NEW DELHI : Concerned over the possible cyber attacks on the Indian banks, the Reserve Bank of India (RBI) on Tuesday set up an inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.

The 11 committee headed by RBI’s executive director Meena Hemchandra has been tasked to suggest policy interventions to strengthen the cyber security and resilience and recommend various security standards and protocols by interfacing with the stakeholders. Based on the recommendations of another expert panel, also headed by Meena Hemchandra, the RBI had issued guidelines to banks on June 2 last year, mandating cyber security preparedness for addressing cyber risks.

A RBI press release says though banks had taken several steps to strengthen their defences, the diverse and ingenious nature of the cyber attacks necessitates an ongoing review of the cyber security landscape and emerging threats by the new committee. The experts included in the standing committee are: Nandkumar Sarvade, CEP, ReBIT, Mumbai, R Vittal Raj, chartered accountant, Prof H Krishnamurthy, IISC, Bangalore, Dr A S Ramasasiri, Director, IDRBT, Hyderabad, forensic scientist Krishna Sastry Pendaiaya and CERT-In scientist Ashutosh Bahuguna.

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