RBI to back cyber security to all banks

Published by Metro India News on October 05, 2016 00:06:09 AM

Mumbai: With instances of rise in cyber-attacks, the Reserve Bank on Tuesday said it has decided to increase its supervisory coverage on IT risks for banks with an aim to eventually cover all the lenders. "This year, the supervision coverage is being extended to over 30 banks and going forward we intend to cover every bank from an intent of information technology risk and cyber security risk," deputy governor S SMundra told reporters after the fourth bi-monthly policy review. RBI had started a special supervision of banks' cyber security last year on a pilot basis and is heading towards setting up a dedicated IT subsidiary which may help with such issues.