RBI Urges Vigilance Amid Cyberattack Threats to Indian Banks

The Reserve Bank of India (RBI) has alerted banks to heighten their cybersecurity measures in response to credible threats of potential cyberattacks. Banks are instructed to continuously monitor critical payment systems such as SWIFT, card networks, RTGS, NEFT, and UPI, while also regularly examining network activities and server logs for malicious intrusions.

The advisory underscores the importance of enhanced surveillance and resilience capabilities to safeguard against cyber threats. This comes after a resurgence of activity from the notorious hacking group LulzSec, which recently targeted Indian banks.

According to the RBI's Financial Stability Report, over 20,000 cyberattacks have occurred in the past 20 years, resulting in losses exceeding $20 billion. The Data Security Council of India reported that 25% of these attacks were due to malicious links in emails and websites. In 2023-24, banks have increased their cyber insurance coverage by nearly 8%, with cyber insurance claims rising to over 50% in the previous financial year.