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On Friday, Finance Minister Nirmala Sitharaman presided over a high-level meeting with the Managing Directors and CEOs of Public and Private Sector Banks and insurance companies to review the baking sector’s operational and cyber security preparedness, including digital applications such as net banking and UPI, amidst emerging security concerns arising from tensions at the border, as stated by the Ministry of Finance.
During the meeting, Sitharaman instructed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted banking services.
She also directed banks to conduct regular audits of their cybersecurity systems and data centres, ensuring that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or hostile cyber activity.
The Finance Minister instructed banks to designate two dedicated senior officials at the headquarters, one for reporting all cyber-related matters and the other to ensure operational matters, including the functioning of bank branches and the availability of cash in ATMs. Both dedicated officers should report any incident to CERT-In/relevant agencies and DFS on a real-time basis.
In this regard, banks were also asked to coordinate in real-time with the Reserve Bank of India, CERT-In, and relevant Government agencies to ensure robust and agile information exchange and response.
Furthermore, the Finance Minister asked banks to ensure the safety of employees and their families working at branches in border areas.
She also ordered insurance companies to provide timely settlements along with uninterrupted services.
The Managing Directors and CEOs of all the banks and insurance companies apprised the Union Finance Minister about the measures they are undertaking, given the ongoing tensions at the border.
Bank MDs & CEOs informed that cybersecurity measures have been reinforced throughout the banking system. Anti-DDoS (Distributed Denial-of-Service) systems have been implemented by banks to protect against massive cyber-attacks. To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels. They apprised that phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness.
Bank officials stated that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and on high alert. These centres are coordinating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), facilitating real-time data sharing and threat monitoring.
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