An alarming number of cyber fraud crimes have forced the Reserve Bank of India (RBI) to seek out more hardened measures to protect against security threats.
For the fiscal agenda for 2018-19, RBI has publicised its focus on improving security measures against cyberattacks with the help of detection company Acalvio.
Acalvio’s report said: “The ever-increasing threat landscape and seemingly never-ending list of breaches discovered each year have driven tighter security controls by many enterprises globally.”
Rises in digital transactions and e-commerce popularity have shown to have increased the chances of fraudulent cyber theft in the first half of 2018 alone.
Acalvio detailed three security measures that it would be focusing on in the next year including constant surveillance, a crisis management plan and incident notifications.
By continually surveying the bank using a Security Operations Centre (SOC) through the use of ShadowPlex, a threat defence system, cyber attackers would be presented with false details in a decoy trap which would cause a lengthy distraction and end the attempted crime.
ShadowPlex is a uniquely designed security programme designed to identify attackers without requiring pre-definition of attack tactics or methods.
The use of a Cyber Crisis Management Plan (CCMP) would allow the Bank to focus on tougher threat prevention.
“Banks must…begin work on their CCMP, which should address incident Detection, Response, Recovery and Containment.”
Acalvio also stressed for incidents to be openly discussed: “Banks must promptly notify the RBI of all ‘unusual’ cyber-security incidents whether successful or not…within two to six hours.”
RBI said in 2016 that: “Banks need to take effective measures to prevent cyber-attacks and to promptly detect any cyber-intrusions so as to respond/recover/contain the fallout.”