<![CDATA[MUMBAI: Governor Raghuram Rajan today urged the lenders to strengthen their systems. In the wake of increased instances of cyber-attacks, "There have been cyber incidents in the recent past. I think it would be overly complacent for anyone of us to say we are well prepared to meet all cyber threats," RBI Governor said during the annual Fibac event. Rajan said, "Too many access points are left unmonitored, too many people share passwords or have easily penetrated passwords, and too little surveillance is maintained of vendors and the software they create". There must be a cultural change on the cyber security front and urged the lenders to take a "fresh look" at their security architecture. At RBI, the process of setting up an IT subsidiary is on and after hiring a chief executive, the second rung is being hired directly from the market, the Governor said. "The RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them," he said. Bengaluru-based Canara Bank faced an attack last week, wherein a hacker allegedly based in Pakistan tried to block its e-payments. Last month, the Union Bank of India had reported problems on its offshore accounts. Sometime back the central bank of Bangladesh had also faced a breach which resulted in the illegal transfer of millions of dollars. Media reports say that a similar attack on a large domestic bank was averted due to the presence of mind shown by a counter party.]]>
