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RBI Issues Advisory to Banks Amid Intel on Cyberattack Threat

During the G20 summit, the Indian cybersecurity industry successfully blocked multiple attempts at cyberattack on the G20 webpage.

Paras Bisht

Updated Jun 29, 2024, 17:28 IST

RBI Issues Advisory to Banks Amid Intel on Cyberattack Threat. Image: Canva

After receiving tips regarding potential cyberattacks, the Reserve Bank Of India (RBI) has alerted banks all around the country. They have been told to keep a close eye on their systems for any threats around-the-clock.

"In light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to implement enhanced surveillance and resilience capabilities to guard against these threats," an advisory issued by the Reserve Bank of India to financial institutions on June 24 said, as reported by the Economic Times.

It's interesting to note that the RBI's statement was released just a few days before to a social media post on Monday in which LulzSec, a group connected to other high-profile attacks, implied that it may target Indian institutions.

Banks also need to limit access to vital systems and remote logins, thoroughly check all information systems for malware and viruses, and update them with the most recent patches following the required testing, ET reported.

The number of cyber attack cases in India increased by 15 per cent per week on an average in 2023, trailing only Taiwan in the Asia Pacific region, cyber security firm Check Point said on Monday. Organisations across the globe experienced an average of 1,158 weekly cyber attacks each, which was a 1 per cent increase in the number of incidents compared to that in 2022, as per PTI.

During the G20 summit, the Indian cybersecurity industry successfully blocked multiple attempts at cyberattack on the G20 webpage, with a peak of 16 million Distributed Denial of Service (DDoS) attacks per minute. At the annual conference, Rajesh Kumar, the CEO of the Indian Cybercrime Coordination Centre (I4C), revealed this information.

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