RBI for better use of technology to check cyber crimes

The Reserve Bank has pitched for better use of technology and robust enforcement of law to deal with cyber crimes in the banking sector.

PTI | June 1, 2011



The Reserve Bank on Tuesday pitched for better use of technology and robust enforcement of law to deal with cyber crimes in the banking sector.

"It is possible that total eradication of computer crimes may not be achieved. It can, however, be reduced through public education, robust law enforcement, compliance using effective security technologies and the establishment of foolproof framework for the prosecution of computer criminals," RBI Deputy Governor Anand Sinha said at a technology seminar.

Sinha also urged bank managements to keep pace with the technological advances in order to efficiently combat computer crimes and reduce them.

He also urged lenders to "look beyond Core Banking ie transaction processing", and improvise their data handling capacity to be able to effectively utilise risk management techniques.

The RBI Deputy Governor stressed on the need to adopt a structured IT Governance framework that would enable banks to manage their businesses in a manner that would not only benefit their customers but also facilitate their growth.

He called for adoption of better governance practices by establishing robust risk management systems that encompass effective infrastructure, information and security policies, incident reporting and business continuity management.

"These management systems must be subject to regular review and monitoring," he added.

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