Cyber security of banking sector is an area that must be taken very seriously by banks of India. Cyber risks for banking industry in India are increasing at an alarming rate. Whether it is phishing scams, spam frauds, Nigerian frauds, ATM frauds or credit card cloning frauds, Indian banking industry is not prepared to tackle them.
Realising the gravity of the situation, the Reserve Bank of India (RBI) has recently released a report of its working group on information security, electronic banking, technology risk management, and cyber frauds.
