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Cyber security awareness program for cooperative banks organised in Gujarat

Ahmadabad, Dec 7 (UNI) A cyber security awareness programme for various co-operative banks was organised here on Friday in the wake of the recent directives of the Reserve Bank of India (RBI) asking all the banks to comply with its guidelines by January 19 next year.
CEO of Acute Informatics Ltd, that provides core banking solution to altogether 110 cooperative banks, Chirag K Patel informed newsmen that while the bigger banks like SBI were more prepared against the cyber threats that could do both monetary as well as customer data theft like like harms. 'The smaller banks especially the cooperative sector banks which are also adopting new technologies and net banking etc were lagging far behind and need greater awareness and pro active steps,' he said.
'Cyber attacks have become a major threat in IT operations of an organization particularly banking and financial organizations.This has made banks more vulnerable to cyber attacks, more particularly Urban Cooperative Banks. This is because the level of technology adoption is also different across the banks in this sector – major banks are offering state of the art Core Banking Solutions alongwith digital products like Cheque Truncation System (CTS) , RTGS/NEFT , Mobile Banking & Net Banking , to its customers. Urban Co-Op. Banks have to embrace technology to stay competitive as part of their go-to-market strategy thus making them more vulnerable to Cyber threats/attacks,' he said.
According to RBI directive dated October 19, there is a compelling need to put in place a robust cyber security/resilience framework at UCBs to ensure adequate security of their assets on a continuous basis. It has, therefore, become imperative to enhance the security of the UCBs from cyber threats by improving the current defenses in addressing the cyber risk, he said.
As per RBI directive all UCBs should immediately put in place a Cyber Security policy, duly approved by their Board/Administrator, giving a framework and the strategy containing a suitable approach to check cyber threats depending on the level of complexity of business and acceptable levels of risk, he added.
It is necessary that UCBs, especially those offering services such as Core Banking Solutions ,internet banking, mobile banking, mobile wallet, RTGS/NEFT/IMPS, SWIFT, debit cards etc., take necessary detective and corrective measures/steps to address various types of cyber threats like denial of service (DoS) ,ransomware/crypto ware, destructive malware, business email frauds including spam, email phishing, spear phishing, whaling, vishing frauds, drive-by downloads, browser gateway fraud, ghost administrator exploits, identity frauds, memory update frauds, password related frauds, etc, he further said.
At the same time UCBs should take appropriate steps in preserving the confidentiality of customer data especially Personally Identifiable Information (PII), irrespective of whether the data is stored/in transit within themselves or with the third party vendors. The confidentiality of such custodial information should not be compromised in any situation.
The daylong session, attended by representatives of 79 cooperative banks from Gujarat and one from neighbouring Rajashtan at Ahmedabad Management Association here, saw useful talks on cyber security and hacking. Experts spoke on various topics like steps to implement RBI’s Cyber Security Guidelines, importance of cyber security, ethical hacking, phishing demonstration, web application hacking, modus operandi of hackers mobile hacking , Cyber Risk Insurance among others.
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