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Banks engage global companies to enhance online security infrastructure amid rising cyber attacks

By Ruchi Upadhyay 
Updated Date
Banks engage global companies to enhance online security infrastructure amid rising cyber attacks

New Delhi: After the Indian Computer Emergency Response Team (CERT-IN) issued several cyber-attack warnings to banks, banks are making all efforts to ensure that all cross-border and domestic transactions involving large money transfers are subject to such potential in future. Stay safe from attacks. In one such move, banks are engaging global companies such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to protect their platforms.

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They are prompting vendors to simulate cyber attacks on their platforms to see if their defense mechanisms have been breached and to detect gaps as well as fix them.

Union Bank of India MD Rajkiran Rai told ET, “We have not been hacked in the last 2-3 years, we have built very strong systems and we are constantly upgrading ourselves.”

“We have formed red teams who are constantly trying to hack our system. Government of India is also giving us regular warnings on possible attacks through CERT-in so that our team is well prepared. It also has to be ensured that there are excellent systems in place with what the vendors are working on,” he said.

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.

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“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. He informed, “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)”.

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

The government has taken several measures to enhance cyber security such as issuing CERT-IN regularly alerts and warnings on the latest and potential cyber threats and advisories to protect computers, networks and data.

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