What Steps is FM Sitharaman Taking for Cybersecurity at Banks Amid Rising Border Tensions?

New Delhi, May 9 (NationPress) - On Friday, Finance Minister Nirmala Sitharaman organized a crucial meeting with the Managing Directors and CEOs of both public and private sector banks and insurance firms to address growing security issues stemming from increased border tensions.

Attendees included senior officials from the Department of Financial Services, CERT-In, the RBI, the IRDAI, and the NPCI. The focus was on assessing the operational and cybersecurity readiness of the banking sector, particularly concerning digital public-facing applications such as internet banking and UPI.

The banking leaders updated the Finance Minister on the proactive measures being taken in light of ongoing border conflicts.

Bank CEOs reported that cybersecurity protocols have been significantly enhanced across the banking landscape. They have implemented Anti-DDoS (Distributed Denial-of-Service) systems to safeguard against large-scale cyber assaults. To ensure institutional preparedness, mock drills simulating cybersecurity and disaster recovery scenarios have been conducted at the highest levels. They also noted that phishing attempts are under stringent surveillance, with staff receiving numerous internal alerts to bolster awareness.

Officials from the banks confirmed that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and remain on high alert. These centers are closely collaborating with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) to facilitate real-time data sharing and threat monitoring.

During the meeting, the Finance Minister emphasized the vital role of the banking and financial sector in maintaining economic stability in light of escalating geopolitical tensions.

She instructed all banks to stay fully vigilant and prepared to manage any potential crises, ensuring uninterrupted access to banking and financial services for citizens and businesses throughout the country, especially those in border regions.

She stated that both physical and digital banking services must operate without disturbances or glitches. Emergency protocols should be frequently updated and tested to handle any emerging situations.

The Finance Minister expressed serious concerns regarding the safety of bank employees and their families working in branches near border areas. She urged banks to coordinate effectively with security agencies to ensure their safety.

She insisted that banks prioritize the needs of citizens and businesses, particularly in ensuring seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.

Furthermore, the Finance Minister directed banks to conduct regular audits of their cybersecurity systems and data centers, ensuring that all digital and core banking infrastructures are fully firewalled and monitored 24/7 to prevent breaches or hostile cyber activities.

She instructed banks to appoint two dedicated senior officials at their headquarters: one to report all cyber-related issues and the other to oversee operational matters, including branch functionality and cash availability in ATMs. Both officials must report any incidents to CERT-In and relevant agencies in real-time.

Additionally, banks were directed to collaborate in real-time with the RBI, CERT-In, and other pertinent government agencies to ensure robust and agile information exchange and response, as stated in an official announcement.

The Finance Minister also mandated insurance companies to guarantee prompt claim settlements and uninterrupted customer service.

She noted that sponsoring banks should adequately support regional rural banks (RRBs) during these challenging times.

Sitharaman reaffirmed the government's unwavering commitment to national security and economic stability, highlighting the resilience and robustness of the country's banking and financial system.