RBI announces panel to strengthen cyber security

Presenting its sixth bi-monthly policy statement for 2016-17, the Reserve Bank of India announced the formation of an inter-disciplinary standing committee on cyber security to establish an ongoing system of security review and analysis of the emerging threats to protect the Indian banking system from cyber-attacks.

The proposed panel will review threats inherent in existing and emerging technology, study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions strengthen cyber security and resilience.

“A Standing Committee on cyber security has been created and will comprise members like industry experts on cyber security, government representatives and others,” said S S Mundra, deputy governor, Reserve Bank of India.

The standing committee was part of the recommendations of the Expert Panel on Information Technology and Cyber Security headed by Meena Hemchandra that was formed by the central bank.

In its statement, RBI also said that it will form an enforcement department as part of its financial sector oversight mechanism, which will be functional from 1 April.

“Enforcement deals with cases of non-compliance with regulations noticed either through the surveillance process or otherwise,” the central bank said.