Take steps before XP support ends, RBI tells banks

Less than a week after Britian’s five biggest banks shelled out close to $100 million each to keep their outdated software secure, the Reserve Bank of India has warned all domestic banks to take steps before Microsoft ends its Windows XP software support.

The U.S software giant will stop issuing updates and patches for bugs in its Windows XP operating system from April 8, 2014.

In India, public sector banks and financial institutions face the largest risk as many of them run Windows XP on around 40 to 70 per cent of their computers, according to a study conducted by Ascentius Consulting.

“The probability of attacks on such a system may increase and it may be difficult to defend such attacks in the absence of Microsoft support,” the RBI said in a notice to all scheduled commercial banks.

“As some of your systems, including ATMs, may still be working on Windows XP, you are advised to take immediate steps to implement appropriate systems and controls in this regard,” the central bank added.

To ensure that their machines are protected against viruses and hackers, many banks across the world have agreed to deals with Microsoft to continue supporting their ATMs until they are upgraded. The cost of extending support and upgrading to a new platform for some of these banks are in the region of $100 million in some cases.