The Reserve Bank of India (RBI) has issued a warning to banks nationwide to remain vigilant against potential cyber-attacks. The central bank has issued this directive following credible intelligence reports. Banks have been instructed to actively monitor their systems around the clock to detect any threats. In an advisory released on June 24, RBI advised regulated entities to enhance monitoring capabilities to mitigate risks related to potential cyber-attacks based on credible confidential information received.
Before posting on social media, the RBI’s message had warned that several high-profile attacks were targeting Indian banks by the notorious group LulzSec. It was believed that this group had become inactive, but it has now resurfaced. Banks need to continuously monitor network activities and server logs to identify any form of intrusion. RBI emphasizes that banks should closely monitor critical payment systems such as SWIFT, card networks, RTGS, NEFT, and UPI for potential threats.
RBI has issued a reminder to banks, urging them to implement standard controls to defend against threats like Distributed Denial of Service (DDoS) attacks. These attacks involve hackers coordinating assaults on bank systems, inundating them with numerous requests that disrupt website and online service processing. In addition to DDoS security measures, banks need to impose restrictions on remote login and access to critical systems. They should thoroughly scan all information systems to detect viruses and malware and ensure they install the latest patches after necessary testing.
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The recent RBI financial stability report highlighted a significant increase in cyber intrusions and digital attacks targeting the financial sector. Over the past two decades, these incidents have resulted in staggering losses of $20 billion. The central bank warns that during times of political and economic instability, such as geo-political tensions, cyber attacks tend to escalate, leading to detrimental consequences.
Regulatory Directives and Cyber Attack
An industry official mentioned that about a year ago, regulators and CERT-In also issued similar directives. Typically, when there are indications of a cyber attack, banks test their preparedness. This time is no different. RBI emphasizes that banks should focus on adopting strong offline backup and recovery strategies and testing their effectiveness. The official further emphasized that, given the incidents of attacks, banks cannot afford to take confidential information lightly.
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