Equipped to thwart cyber attacks: Banks, insurance firms to Sitharaman
Indian banks and insurance firms on Friday assured finance minister Nirmala Sitharaman that they are ready to thwart any cyber-attacks by Pakistani hackers, and fully-equipped with systems such as anti-DDoS (distributed denial-of-service).
'To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels,' they told her during a meeting on Friday. The financial institutions (FIs) are vigilant, actively watching phishing attempts, they said.
Sitharaman directed banks to continue providing seamless services to people even in remote areas in coordination with regulators and security agencies, if required. She also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
The FM has been meeting with managing directors and chief executives of banks and insurance companies amid emerging security concerns arising from tensions at the border, a finance ministry spokesperson said. Both public and private sector firms participated in the meeting.
Speaking to them, Sitharaman emphasized the critical role of the banking and financial sector in ensuring economic stability during heightened geopolitical tensions.
She directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking and financial services for citizens and businesses across the country, especially in border areas.
She remarked that emergency protocols should be updated and tested to handle any arising contingencies.
The finance minister also expressed deep concern about the safety of bank employees and their families working in branches in border areas witnessing attacks from Pakistan. She directed banks to ensure their adequate safety by effectively coordinating with the security agencies.
She specified that priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.
Sitharaman also directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity.
Senior officials from the department of financial services (DFS), CERT-In (the national nodal agency for responding to computer security incidents), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the National Payments Corporation of India (NPCI) attended the meeting.
The executives apprised FM about the measures they are undertaking, given the ongoing tensions at the border, the ministry said in a statement.
'Bank MDs and CEOs informed that cybersecurity measures have been reinforced throughout the banking system,' it added.
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.
The FM instructed banks to designate two dedicated senior officials at their HQ, 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 and relevant agencies and DFS on a real-time basis.
Sitharaman reiterated that the government is firmly committed to national security and economic stability, noting that the country's banking and financial system remains robust and resilient.
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