Most of the financial and government organizations are at risk of being hacked or of a security breach of some sort of the other. Taking into consideration the seriousness of the issue the government of India is taking steps in the right direction. Financial Express got information from its reliable source stated, the government is planning to create a single framework for reporting a breach of cyber security at financial institutions and a working group is likely to be formed. National Cyber Security, Coordinator Gulshan Rai is also in talks with bankers regarding this matter.
Normally in a case a cyber security breach, the banks report these incidents to the Reserve Bank of India(RBI), the Indian Computer Emergency Response Team (CERT-In), National Critical Information Infrastructure Protection Centre (NCIIPC) and the Indian Banks – Center for Analysis of Risks and Threats (IB-CART).
Most of the industry players feel the system of reporting to multiple entities and lack of any standard rules for cyber threats and degree of cyber threats are two of the reasons behind poor reporting of security breaches in the country.
The weakness in the security mechanism was openly known when in October 2016, banks canceled lakhs of debit cards as a result of the fear of being hacked via infected ATM network of a mid-sized private bank. The ATM network was operated by Hitachi Payment Services and been hit by a malware attack. The breach was confirmed by Hitachi Payment Services in February 2017. The banks had to face severe criticism last year for the delay on their part to report the security breach. In this particular case, the bank failed to make the news of the security breach known in the public domain in a timely manner even after being aware of it since August 2016.