Banks Nationwide on High Alert as RBI Warns of Imminent Cyberattacks 

Banks nationwide have been placed on high alert following warnings from regulators about potential cyberattacks. The Reserve Bank of India issued an advisory on June 24, urging financial institutions to enhance their surveillance and resilience measures in response to credible intelligence on looming cyber threats. This directive coincided with reports that LulzSec, a group known for past high-profile attacks, might be targeting Indian banks.

In response, banks are instructed to intensively monitor their systems around the clock, focusing on threat detection. This includes continuous scrutiny of network activities, server logs, and critical payment systems such as SWIFT, card networks, and online fund transfer frameworks like RTGS, NEFT, and UPI. The advisory also emphasises implementing robust controls against threats like DDoS attacks, which can overwhelm systems with a barrage of queries.

Additionally, banks are advised to limit remote logins, enhance malware detection through comprehensive system scans, and ensure prompt application of security patches. They are reminded of the importance of maintaining strong offline backup and recovery strategies.

The advisory underscores the need for heightened vigilance given the rising frequency of cyber intrusions globally, exacerbated by geopolitical tensions and economic uncertainties. Recent data reveals that the financial sector has suffered significant losses from cyber incidents, highlighting the critical need for proactive cybersecurity measures across banking institutions.