RBI issues a cyberattack warning, placing scheduled commercial banks at the highest danger

RBI issues a cyberattack warning, placing scheduled commercial banks at the highest danger

According to the Economic Times, banks all around India are on high alert after the Reserve Bank of India (RBI) disclosed potential cyberattacks. The banks have also been instructed to continuously check their systems, including SWIFT, the card network, RTGS, NEFT, and UPI.

An advisory from the Reserve Bank of India to financial institutions stated that “regulated entities are advised to put in place enhanced state of surveillance and resilience capabilities to guard against these threats in light of credible threat intelligence received regarding potential cyberattacks.”

The Economic Times said that this occurred just days before LulzSec, a group connected to other well-publicized operations that purportedly targeted Indian banks, resurfaced after a period of dormancy.

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According to a December 2023 report by the Data Security Council of India, clicking on malicious links in emails and websites is responsible for 25% of these assaults in India. According to Business Line, which cited the RBI’s financial stability report, scheduled commercial banks (SCBs) reported 69% of cyberattacks on financial institutions, urban cooperative banks (19%), and non-banking financing firms (NBFCs) 12%.