Move comes in the wake of attacks in the financial system
The Sub-Committee of the Financial Stability and Development Council (FSDC), discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said.
Reason behind the move
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.
(Adapted from The Indian Express)