The government is in the process of setting up a system to secure the country's financial sector from cyber attacks after agencies pointed to its vulnerability due to the increase in number of digital transactions over the past few months on account of Covid-19, and threats form hostile countries such as China and Pakistan, three officials aware of the plans said.
At present , the Indian Computer Emergency Response Team ( Cert-In ) deals with all the types of cyber security threats but officials in teh administration have been discussing the need for a specilised agency, which could be called Cert-Fin, the officials said" The government may set up a Computer Emergency Response Team for Financial Sector ( Cert-Fin )...but a final decision is awaited as the government wants take a comprehensive view for cyber security" a second official said. A third official said cyber security in general tops the government's agenda since it can disrupt social and political harmony and dislocate financial systems.
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It will be good for banking industry especially in India where they are hesitant to invest in technology especially the India Public Sector banks. We have seen the case of COSMOS Bank ATM heist online fraud and money transfer 5 years back. Hence a better security will save the day for the banks.
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