As the country saw unravelling of biggest cyber security breach in the country with nearly 32 lakh debit cards issued by 19 banks have been compromised, the RBI has asked lenders to increase the role of the CISO (chief information security officer) within each institution.
The central bank has asked banks to put into action a security policy on controlling such threats and spell out measures, approved by their respective boards, a banking sector official involved in the process has been quoted by ‘The Indian Express’ as saying.
Internal operations of the financial sector are under after at least 19 banks were forced to block or recall nearly 32 lakh debit cards of customers as “precautionary” steps, after being informed of potential risks to those cards.
This has come after reports of major data breach, which took place between May and July but was only discovered last month. It has been attributed to malware which was found in the processors of Hitachi Payment Services’ central switch, which operates most ATMs of YES Bank ATMs and teller machines owned by other banks and non-bank companies.
However, both YES Bank and Hitachi have claimed there was no breach from their end. On Friday, Finance Minister Arun Jaitley had said that theCentr has asked for detailed report from fthe Indian Banks Association on the issue.