RBI to set up panel to strengthen security

There are around 750 million debit cards operational in India

In a bid to strengthen cyber security system, the Reserve Bank of India (RBI) on Wednesday decided to set up an inter-disciplinary panel on cybersecurity to examine various threats and suggest measures to deal with it.

“While banks have taken steps to strengthen their defences, the diverse and ingenious nature of recent cyberattacks necessitates an ongoing review of the cybersecurity landscape and emerging threats. Towards this end, an inter-disciplinary Standing Committee on cybersecurity is being constituted,” RBI said in a statement. The panel will review the threats inherent in the existing or emerging technology on an ongoing basis, it said.