Banks are on standby! The Reserve Bank of India (RBI) has warned banks across the country to be vigilant against possible cyberattacks following credible intelligence reports. Banks have been ordered to monitor their systems around the clock to detect threats.
In an advisory issued on June 24, the RBI said: “Given the credible threat intelligence on potential cyber-attacks, regulated entities should exercise greater vigilance and flexibility to defend against these threats.” It is recommended to introduce a new energy feature.”
According to an ET report, the RBI notice comes ahead of social media posts suggesting that LulzSec, a group notorious for several high-profile attacks, has targeted Indian banks.
The group, which was thought to have suspended its activities, has reportedly resurfaced. Banks should continuously monitor network activity and server logs to detect malicious intruders.
In addition, key payment systems including SWIFT (Messaging System for International Money Transfer), card networks (which facilitate card payments) and national real-time money transfer frameworks such as RTGS, NEFT and UPI need to be closely monitored.
The RBI has reminded banks to implement standard controls to prevent threats such as distributed denial of service (DDoS) attacks. These attacks are a coordinated attack by a hacker on the bank’s systems, flooding the bank’s systems with a large number of requests affecting websites and online services and processing legitimate requests and transactions.
In addition to DDoS protection, banks must implement restrictions on remote login and access to critical systems. You should also perform a full scan of all information systems to detect viruses and malware and ensure that the latest patches are installed after any necessary testing.
The recently released RBI Financial Stability Report shows an alarming rise in cyberattacks and digital attacks on the financial sector. Over the past two decades, these incidents have resulted in staggering losses of over $20 billion. The central bank points out that cyberattacks increase in times of political and economic instability, such as geopolitical tensions, and can have devastating consequences.
“About a year ago, we received a similar communication from regulators and CERT-In (Computer Emergency Response Team of the Ministry of Electronics),” an industry source told the Financial Daily. When there are signs of a possible cyberattack, banks typically test the effectiveness of their continuity and contingency plans at the same time. Also this time.”
Regulatory communications emphasize the importance of banks implementing robust offline backup and recovery strategies and testing their effectiveness.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.