RBI plans to set up portal to supervise cybersecurity measures of PSPs

The number of cyber crimes in 2017-2018 stood at 2,059 cases with a total value of Rs 10.96 billion

The Reserve Bank of India (RBI) plans to set up an Integrated Compliance and Tracking System portal to supervise cybersecurity measures of payment system providers (PSPs). This is in light of cyber risk, with particular consequences to the banking sector, said the RBI. The central bank also plans to expand the portal to cover other regulated entities. 

“Payment system providers are required to establish mechanisms for monitoring, handling and follow-up of cybersecurity incidents and cybersecurity breaches,” said the central bank in its report on Trend and Progress in Banking released on Friday. It added that formulation of comprehensive cyber risk and