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RBI sets up panel to review cyber threats

The 11-member committee will also study adoption of various security standards and protocols

By: ENS Economic Bureau | Mumbai |
March 1, 2017 1:18:56 am
cyber crime, cyber threat, reserve bank of india, RBI, RBI panel, RBI counters cyber crime, RBI paner on cyber crime, reserve bank on cyber threat Reserve Bank of India (File Photo)

The Reserve Bank of India (RBI) on Tuesday announced the formation of an inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions. The committee, headed by Meena Hemchandra, ED of RBI, can co-opt more experts and also operate through a framework of sub-committees to examine specific issues, it said.

Based on the recommendations of the Expert Panel on Cyber Security and Information Technology Examination, the RBI had issued guidelines to banks in June last year mandating cyber security preparedness to tackle cyber risks. “While banks have taken several steps to strengthen their defences, the diverse and ingenious nature of cyber attacks necessitates an ongoing review of the cyber security landscape and emerging threats,” the RBI said.

The Statement on Developmental and Regulatory Policies, issued along with the sixth bi-monthly monetary policy statement on February 8, 2017, had proposed constitution of an inter-disciplinary standing committee on cyber security.

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