Banks on High Alert as RBI Warns of Cyberattack Threats
Attention all banks! The Reserve Bank of India (RBI) has issued a warning to banks nationwide regarding potential cyberattacks following credible intelligence reports. The RBI has instructed banks to maintain round-the-clock vigilance on their systems to detect and prevent any threats.
In an advisory released on June 24, the RBI stated, “In the light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to put in place enhanced surveillance and resilience capabilities to safeguard against these threats.”
According to a report by ET, the communication from RBI came in response to a social media post suggesting that LulzSec, a group known for its high-profile attacks, was targeting Indian banks. The group, previously inactive, has reportedly resurfaced.
RBI has also reminded banks to implement standard controls to protect against threats like Distributed Denial of Service (DDoS) attacks. These attacks involve hackers overwhelming a bank’s systems with queries, disrupting legitimate customer requests and transactions.
In addition to DDoS protection, banks are advised to restrict remote logins, conduct regular scans for viruses and malware, and ensure all systems are up to date with the latest security patches.
The recent Financial Stability Report by RBI has highlighted a significant increase in cyber intrusions and digital attacks targeting the financial sector. Over the past two decades, these incidents have resulted in losses of up to $20 billion.
Industry officials stress the importance of banks having robust offline backup and recovery strategies in place to mitigate the impact of cyber threats and attacks. It is crucial for banks to regularly test their contingency plans to ensure their effectiveness.
Given the rising number of cyberattacks, authorities and institutions cannot afford to ignore intelligence inputs that indicate potential threats.
Stay tuned for more updates and insights on cybersecurity in the banking industry!
