RBI recommend banks to focus on IS management to tackle cyber frauds

RBI recommend banks to focus on IS management
The working group, headed by RBI Executive Director G Gopalakrishna, which was formed in April 2010, has recommended all banks in the country to establish an IT committee which would exclusively deal with the information security management by October 31, 2011.

Currently the banking sector in the country is widely exposed to cyber frauds with more and more people starting to use net and mobile banking and shopping through plastic cards. Understanding a crucial asset data and information is for banking operations, this decision was taken by the apex bank of the country.

The group recommended that a bank official of the rank of GM/DGM/AGM should be placed as the Chief Information Security Officer. The recommendations focused mainly on information security, e- banking, technology risk management and cyber frauds.

Read more about: rbi, bank, security
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