RBI sets up committee to review threats to cyber security

Mumbai, Feb 28 (IANS) The Reserve Bank of India (RBI) on Tuesday said it has set up a committee to review the cyber threats and suggest measures to strengthen the security after interacting with industry and stakeholders.

"The Reserve Bank of India has set up an Inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology, study adoption of various security standards, interface with stakeholders and suggest appropriate policy interventions to strengthen cyber security and resilience," the Reserve Bank of India (RBI) said in a statement here.

The committee consists of 11 members with Meena Hemchandra, Executive Director of RBI, as its chairperson.

"Going forward, the committee may co-opt more experts in this area and also operate through a framework of sub-committees, if required, to examine specific issues," the statement said.

The RBI had issued guidelines to banks on June 2 last year, mandating cyber security preparedness for addressing cyber risks.

"While banks have taken several steps to strengthen their defences, the diverse and ingenious nature of cyber-attacks necessitates an ongoing review of the cyber security landscape and emerging threats," the RBI said.

The statement on developmental and regulatory policies, issued along with the sixth bi-monthly monetary policy statement on February 8, had proposed constitution of the inter-disciplinary committee on cyber security.

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