RBI cybersecurity framework:

• The Reserve Bank of India recently emphasized an early implementation of the Cyber Security Framework in banks so that the possibility of incidents such as the ATM/debit card data breach happening in the future is minimized and in the event of such incidents, containment measures are taken immediately.
• The Reserve Bank of India has taken complete charge of monitoring and to prevent further damage to the banking system as the data of 3.2 million cards have been compromised.
• In a meeting convened by the regulator and attended by senior officials of banks, National Payment Corporation of India (NPCI), and card network operators RBI has directed the lenders that from now the central bank will be taking stock of the situation.
• Lenders have been asked to not issue any communication with regard to card misuse as all the information will now come from RBI.
• Based on this, banks have been taking necessary remedial action to avoid any potential abuse of such cards in the future by unscrupulous elements and to protect the interest of their customers.
• The central bank once again advised banks to review their security arrangements under the cybersecurity framework. Even in the last few months, RBI has been asking banks to step up the security to ensure that chances of cyber fraud are minimized.