Payments Interface Switch.
The designation of YES Bank’s computer resources as protected systems grants exclusive access authorization to specific personnel, as outlined in the notification.
Designated YES Bank employees, team members of contractual managed service providers, third-party vendors, and authorized consultants, regulators, government officials, auditors, and stakeholders will have access to these critical information infrastructure systems on a need-to-case basis, as mandated by the Ministry.
Under the provisions of the Information Technology Act of 2000, stringent penalties await any unauthorized attempts to access or breach the protected systems. Those found guilty could face imprisonment of up to ten years and be subjected to fines.
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