Phishing exercise: Banks must address cybersecurity, data protection issues

New Delhi: Reserve Bank Governor Shaktikanta Das recently said that issues relating to cybersecurity and data protection must be addressed immediately.

This is necessary to gain the confidence of the excluded section in use of technology.

Das said in his keynote address at a webinar on ‘Investing in Investor Education in India: Priorities for Action’, organised by the NCAER, that “Technology, though being a great enabler, can also lead to exclusion of certain segments of society”.

A report said that the banks are the most targeted sector and nearly 22 per cent of cybersecurity attacks which took place in India in 2018-19 were on the banking industry.

The banking industry needs to upgrade its IT infrastructure and appoint experienced chief risk officers to effectively deal with incidence of cybercrimes.

Former Chairman of the Bombay Stock Exchange (BSE), S Ravi, said the Indian banking system is bracing up to tackle computer and cybercrime. The unexpected situation of coronavirus pandemic has resulted in more digital transactions which the banking system was not prepared for.

The banks have been able to mitigate the risk to a large extent and the banking system is investing in IT infrastructure to keep itself abreast of digital transactions.