Page 23 - RMAI BULLETIN Oct - Dec 2019

RMAI BULLETIN OCTOBER TO DECEMBER 2019

understand their initiatives to become a Cybersecurity Inordertoprovideprotectiontothedepositsof several
hub. We invite all the players in the ecosystem to thousand bank investors, the regulator has issued the
participate and benefit from these collaboration direction. The directive has made it mandatory for the
programs.” cooperative sector banks to comply with the guidelines
mentionedwithinthreemonths,i.e.,March31.
Govt to award cybersecurity startups for
Meanwhile, the banks have also been asked by the city
breakthroughwork police to strengthen their critical cyber security
In a bid to promote innovation and entrepreneurship in infrastructure and maintain compliance with the
the field of cybersecurity startups, the Ministry of directions. As per the officials, any delay in compliance
Electronics & Information Technology (MeitY) and Data of the directives will lead to stern action by the RBI and
Security Council of India (DSCI) have taken an initiative concerned agencies. The RBI has suggested a four-step
to award cyber security with Cyber Security Grand securitystructuretobeputinplacebythebanks.
Challenge. The first being creation of basic cyber security
A start-up, wining the challenge, will get a cash prize of infrastructure; second, the banks must take extra
Rs 3.2 crore for breakthrough work in the space of precaution and care of the account holders using net
cybersecurity.Registrationsfortheawardarecurrently banking transactions and third, there should be very
open and DSCI will be monitoring the Grand Challenge strict security arrangement for those banks engaged in
andthewholeprocesswillrunforninemonthsthrough high internet usage and ATM switch facilities and the
differentstages. fourth being those banks engaged in sharing data
Ajay Sawhney, Secretary, MeitY, said, “The Grand centres with other banks, who must concentrate on
Challenge is a first of its kind initiative encouraging strengthening their security. Police Inspector Jayram
cyber security entrepreneurs to innovate and develop Paigude of the cyber crime police station said, “The
solutions for critical cyber security problems and banks must immediately update their security so that
demonstrate capabilities. It is an opportunity to gain onlinepredatorsdon’ttargetandsiphonoffthemoney.
mentorshipandguidanceunderthebestcybersecurity It is seen that co-op banks don’t pay attention towards
experts. Startups will receive intensive mentoring on cyber security and hence, this is a very vital component
various aspects such as technology, building global of their security which must be addressed at the
solutions,gotomarketstrategy,etc.” earliest. We have also issued directions to them. The
Rama Vedashree, CEO, DSCI, said, “We are proud to cooperative banks must immediately comply with the
partner with Ministry of Electronics & Information RBI order.” Maharashtra Urban Co-operative Bank
Technology to conceptualize and launch the Cyber Federation President Vidyadhar Anaskar said, “The
Security Grand Challenge which endeavors to solve directives issued by the apex bank are mandatory and
critical Cyber Security problems and give impetus to all banks must comply with the same. This will bring
innovation and entrepreneurship in the Indian Cyber down the attacks on banking security and interests of
Security Start-up ecosystem. We had the privilege of thedepositorscanbeprotectedatalltimes.”
working with the Government and Industry to curate
compelling problems statements and orchestrate a Jio joins group of companies to evaluate

first-of-its-kindGrandChallenge.” &discloseclimaterisk,saysCDPreport
CDP (Carbon Disclosure Project) India has observed a
RBI asks 52 co-op banks in Pune to 13% increase in the number of Indian companies,
comply with RBI guidelines to boost including Reliance Jio Infocomm Ltd, who responded to
climatechangequestionnairebetween2018and2019.
cybersecurity
According to CDP annual report, growing climate
Amid the rising number of online theft being reported
activism and band of climate-conscious investors have
all over the city, the RBI has directed 52 cooperative
ensured that almost all leading companies have now
banksinPunetoenhancetheircybersecurity.

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