RBI Strengthens Cybersecurity in Finance: Key Steps
RBI’s Push for Better Cybersecurity
The Reserve Bank of India (RBI) wants banks to boost their cybersecurity. They should use risk-based checks, zero-trust methods, and AI-based defenses. This will help fight cyberattacks and financial frauds in the digital age.
Growing Cyber Threats
The RBI’s latest report warns about more cyber risks. Digital services, cloud use, and linked platforms are growing. This gives hackers more chances to attack. The report also talks about social engineering and phishing scams. These scams now use AI tools like deepfakes.
The RBI said, “Digital financial services and cloud use are growing. This means more chances for cyberattacks.”
Importance of Cyber Resilience
Banks and tech companies are linked. So, they need to be strong against cyber threats. This is key to keep trust, stability, and smooth operations. The RBI also warns about relying too much on a few big cloud and IT companies. This can make the system weaker.
“Cyber strength depends on good security centers, risk checks, zero-trust methods, and AI defenses,” the RBI said.
RBI’s Suggestions
To fight these threats, the RBI suggests:
- Step-by-step monitoring
- Using behavior checks to spot threats
- Practice drills like Continuous Assessment-Based Red Teaming (CART)
- Same rules for reporting incidents
More Digital Transactions, More Frauds
The report also notes that digital transactions are up. This is good, but it also means more frauds. The report is from a group that checks risks to financial stability.
Regulators are working on making the digital world safer. They focus on stopping digital fraud, safe lending, and mutual fund reforms.
