Banks’ Officials Inform Union FM Sitharaman that Banks are Fully Prepared To Defend Against Pakistan’s Cyberattacks
Banks’ Officials Inform Union FM Sitharaman that Banks are Fully Prepared To Defend Against Pakistan’s Cyberattacks
Synopsis:
Sitharaman directed banks to assign two representatives to their headquarters, one to handle operational issues and the other to report any cyber-related issues.
Finance Minister Nirmala Sitharaman was reassured by Indian banks and insurance companies on Friday that they were ready to stop any cyberattacks by Pakistani hackers and that they have anti-DDoS (distributed denial-of-service) measures in place.
She was given the assurance that “mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels” by top executives from the public sector, commercial banks, and insurance companies who attended a meeting called by Sitharaman on Friday.
According to the financial institutions (FIs), they are alert and actively monitoring phishing efforts.
Sitharaman gave banks instructions to keep offering smooth services to customers, even in isolated locations, in cooperation with authorities and security firms as needed. She also gave insurance companies instructions to guarantee prompt claim resolutions and continuous consumer support.
According to a finance ministry official, the finance minister has been holding meetings with chief executives and managing directors of banks and insurance businesses in light of growing security concerns brought on by border tensions.
In his remarks, Sitharaman underlined how important the banking and financial industry is to maintaining economic stability in the face of rising geopolitical tensions.
She gave all banks instructions to stay completely vigilant and equipped to handle any situation or emergency, guaranteeing that people and businesses nationwide, particularly in border regions, would always have access to banking and financial services.
She said that in order to manage any unforeseen circumstances, emergency procedures should be revised and tested.
The safety of bank workers and their families who operate in branches in border areas where Pakistani attacks are occurring is another issue that the finance minister voiced grave concerns about. She gave banks instructions on how to work efficiently with the security services to guarantee their proper safety.
She stated that uninterrupted UPI and online banking services, smooth cash availability at ATMs, and continuous access to necessary financial facilities must be prioritized.
Additionally, in order to prevent breaches and hostile cyber activities, Sitharaman instructed banks to regularly inspect their cybersecurity systems and data centers and make sure that all digital and core banking infrastructure is completely firewalled and continuously monitored.
The meeting was attended by senior representatives from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), the National Payments Corporation of India (NPCI), the Department of Financial Services (DFS), and CERT-In, the country’s nodal agency for handling computer security incidents.
According to a statement from the ministry, the executives informed the minister of the actions they are taking in light of the continuous border tensions.
It also stated, “Bank CEOs and MDs have been informed that cybersecurity measures have been strengthened throughout the banking system.”
According to bank authorities, its network operations center and security operations center (SOC) are fully working and on high alert. To provide real-time data exchange and threat monitoring, these centers are collaborating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).
The FM directed banks to assign two senior executives to their headquarters, one to handle reporting any cyber-related issues and the other to oversee operational issues, such as ATM cash availability and bank branch operations. Any event should be immediately reported by both committed officers to CERT-In, the appropriate agencies, and DFS.
Sitharaman reaffirmed the government’s strong commitment to economic stability and national security, pointing out that the nation’s banking and financial system is still strong and resilient.
About The Author
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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