The government has sounded a caution with all the top banks, including State Bank of India, Punjab National Bank, ICICI and HDFC, and instructed them to inform about any break in their IT frameworks inside 120 minutes because the firewall against cyber hackers is strong in sight of the massive range of digital transactions.
Steps are being taken on critical basis to make sure that the large quantity of economic info - together with confidential, personal, and financial data, - isn't leaked out by money intermediaries for financial gains, IT Secretary Aruna Sundarajan said.Among the various steps planned by the government is to make laws that are more stringent and penalty-laden and guard against leakage.
The Modi government's sudden push towards having a digital and has resulted in a massive surge in digital payments, including through mobile wallets, credit/debit cards, and other point-of-sale (POS) methods. The government is also taking steps to sync the payment methods to the Aadhar number which is being linked to the bank accounts.
However, certain breaches in the system have resulted in urgent measures to thwart cyber-attacks. Sundarajan said that the government may come out with technical standards that will spell out the responsibilities as well as liabilities for various financial intermediaries. It would also give details about how to address consumer grievances while also mandating customer awareness measures.
Steps are being taken on critical basis to make sure that the large quantity of economic info - together with confidential, personal, and financial data, - isn't leaked out by money intermediaries for financial gains, IT Secretary Aruna Sundarajan said.Among the various steps planned by the government is to make laws that are more stringent and penalty-laden and guard against leakage.
The Modi government's sudden push towards having a digital and has resulted in a massive surge in digital payments, including through mobile wallets, credit/debit cards, and other point-of-sale (POS) methods. The government is also taking steps to sync the payment methods to the Aadhar number which is being linked to the bank accounts.
However, certain breaches in the system have resulted in urgent measures to thwart cyber-attacks. Sundarajan said that the government may come out with technical standards that will spell out the responsibilities as well as liabilities for various financial intermediaries. It would also give details about how to address consumer grievances while also mandating customer awareness measures.
