Union Finance Minister Smt. Nirmala Sitharaman held a high-level meeting with bank and insurance company leaders tonreview cybersecurity and operational preparedness. This was in response to border tensions, making it a vital current affairs topic for competitive exams like UPSC, SSC, and Banking.
Key Participants
Collaboration with Authorities
The meeting included senior officials from the Department of Financial Services (DFS), Ministry of Finance, CERT-In, RBI, IRDAI, and NPCI. They discussed the readiness of banking systems, including digital services like internet banking and UPI, to ensure uninterrupted services.
Strengthened Cybersecurity Measures
Protecting Banking Systems
Bank leaders reported enhanced cybersecurity measures, including:
- Anti-DDoS systems to prevent cyber-attacks.
- Mock drills for cybersecurity and disaster recovery.
- Active monitoring of phishing attempts with staff alerts.
Security Operations Centres (SOC) and Network Operations Centres are on high alert, working with CERT-In and NCIIPC for real-time threat monitoring.
Ensuring Economic Stability
Minister’s Emphasis
Smt. Sitharaman stressed the banking sector’s role in maintaining economic stability during geopolitical tensions. She directed banks to ensure uninterrupted services, especially in border areas, and to update emergency protocols to handle any crisis.
Safety of Bank Employees
Protecting Staff in Border Areas
The Finance Minister expressed concern for the safety of bank employees and their families in border regions. She instructed banks to coordinate with security agencies to ensure their protection.
Uninterrupted Banking Services
Focus on Accessibility
Smt. Sitharaman emphasized seamless access to banking services, including:
- Cash availability at ATMs.
- Uninterrupted UPI and internet banking.
- Access to essential banking facilities.
Banks were directed to conduct regular audits of cybersecurity systems and ensure 24/7 monitoring to prevent cyber breaches.
Dedicated Reporting Officers
Real-Time Incident Management
Banks were instructed to appoint two senior officials at their headquarters: one for cyber-related issues and another for operational matters, such as branch functioning and ATM cash availability. These officers must report incidents to CERT-In and DFS in real time.
Support for Insurance and RRBs
Ensuring Comprehensive Preparedness
Insurance companies were directed to ensure timely claim settlements and uninterrupted customer service. Sponsor Banks were asked to support Regional Rural Banks (RRBs) to address any challenges during this period.
Government’s Commitment
National Security and Stability
Smt. Sitharaman reaffirmed the Government of India’s commitment to national security and economic stability. She noted that India’s banking and financial system remains robust and resilient.
Relevance for Competitive Exams
Study Resource for Aspirants
The banking cybersecurity review by Smt. Nirmala Sitharaman is a crucial current affairs topic for competitive exams. Topics like cybersecurity, financial stability, and government initiatives are frequently tested in exams like IAS, IBPS, and RRB. Stay updated with GKboard.in for concise, exam-focused current affairs content.