RBI asks banks and NBFCs to be on high alert for potential cyber attacks
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The RBI issued its first advisory about a week ago, directing all major financial institutions to assess their cyber security frameworks and activate multi-layered surveillance systems capable of detecting and neutralizing any attempted intrusions. These measures, sources said, are being implemented in response to credible intelligence inputs received through national security agencies.
Financial institutions have also been receiving technical details, including potential IP addresses and geolocations of suspected threat actors, from the Ministry of Home Affairs, the Indian Computer Emergency Response Team (CERT-In), and the Ministry of Information and Broadcasting.
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'RBI has asked us to be on constant vigil against potential cyber attacks that could be targeted at large financial institutions,' a senior bank official told ET. 'These attacks could aim to cripple systems and paralyse banking operations across the country. There are growing concerns within the banking community that attempts may be made to compromise critical digital infrastructure, such as data centres, core banking systems, and payment infrastructure."
RBI did not respond to a query seeking comment on the matter.
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In anticipation of such risks, banks have been asked to put in place 24/7 monitoring mechanisms at key operational hubs, including data centres and operations units. Banks and non banks have been asked to step up constant surveillance of network activity, strengthen intrusion detection systems (IDS), enhance threat detection protocols and step up anti-malware tools to protect against cyber threats.
As part of the RBI's broader directive, banks and NBFCs have also been instructed to review and activate their
Business Continuity Plans
(BCPs). These are strategic frameworks designed to ensure the uninterrupted delivery of critical banking services during emergencies such as cyber attacks, natural disasters, or system outages.
'We have been asked to stress-test our systems, strengthen internal controls, and ensure data back-ups are in place to minimise any potential impact on customers,' said a compliance head at a private bank.
Since the issuance of the advisory, banks, NBFCs, and even fintech firms have reported a noticeable increase in
suspicious cyber activity
. So far, all identified threats have been neutralised before any damage could be inflicted.
'We have seen a rise in suspicious traffic patterns aimed at probing our systems,' said another senior banker. 'Thanks to early warnings and upgraded defences, all attempts have been contained. Every incident has also been reported to the appropriate authorities for further investigation.'
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