RBI Sets up Committee to Review Cyber Threats

IAS Prelims 2023

RBI has announced setting up of an inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.

The 11-member committee will study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions to strengthen cyber security and resilience.

The committee, headed by an RBI Executive Director, can co-opt more experts and also operate through a framework of sub-committees to examine specific issues.

Based on the recommendations of the Expert Panel on Cyber Security and Information Technology Examination, the RBI had issued guidelines to banks in June last year mandating cyber security preparedness to tackle cyber risks.

The Statement on Developmental and Regulatory Policies had proposed constitution of the committee.