Banks engage global cos to enhance online security infra amid rising cyber attacks

After the Indian Computer Emergency Response Team (CERT-IN) issued several cyber-attack warnings to banks, the latter are making all efforts to ensure that all cross-border and domestic transactions involving big money transfers are protected against such potential attacks in the future. In one such move banks are roping in global companies such as Society for Worldwide Interbank Financial Telecommunication (SWIFT) to safeguard their platforms.

They are engaging vendors to pilot mock cyber-attacks on their platforms to see if their defence mechanisms are contravened and to detect gaps as well fix them.

"We have not been hacked in the last 2-3 years, we have built very robust systems and we are continuously upgrading ourselves," said Rajkiran Rai, MD, Union Bank of India told ET.

"We have set up red teams who are continuously trying to hack our systems. The Indian government also through CERT-In is giving us regular warnings on potential attacks so that our teams are well prepared. We also have to ensure that vendors who are working with it have excellent systems," he added.

According to RBI's latest annual report, banks in FY21 logged 2,545 fraud cases to the tune of Rs 119 crore on their online platforms and card networks.

"In the post-COVID world, the intensity of cyber-attacks would continue to evolve. Banks are continuously upgrading systems, looking at responsibility segregation," Kiran Shetty, CEO, SWIFT India, told the publication.

Minister of State for Electronics and IT Rajeev Chandrasekhar apprised the Lok Sabha recently about incidents of cyber-attacks that took place across India.

Chandrasekhar told the Lower house of the Parliament that the country reported more than 6.07 lakh cyberattacks in the first half of 2021. "CERT-IN has reported that a total number of 3.94 lakh, 11.58 lakh and 6.07 lakh cybersecurity incidents were reported during the years 2019, 2020, and 2021 (up to June)," he informed.

The minister added that the ministry allocated Rs 416 crore in 2021-22 for bolstering cybersecurity.

The government has taken a slew of measures to enhance cybersecurity like the CERT-IN issuing alerts and warnings on the latest and potential cyber threats and advisories to protect computers, networks, and data on a regular basis.

Edited by Mehak Agarwal

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