The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has warned of potential cyberattacks, putting banks all around india on high alert. The Economic Times said that banks have been instructed to continuously check key systems, including RTGS, NEFT, UPI, SWIFT, and the card network. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india sent financial institutions an advisory that stated, "In light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to put in place enhanced state of surveillance and resilience capabilities to guard against these threats."
 
Why is the RBI concerned about cyberattacks?
This occurred just a few days before LulzSec, an organisation connected to many well-publicized hacks that purportedly targeted indian banks, resurfaced after going quiet for a spell, according to the Economic Times. According to the RBI's banking Stability Report, the banking industry recorded more than 20,000 cyberattacks in the previous 20 years, resulting in $20 billion in damages.
 
How do the cyberattacks happen and where are they most prevalent?
According to a december 2023 study by the Data Security Council of india, clicking on malicious links in emails and websites is responsible for 25% of these assaults in India. According to business Line, which cited the RBI's financial stability report, scheduled commercial banks (SCBs) reported 69% of cyberattacks on financial institutions, urban cooperative banks (19%), and non-banking financing firms (NBFCs) 12%.
 
What have banks done to protect their customers?
As a result, according to business Standard, which cited insurance brokers, banks have increased their insurance coverage by nearly 8% in 2023–24 compared to the previous year. Additionally, bank cyber insurance claims have increased to over 50% in the financial year 2022–23 from 40% in the year prior.
 
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G GOWTHAM

29/06/2024 11:40 AM