G20: Experts deliberate on cyber security exercise for banking sector

The G20 International Conference on "Cyber Security Exercise for the Banking Sector" under India's G20 Presidency was held in Mumbai.

The conference was jointly conducted by the Reserve Bank of India (RBI), the Indian Computer Emergency Response Team (CERT-In), the Ministry of Electronics and Information Technology (MeitY) on Monday.

The conference commenced with a keynote address by RBI Deputy Governor MK Jain followed by a special address by CERT-In Director General Sanjay Bahl.

The Deputy Governor in his address stressed that managing cyber risks has become a key driver for ensuring financial stability. He emphasised on the imperative for global collaborative efforts to strengthen cyber security. He also outlined six specific strategies that the global community could follow.

Director General, CERT-In highlighted three global challenges in countering cyber-attacks and also emphasised on the need for global community to work together. He further mentioned, "Cyber drills and exercises could help in building long lasting relationships and in leveraging each other's strengths to enhance preparedness."

Moreover, Strategic and Operational Cyber Exercises and Drills were also organized as a part of the event. The participants held discussions on the new age cyber security challenges faced by the banks globally. The event also had a panel discussion on Trans-National Cyber Security Challenges in banking sector across the globe.

More than 200 participants from RBI, MeitY, IMF, BIS, central banks and Computer Emergency Response Teams of G20 Member Countries, MD and CEOs of select commercial and urban cooperative banks, Chief Information Security Officers (CISOs) and Chief Technology Officers (CTOs) of Indian and foreign banks attended the event.