Indian Finance Minister N Sitharaman Directs Banks to Maintain Continuous Operations During India-Pakistan Tensions
Preparing for Battle: Indian Banks Bolster Cybersecurity as Tensions Peak
In the face of mounting tensions with Pakistan, India's banking sector is beefing up its cybersecurity defenses and operational preparedness to protect the financial infrastructure and deliver essential banking services. These measures, prompted by directives from top government and financial authorities, aim to ward off potential cyber and physical threats.
Fortifying Cyber Shields
In a proactive move, banks are increasing their surveillance of digital and core banking systems. This entails round-the-clock monitoring, reinforced by robust anti-cyberattack frameworks, aimed at swiftly identifying and neutralizing any perceived threats. To strengthen their defense, top players such as Punjab National Bank have even established 24/7 cybersecurity “war rooms” to swiftly address emerging cyber threats[5].
Continuous Testing and Evaluation
With regular audits of cybersecurity systems and data centers, banks verify the efficiency of existing firewalls and monitoring systems in warding off hostilities. Emergency protocols are frequently updated and tested to ensure readiness for potential contingencies arising from the current conflict[1][4].
Designating Crisis Managers
Each bank has assigned two senior officials, tasked specifically with managing crisis situations. One officer is responsible for reporting all cyber-related incidents while the other focuses on ensuring operational continuity, including the functioning of bank branches and the availability of cash at ATMs. These officers report any incidents in real-time to the Indian Computer Emergency Response Team (CERT-In), the Reserve Bank of India (RBI), and the Department of Financial Services (DFS)[2].
Strengthening Physical Security
Bank branches, particularly those situated near sensitive border regions, are receiving heightened physical security to safeguard staff and preempt sabotage[5]. Border-area ATMs have been stocked with additional cash reserves in preparation for any escalation in hostilities[5].
Uninterrupted Banking Services
Banks are urged to maintain seamless digital services, encompassing UPI, internet banking, and core banking functions, free from glitches or downtime. Ensuring operational readiness helps guarantee continuous access to banking and financial services for citizens and businesses, especially in vulnerable border districts[1][3][4].
Unified Defense Efforts
The banking sector collaborates closely with various regulatory bodies, such as the RBI, CERT-In, DFS, Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI), to maintain a united and agile defense posture[4]. Financial market infrastructure, including stock exchanges like BSE and NSE, have restricted international website access to minimize exposure to potential cyber intrusions[5].
In essence, Indian banks are adopting a multi-faceted security strategy that blends advanced cyber defenses, physical protection measures, continuous operational evaluations, and real-time incident reporting. The goal of these measures is to shield the financial system from cyberattacks and disruptions, thus preserving economic stability during geopolitical stress[1][2][3][4][5].
- Sitharaman, the Finance Minister, has emphasized the importance of stability within the Indian banking sector, given the escalating tensions with Pakistan.
- As part of this strategic approach, there's an increased awareness and focus on firewalled digital systems to bolster cybersecurity and protect the financial infrastructure.
- In the realm of business and politics, general-news outlets report that banking institutions are working in unison with regulatory bodies to ensure a united and agile defense posture.
- The aim is to safeguard not only online banking services such as UPI and internet banking, but also the physical infrastructure, ensuring uninterrupted access to banking and finance for citizens and businesses, especially those in vulnerable border districts.
