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RBI red flags increased risk of cyber-attacks, Digital Frauds and Data Breaches
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RBI red flags increased risk of cyber-attacks, Digital Frauds and Data Breaches
The Reserve Bank of India (RBI) highlighted increased cyber risks due to digitisation and called for stronger risk management, IT governance, and transaction monitoring in banks and NBFCs. It noted the rise in digital frauds and mule accounts, urging coordination with law enforcement to mitigate these risks.
The Reserve Bank of India (RBI) on Thursday said that with the rise in digitisation it has seen an increased risk of cyber attacks, digital frauds, data breaches and operational failures. In its report on Trend and Progress of Banking In India, the regulator called upon banks, non-bank financial companies (NBFCs) and co-operative banks to strengthen their risk management standards.
The Reserve Bank of India (RBI) highlighted increased cyber risks due to digitisation and called for stronger risk management, IT governance, and transaction monitoring in banks and NBFCs. It noted the rise in digital frauds and mule accounts, urging coordination with law enforcement to mitigate these risks.
The Reserve Bank of India (RBI) on Thursday said that with the rise in digitisation it has seen an increased risk of cyber attacks, digital frauds, data breaches and operational failures. In its report on Trend and Progress of Banking In India, the regulator called upon banks, non-bank financial companies (NBFCs) and co-operative banks to strengthen their risk management standards.
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