Spend On Cyber Security Or Pay For Lapses, Banks Told | Hyderabad News | #cybersecurity | #cyberattack

Hyderabad: In a meeting convened by the Reserve Bank of India (RBI) with representatives of 51 Urban Cooperative banks, NABARD, city police commissioner CV Anand explained about threats from hackers to banks with vulnerable cyber security systems.
The participants were explained about the recent AP Mahesh Cooperative Urban Bank hacking case and advised to strengthen their cyber security apparatus.
Hackers had breached the network of AP Mahesh Cooperative Urban Bank on January 24 and siphoned off Rs 12.48 crore. Subsequently, police requested the RBI to convene the meeting with representatives of all 51 Urban Cooperative Banks functioning in Telangana.
During the conference, Anand explained in detail the hacking operation against AP Mahesh Cooperative Urbank Bank. Even after probing for two months, the main hackers are yet to be identified. Police have so far arrest 23, including four Nigerians, in the case.
Pointing to security lapses noticed during the investigation, Anand said that the bank displayed lack of focus and will to spend sufficient amount for cyber security measures including firewalls, intrusion prevention and detection systems, anti-phishing systems and segregated system networks. He said the lapse by the bank constituted a crime as they deal with public money and it is their duty to safeguard it while offering online banking services. Criminal liability will be with that bank, he said. “A bank which has made Rs 33 crore profit, spent less than Rs 10 lakh for cyber security,” Anand said.
Chief general manager, RBI, Mumbai HQ, Rajan, and regional director of RBI, Telangana, Nikhila said that though there are some constraints, they are in the process of improving banking cyber security across the country.

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