The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said.
“Issues such as setting up of Computer Emergency Response Team for the Financial Sector (CERT-Fin), roadmap for National Centre for Financial Education (NCFE) and macro-prudential framework in India were also discussed,” the RBI said. The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country.
Apart from the RBI governor and deputy governors, Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI), T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), Hemant Contractor, Chairman, Pension Funds Regulatory and Development Authority (PFRDA), and finance ministry representatives were present in the meeting.
The move to set up an emergency response team comes in the backdrop of growing cyberattacks in the financial system. RBI had already created a specialised cell (C-SITE) within its supervision department to conduct detailed IT examination of banks’ cybersecurity preparedness, to identify the gaps and to monitor the progress of remedial measures. More than 30 major banks were to be covered by the detailed IT examination in 2016-17 and all banks are to be covered by 2017-18.
