Banks across India are on high alert following warnings from regulators regarding potential cyber attacks. The Reserve Bank of India has instructed financial institutions to proactively monitor their systems around the clock in response to credible threat information. This advisory was issued on June 24th, urging banks to enhance surveillance and resilience capabilities to protect against cyber threats.
The alert from the Reserve Bank of India came shortly before a social media post indicated that lulzsec, a group known for high-profile attacks, may be targeting Indian banks. The group, previously thought to be inactive, has reportedly become active again.
In addition to monitoring network activities and server logs for intrusions, banks have been reminded to keep a close eye on critical payment systems such as SWIFT, card networks, and real-time payment systems like RTGS, NEFT, and UPI. They are also advised to implement controls against threats like DDoS attacks, which flood systems with queries to disrupt normal operations.
Banks are instructed to restrict remote logins and ensure that all information systems are regularly scanned for viruses and malware. The implementation of offline backup and recovery strategies is also emphasized to safeguard against cyber attacks. It is noted that banks often test the effectiveness of their security systems when alerted to potential threats.
The cost of data breaches has been a growing concern globally, with incidents involving ransomware and business email attacks on the rise. The financial sector in India has reported over 20,000 cyber intrusions and digital attacks, resulting in losses estimated at $20 billion in the past two decades. The RBI’s Financial Stability Report highlights the increased risk of cyber attacks during periods of political and economic uncertainty.
According to industry reports, a significant portion of cyber attacks in India are initiated through malicious links in emails and websites. Attack methods on banking and financial service providers can involve hijacking DLL files to extract system information.
These developments underscore the critical need for robust cybersecurity measures within the banking industry to safeguard against increasingly sophisticated cyber threats. As the threat landscape continues to evolve, financial institutions must remain vigilant and proactive in their efforts to protect sensitive data and maintain the trust of their customers.
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https://m.economictimes.com/industry/banking/finance/banking/banks-told-to-stay-vigilant-amid-intel-on-cyberattack-threat/amp_articleshow/111349558.cms
