Reserve Bank of India (RBI) Executive Director G. Padmanabhan has called for a cyber law that will protect citizens against frauds and cyber crime as India’s financial sector moves to electronic banking in a big way.
Delivering the Sri Chithira Thirunal memorial annual lecture here on Saturday evening, Mr. Padmanabhan said a strong law would go a long way in building customer confidence to use technology in financial transactions.
He said cyber threat was real and was constantly evolving.
No organisation was immune to it, and hence preventive measures were a must. Where prevention failed, it should be made up with quick detection and decisive response.
IT governance policy
Every organisation should have an IT governance policy as a subset of cyber security policy.
The policy should identify key assets, the risks they were exposed to, prescribe mitigation measures, responsibilities in case of a cyber incident and state the response required
“The real challenge for the Indian financial system is awareness. There are two kinds of awareness.
Awareness
One is the awareness among customers about the dos and don’ts in digital transactions.
It may be required for banks to take upon continuous awareness campaign among all customers on information security and the abundant caution to be exercised by them.
There should be internal awareness too — among employees of the bank of security,” he said. The lecture, organised by the State Bank of Travancore (SBT), was inaugurated by Aswathi Thirunal Gouri Lakshmi Bayi of the royal family of erstwhile Travancore.
SBT Managing Director Jeevandas Narayan, Chief General Managers E.K. Harikumar and S. Adikesavan also addressed the gathering.
The official said cyber threat was real and was constantly evolving. No organisation was immune to it, and hence preventive measures were a must.
