1st G20 Meeting of Finance Ministers & Central Bank Governor to be Held in Bengaluru on Feb 23

Bengaluru: As a precursor to the First G20 Finance Ministers’ and Central Bank Governors’ meeting under the India Presidency in Bengaluru from February 23 to 25, the Reserve Bank of India organised today a domestic side event on cyber security.

Around 200 officials of various financial regulators, banks, NBFCs and the Karnataka state government officials are participating in the day-long event in Bengaluru.

Delivering the keynote address, the Executive Director of the Reserve Bank of India, Rohit Jain said that the Global Risk Report places cyber-crime as the eighth biggest financial threat among all frauds.

As digital payment footprints grow, the threat of cyber crimes has increased.

The Reserve Bank of India has taken a number of measures to shield those involved in digital transactions. The federal bank has issued framework guidelines to the banks to build operational resilience to prevent hacking.

A mechanism is built for threat intelligence sharing, apart from the adoption of a payment fraud registry, data piracy regulation, advanced technology, firewall, fishing mail and sensitive data analysis.

Rohit Jain also added that guidelines are being formulated for the use of advanced technologies like cloud computing, Artificial Intelligence and the Internet of Things.