A group of experts has proposed the creation of a new government agency in India called the Computer Emergency Response Team for Finance (CERT-Fin) to help create a comprehensive cyber security framework for India's financial sector. Proponents of the idea say it will be important for India's markets as society has been moving towards a cash-less economy.
“The preparedness of the financial sector to meet the cyber challenges from different threat vectors cannot be considered robust,” said the group in the meeting introducing CERT-Fin.
India's financial sector has become more vulnerable in the past few years as India continues to advance towards a cashless economy. Just last year, a malware attack on Hitachi Payment Services compromised about 3.2 million debit cards. Servers at the Union Bank of India were also attacked that same year.
“India is one of the largest targets of cyber attacks not only on businesses but also on individuals," said Jayant Saran, partner and forensic-financial advisory of Deloitte India. "The threat of cyber attack is real. Most of the times, companies are either not aware that an attack has taken place, or are hesitant to report it."
The group recommended that the Reserve Bank of India (RBI) act as the lead regulator of the agency until the body can be set up. CERT-Fin will be set up as a non-profit company with a governing board.
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